Scripps tells staff a Sinclair takeover isn’t a done deal, even after surprise stock purchase
Scripps Broadcasting president and CEO Adam Symson told employees Monday that a takeover by rival Sinclair Broadcasting is far from a done deal, even after Sinclair announced it had purchased more than 8% of Scripps stock and had been in merger talks for months.
In a memo to staff, Symson said “we are exploring station sales, swaps and other potential M&A options with many local broadcasters” and that the conversations with Sinclair “did not lead to an agreement that would benefit our shareholders, employees, audiences and advertisers,” pushing back on the notion that discussions were nearing a deal.
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