The E.W. Scripps Company’s board voted unanimously on December 16, 2025 to reject Sinclair Inc.’s unsolicited $7‑per‑share takeover proposal, a decision that preserves the broadcaster’s independence and signals confidence in its own strategic plan.
The offer combined cash and Sinclair stock and was made after Sinclair had acquired an 8.2% stake in Scripps earlier in the year. The board concluded that the premium was not sufficient to offset the company’s debt burden and the strategic priorities it has set for the coming years.
Board chair Kim Williams said the proposal was “not in the best interests of Scripps and its shareholders.” She added that the board would continue to evaluate any future proposals that could enhance shareholder value, underscoring a cautious but open approach to potential deals.
Scripps’ Q3 2025 results provide context for the board’s decision. The company posted a $49 million loss, or 55 cents per share, compared with a $33 million profit, or 37 cents per share, in the same quarter a year earlier. Revenue fell 19% YoY to $526 million. The company is actively reducing debt, with a current ratio of 1.61 and a refinancing program that has extended maturities and lowered interest costs.
Segment data show that Local Media revenue declined 27% YoY, while the Scripps Networks division remained flat and its expenses fell 7.5%. CEO Adam Symson highlighted that the company is “steadily reducing debt, seizing deregulation opportunities for its local stations, expanding its sports portfolio, and improving margins in the networks division.” These priorities explain why the board viewed the $7‑per‑share offer as insufficient relative to the company’s long‑term strategy.
The rejection keeps Scripps on its current path of debt reduction and sports‑rights expansion, and it signals to investors that the company is not seeking a merger or acquisition at this time. The board’s decision also aligns with the poison‑pill defense adopted in November, which was designed to deter unsolicited bids.
Sinclair’s bid is part of a broader consolidation trend in the U.S. local‑TV market, but FCC ownership limits and the need for regulatory approvals make a merger complex. Scripps’ focus on sports rights, connected‑TV growth, and debt restructuring positions it to navigate these challenges independently.
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