Sinclair (NASDAQ:SBGI) issued a statement today in response to The E.W. Scripps Company (NASDAQ:SSP) rejecting its proposal for a potential merger.
Despite encouraging discussions from Scripps that led Sinclair to make its offer, the company expressed disappointment at Scripps’ decision to reject the proposal without engaging in further talks.
Sinclair emphasized that the proposal was crafted in response to concerns regarding Scripps’ communities, employees, and shareholders, and it offered significant strategic and financial benefits to both companies.
The proposal, according to Sinclair, represented a substantial premium over both Scripps’ unaffected and current share price, underlining the potential value for Scripps’ stakeholders.
“We call on Scripps to engage with us regarding our proposal,” said Sinclair in the statement.
“We believe Scripps’ shareholders deserve a full and fair evaluation of this opportunity.”
The rejection comes at a time when consolidation in the media industry is being actively pursued, and Sinclair’s proposal signals a continued push for strategic growth and value creation in the space.