Scripps responds to Sinclair's 8.2% stake purchase

The E.W. Scripps Company (NASDAQ: SSP) issued a statement after Sinclair Inc. (NASDAQ: SBGI) disclosed it acquired approximately 8.2% of Scripps' outstanding class A non-voting shares.

Scripps stated its board of directors and management remain focused on executing the company's strategic plan to drive value for shareholders. The company said its board will evaluate transactions and alternatives that could enhance shareholder value.

The media company indicated it will take steps to protect itself and shareholders from what it termed "opportunistic actions of Sinclair or anyone else." Scripps operates more than 60 television stations across 40 markets and owns national networks including Scripps News, Court TV, ION, and entertainment brands Bounce, Grit and Laff.

The statement comes as Sinclair, a broadcast television company, has taken a stake in its competitor. Scripps described itself as one of the nation's largest local TV broadcasters and the largest holder of broadcast spectrum.

The information was provided in a company statement issued by Scripps.

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