"Sinclair's 8.2% share ownership does not give it a right to vote on the future of our company's strategic direction or to force a merger that might benefit Sinclair. It does not allow them access to any information - financial, station-level or otherwise - that is not public. It does not give them a say in the operations of our company"
"As I said in my remarks to you on our Nov. 7 town hall, we are making tremendous progress on our plan to further strengthen the company's financial position and performance and to capitalize on growth opportunities such as sports and connected TV. Part of that plan is to carefully identify markets where we can do station swaps and sales to improve Local Media division margins, which improves the company's financial durability overall. We are steadily and meaningfully paying down our debt, which is our highest priority around financial improvement."
Sinclair purchased more than 8% of Scripps stock and engaged in merger talks for months. Conversations with Sinclair did not lead to an agreement benefiting shareholders, employees, audiences and advertisers. Scripps is exploring station sales, swaps and other M&A options with many local broadcasters to improve Local Media division margins. Sinclair's 8.2% stake does not confer voting rights, access to nonpublic information, or operational control. Scripps is on firm financial footing, pursuing growth in sports and connected TV while steadily paying down debt as its highest financial priority. Scripps shares rose nearly 40% and continued climbing in after-hours trading.
Read at Poynter
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