Scripps Rejects Sinclair

In a defiant stand that underscores the deep cultural divide in American broadcasting, the E.W. Scripps Co. board has unanimously rejected a $7-per-share takeover bid from Sinclair Inc.

The move signals that despite years of financial erosion, massive layoffs, and a stock price that has become a fraction of its former self, the 146-year-old Scripps legacy is not yet for sale to the industry’s most aggressive consolidator.

To many industry analysts, Scripps is a "shell of its former self." The company has spent the last year aggressively "reimagining" its local newsrooms—a process that has resulted in hundreds of job cuts and the elimination of traditional news desks in several markets. Once a titan of original journalism, Scripps has struggled to pivot to a streaming-first world while carrying heavy debt from its $2.6 billion acquisition of ION Media.

Yet, even with its back against the wall, Scripps leadership is refusing to fold into the Sinclair portfolio.

"The Scripps board determined... that Sinclair’s offer is not in the best interests of the company and its shareholders," the company stated Tuesday, effectively slamming the door on a deal that would have valued the company at a significant premium over its current trading price.

Sinclair—the nation’s second-largest station group—has been circling Scripps for months, having already quietly amassing a 9.9% stake. Their unsolicited bid was a calculated move to keep pace with Nexstar Media Group’s massive $6.2 billion acquisition of Tegna.

In a sharply worded follow-up on Wednesday, Sinclair expressed "disappointment," claiming Scripps had actually encouraged a proposal before abruptly walking away. Sinclair’s leadership framed the rejection as a missed opportunity for a "substantial premium," essentially arguing that Scripps shareholders are being held hostage by a board unwilling to admit the company can no longer survive on its own.

For the thousands of employees at Scripps stations, the rejection brings a mix of relief and uncertainty. Sinclair is known for its centralized, "must-run" editorial style, which contrasts sharply with the historically decentralized, "give light and the people will find their own way" ethos of Scripps.

While Scripps avoided a Sinclair takeover, the company remains in a precarious position. Rejecting a premium offer while the stock remains depressed puts immense pressure on CEO Adam Symson to prove that "Scripps-only" is a viable path forward.

For now, the "Scripps family" identity remains intact—but the rejection of Sinclair’s cash suggests the board would rather manage their own decline than hand the keys to a rival they clearly view as an existential threat to their brand.