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Sinclair disclosed an 8.2% stake in E.W. Scripps and said it wants to own the company, sending Scripps shares up 40%. Scripps pushed back, saying its board will take all appropriate steps to protect the company from opportunistic actions and will pursue only what best serves shareholders, employees, and the communities it reaches. Sinclair said it held 'constructive' merger talks for several months; a source said those discussions ended without a deal. Sinclair argued a combination could yield $300 million in annual savings and close within nine to twelve months.

Prepared by Christopher Adams and reviewed by editorial team.