Sinclair Reveals Scripps Stake As Merger Talks Advance

Benzinga

Sinclair revealed an 8% stake in E.W. Scripps as it explores a potential merger that could close within a year and generate roughly $300 million in synergies. Scripps shares jumped 40% while Sinclair gained nearly 5%, though Scripps said its board will guard against opportunistic moves.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Sinclair disclosed an 8% stake in EW Scripps as part of a potential merger effort,

00:08according to CNBC. The broadcast company acquired the position for about $15.6 million

00:13and said it has held constructive talks with Scripps about a deal that could be completed

00:18in 9 to 12 months. Sinclair said the transaction could generate about $300 million in synergies

00:24based on trading multiples. Scripps stock rose 40% on Monday, while Sinclair gained

00:29nearly 5%. Scripps said its board will act to protect shareholders from opportunistic actions

00:35and will continue evaluating any transactions that enhance value. Broadcast station owners have

00:41faced revenue pressure as viewers shift away from traditional TV bundles towards streaming.

00:45For all things money, visit Benzinga.com.

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