Sinclair bids to acquire E.W. Scripps for $7 per share, aiming to consolidate local TV news. Sinclair already owns nearly 10% of Scripps, proposing a cash and stock deal that would give Scripps shareholders a 12.7% stake in the combined company. Response from Scripps requested by Dec. 5.

Sinclair CEO emphasizes proposal’s benefits for local journalism and long-term success. Scripps acknowledges the unsolicited bid and plans to review it, considering stakeholders’ interests. Scripps vows to protect itself from opportunistic actions. Scripps stock rises over 7.5%, while Sinclair’s increases by 1.41%.

Sinclair has been in talks with Scripps for months, citing the need for scale in a competitive media environment. Last August, Nexstar Media Group announced a $6.2 billion deal with Tegna. Media companies argue that mergers are essential for competing with larger players but face criticism for potential homogenization of news.

Sinclair owns 185 TV stations and the Tennis Channel, known for a conservative viewpoint. Scripps operates 60+ local stations, national news outlets, and entertainment brands. Acceptance of Sinclair’s proposal and regulatory approval are pending. U.S. media consolidation may accelerate if restrictions are relaxed.

Media consolidation may increase under Trump administration changes. Nexstar seeks FCC waiver for Tegna acquisition. FCC Chairman signals openness to rule changes, drawing criticism from conservatives like Trump. Nexstar supports regulatory reform amid concerns of network bias. Trump voices discontent over potential expansion of left-leaning networks.

Read more at Yahoo Finance: Broadcast giant Sinclair makes bid to buy out EW Scripps for $7 per share