Sinclair Proposes to Buy Rest of EW Scripps for $7/Share

Sinclair proposes to buy all outstanding shares of EW Scripps it does not already own for $7.00 per share, consisting of $2.72 in cash and $4.28 in combined company common stock.

• Proposed price based on about $325 million in estimated synergies and on a 7.0x EV/ Ebitda multiple
  • Represents 200% premium to 30-day volume-weighted average price as of Nov. 6
• Sinclair reports 9.9% stake in EW Scripps
• Shareholders may elect to receive all-cash or all-stock consideration under proposal
• Transaction would be executed through separation of Sinclair’s ventures business and some corporate infrastructure from its broadcast business, followed by a merger ...