Sinclair Broadcast Group bids for Scripps TV stations

Sinclair Broadcast Group has made an unsolicited bid to buy rival station owner E.W. Scripps just a week after disclosing it acquired shares of the company's stock.

- BY STEPHEN BATTAGLIO

STEVE RUARK Associated Press

SINCLAIR recently gained a stake in Scripps by acquiring publicly traded shares.

Sinclair filed a statement Monday with the Securities and Exchange Commission saying it will offer Scripps $7 per share, consisting of $2.72 in cash and $4.28 in combined company common stock. The price is a 200% premium over the 30-day average for Scripps shares as of Nov. 6.

Sinclair disclosed Nov. 17 that it gained a stake in Scripps through the acquisition of publicly traded shares. Scripps, which operates 61 TV stations and owns the Ion network, is valued at around $393 million.

The Cincinnati-based Scripps said in a statement the company's board of directors "will carefully review and evaluate any proposals, including the unsolicited Sinclair offer."

The statement added that the board will "act in the business interest of the company, all of its shareholders as well as its employees and the many communities it serves across the United States."