Sinclair Bids for Rival TV Broadcaster Scripps at $7 a Share (1)

Sinclair Inc., one of the largest US TV broadcasters, offered to acquire competitor E.W. Scripps Co. for $7 a share in cash and stock, marking another proposed consolidation of station owners.

The offer, announced in a regulatory filing Monday, consists of $2.72 a share in cash and $4.28 in stock. The price represents a 70% premium over Scripps’ Nov. 21 closing price of $4.12.

Shares of Scripps rose 8.5% to $4.47 at 1:16 p.m. in New York, giving the company a market value of about $397 million. Scripps said its board will review the proposal. Sinclair was down less ...