Sinclair calls on Scripps to engage after merger proposal rejection

Sinclair Inc. (NASDAQ: SBGI) issued a statement expressing disappointment after The E.W. Scripps Company (NASDAQ: SSP) rejected its merger proposal without engagement, according to a press release from the media company.

Sinclair stated that Scripps' board rejected the proposal despite previously encouraging Sinclair to make an offer. The company said its proposal was developed based on previous discussions and addressed concerns about Scripps' communities, employees and shareholders.

"We are disappointed that despite Scripps encouraging Sinclair to make a proposal, Scripps' board rejected the proposal without engaging," Sinclair stated. "Our proposal was based on previous discussions and was responsive to concerns about Scripps' communities, employees and shareholders."

Sinclair characterized its offer as representing a substantial premium over both Scripps' unaffected and current share price, though specific financial terms were not disclosed in the statement.

The Baltimore-based company called on Scripps to engage regarding the proposal, stating that Scripps' shareholders deserve a full evaluation of the opportunity.

Sinclair operates as a diversified media company and owns, operates or provides services to 179 television stations in 81 markets affiliated with major broadcast networks. The company also owns Tennis Channel and multicast networks including CHARGE, Comet, ROAR and The Nest.

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