Sinclair Broadcasting Group announced an unsolicited, cash‑and‑stock offer for The E.W. Scripps Company on Monday, November 24, 2025. The proposal values Scripps at $7 per share—$2.72 in cash and $4.28 in Sinclair common stock—representing a 200% premium over the 30‑day volume‑weighted average price as of November 6. The deal would value the combined company at roughly $2.9 billion and is expected to generate $325 million in annual cost synergies.
The offer follows Sinclair’s earlier acquisition of an 8.2% stake in Scripps on November 17, which was later increased to 9.9%. Sinclair’s strategy is to expand its local‑TV portfolio amid industry consolidation, citing the need for scale to compete with streaming services and other digital platforms. Sinclair CEO Chris Ripley said the transaction would “strengthen local journalism” and that greater scale is essential to address secular headwinds in the advertising market.
Scripps’ board has responded by stating it will “carefully review and evaluate any proposals” and will take steps to protect shareholders. The company’s Q3 2025 results—$526 million in revenue, a $49 million loss, and 55 cents per share—show a 19% decline in revenue year‑over‑year, though core advertising revenue in its local media segment grew 2%. Sinclair’s Q3 2025 performance, in contrast, reported a net loss of $1 million on $740 million in revenue, but an adjusted EBITDA of $100 million and core advertising revenue up $20 million.
Regulatory approval will be required, with the Federal Communications Commission’s ownership caps and potential divestitures posing hurdles. Sinclair believes the transaction can proceed under existing rules with limited divestitures, while the broader industry trend—highlighted by Nexstar’s pending acquisition of Tegna—underscores a move toward consolidation to achieve scale and operational efficiencies.
Both companies operate extensive station portfolios: Sinclair serves 185 stations in 85 markets, whereas Scripps owns 61 stations and the ION network. Sinclair’s offer also aligns with its broader strategy to address the competitive pressures from streaming and digital advertising, while Scripps has been pursuing a sports strategy, including agreements with the WNBA and the NHL’s Tampa Bay Lightning, to diversify its content mix.
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