In an SEC filing, Sinclair said it acquired 6.28 million shares valued at approximately $15.6 million. It also noted that its board of directors and management team, alongside financial and legal advisors, have engaged in “constructive discussions” with E.W. Scripps for several months regarding a potential combination.
Sinclair believes that a potential deal would offer “both near- and long-term value creation for shareholders of each company,” estimate more than $300 million in expected annual synergies. It added that holders of E.W. Scripps common stock would receive an ownership…
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