Sinclair, the US local television station group, has acquired approximately 8.2 per cent of the outstanding class A (non-voting) shares of The E.W. Scripps Company in recent weeks as it reportedly seeks to increase pressure on Scripps to finalise a takeover deal.

“Scripps’ board of directors and management are focused on driving value for all of the company’s shareholders through the continued execution of its strategic plan. The board and management are aligned on doing only what is in the best interest of all of the company’s shareholders as well as its employees and the many communities and audiences it serves across the United States,” Scripps said in a press statement,

“The company’s board has and will continue to evaluate any transactions and other alternatives that would enhance the value of the company and would be in the best interest of all company shareholders. Likewise, the board will take all steps appropriate to protect the company and the company’s shareholders from the opportunistic actions of Sinclair or anyone else,” the statement added.

Scripps has a market value of around $277 million (€238.9m) and operates 60 local stations across 40 markets in the US. Scripps’ stock surged 21 per cent following the Sinclair news.

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Tags: Scripps, sinclair