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Stock impact report

Sinclair takes 8% stake in EW Scripps as broadcaster eyes potential acquisition [Yahoo! Finance Canada]

Sinclair Broadcast Group, Inc. - Class A (SBGI) 
Last sinclair broadcast group, inc. - class a earnings: 2/26 07:30 am Check Earnings Report
US:NASDAQ Investor Relations: sbgi.net/investor-relations
In a regulatory filing on Monday, Sinclair disclosed that it purchased 8.2% of Scripps' Class A common stock “in contemplation” of a wider bid to acquire the company. Sinclair said that it had held months of talks “regarding a potential combination" with Scripps — and maintained that increasing scale overall is “essential to address secular headwinds and compete effectively” in the U.S. media landscape, pointing to growing competition and other recent consolidation seen across the industry. Scripps acknowledged Sinclair's new stake and maintained its board would “continue to evaluate any transactions” in the best interest of shareholders. But at the same time, Scripps said it would also take steps to protect itself from any “opportunistic actions of Sinclair or anyone else.” Shares of Scripps soared nearly 40% on Monday, trading at around $4.28 by market close. Meanwhile, Sinclair's stock was up 4.91%, closing at $16.87 apiece. The prospect of a Sinclair buying Scripps arrive Show less Read more
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