Sinclair Continues to Try and Buy Scripps

As you have remember, Sinclair has been gobbling up shares of dirt cheap Scripps stock in an effort to takeover the company.

When Sinclair first broached the idea of merging with Scripps, Scripps brass were not happy.

Now, Sinclair is upping the offer and looking to buy Scripps offering up $7 a share to acquire the company.

Scripps stock which had been sitting just north of $2 a share is seeing a rise of the news that they might soon be sold. The stock price is sitting at $4.36 a share at the time of writing this story.

Sinclair owns just under 10% of Scripps stock and it continues to buy more.

In a note to Scripps board of directors, Sinclair CEO Chris Ripley said, “Sinclair is supportive of retaining the E.W. Scripps corporate name or selecting a new corporate name.”

I’m not sure I believe him.