Hunt Valley, Maryland-based Sinclair (NASDAQ:SBGI) today filed with the Securities and Exchange Commission the full text of recent correspondence between the company and The E.W. Scripps Company (NASDAQ:SSP), alongside a public statement reiterating its commitment to pursuing a potential combination.
In the statement, Sinclair emphasized that it has repeatedly invited Scripps to engage in discussions over the past several weeks, including with Sinclair’s largest shareholder.
The company noted that Scripps has declined these invitations and expressed a preference to pursue its standalone plan.
Sinclair highlighted that its most recent proposal to Scripps delivers a premium of more than 240% over Scripps’ unadjusted share price, with the cash component alone representing a 32.7% premium to the unadjusted price.
Management described the offer as “attractive” to Scripps shareholders and “worthy of engagement.”
The company indicated that it is evaluating its options moving forward, while continuing the previously announced strategic review of its Broadcast business and progress toward the separation of its Ventures segment.
Sinclair’s Board and management reaffirmed their focus on unlocking the full value of both businesses and driving long-term value creation for all shareholders.