Scripps Adopts Poison Pill After Takeover Bid by Sinclair

E.W. Scripps Co. adopted a so-called poison pill to thwart an unsolicited takeover bid by rival TV broadcast company Sinclair Inc.

On Monday, Sinclair offered to buy E.W. Scripps for $7 a share in cash and stock, the latest proposed consolidation of station owners as groups seek to pool costs and extend advertising reach amid declining television viewership. Nexstar Media Group Inc. agreed in August to acquire another rival, Tegna Inc., in a $3.5 billion transaction that’s awaiting regulatory approval.

Sinclair’s offer for Scripps consists of $2.72 a share in cash and $4.28 in stock. The price represents a 70% ...