# EDGAR Filing Document

**Accession Number:** 0000832428
**File Stem:** 0001971213-25-000085
**Filing Date:** 2025-11
**Character Count:** 15696
**Document Hash:** 990a9ae0635b922f7c08996645d21be2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001971213-25-000085.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001971213-25-000085

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** E.W. SCRIPPS Co
- **CENTRAL INDEX KEY:** 0000832428
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEVISION BROADCASTING STATIONS [4833]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 311223339
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-43473
- **FILM NUMBER:** 251509650

**BUSINESS ADDRESS:**
- **STREET 1:** 312 WALNUT STREET
- **CITY:** CININNATI
- **STATE:** OH
- **ZIP:** 45202
- **BUSINESS PHONE:** 5139773000

**MAIL ADDRESS:**
- **STREET 1:** 312 WALNUT STREET
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCRIPPS E W CO /DE
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sinclair, Inc.
- **CENTRAL INDEX KEY:** 0001971213
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEVISION BROADCASTING STATIONS [4833]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 921076143
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 10706 BEAVER DAM ROAD
- **CITY:** HUNT VALLEY
- **STATE:** MD
- **ZIP:** 21030
- **BUSINESS PHONE:** 410-568-1500

**MAIL ADDRESS:**
- **STREET 1:** 10706 BEAVER DAM ROAD
- **CITY:** HUNT VALLEY
- **STATE:** MD
- **ZIP:** 21030

## Ex-1

![](schedule13dano2-exhibita001.jpg)

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![](schedule13dano2-exhibita002.jpg)

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![](schedule13dano2-exhibita003.jpg)

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![](schedule13dano2-exhibita004.jpg)

Confidential Content must not go below this line November 24th, 2025 Scripps Proposal Overview

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![](schedule13dano2-exhibita005.jpg)

Confidential \| Content must not go below this line Proposed Offer Overview 1 • Offer price to Scripps shareholders is $7.00 per share, a 200% premium to the unaffected 30-day VWAP on Nov. 6th of $2.34 1: o $2.72 per share in cash; and o $4.28 per share in stock of NewCo o Scripps shareholders may elect to receive all-cash or all-stock consideration for each Scripps share, subject to proration • The cash component alone delivers a 16% premium to the unadjusted share price • Sinclair Television Group has adequate cash on hand to finance the $233mm of cash consideration • Transaction results in Scripps shareholders (excl. Sinclair) owning an estimated 12.7% of NewCo • NewCo would have a market capitalization of $2.9bn based on $325mm in estimated synergies and a 7.0x EV / EBITDA multiple, in line with current trading levels for leading broadcast groups 1. 30-day volume-weighted average price as of November 6, 2025, the last trading day prior to significant buying activity from Sinclair

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![](schedule13dano2-exhibita006.jpg)

Confidential \| Content must not go below this line 2 Proposed Transaction Terms Transaction Structure • Transaction executed through a separation of Sinclair's ventures business and certain corporate infrastructure from Sinclair's broadcast business, followed by a merger of Sinclair's broadcast business with Scripps • New publicly traded parent company retains Sinclair's dual class structure • The Scripps family would retain voting control of the issuer of existing Scripps debt and preferred stock during an integration period to avoid unnecessary refinancing expenses or covenant disruption Offer Price • Offer price to Scripps shareholders is $7.00 per share: - $2.72 per share in cash; and - $4.28 per share in Sinclair common stock - Scripps shareholders may elect to receive all-cash or all-stock consideration for each Scripps share, subject to proration to the maximum cash and equity amounts detailed in the proposal • $2.9bn equity value based on $325mm in estimated synergies and a 7.0x EV / EBITDA multiple of 2-yr. avg. '24A / '25E Adj. EBITDA, adjusted for pending station transactions and run-rate cost savings; debt and cash balances at Q3'25, including Sinclair Television's recent AR facility Capital Structure • Maintain each company's respective outstanding debt and preferred stock in independent silos • No change of control triggered in either company under those instruments • Companies maintain their existing attractive capital structures, with below-market coupons and long-dated tenors • Arm's length management agreement that will allow for allocation of synergies between silos Governance • Board comprised of majority independent directors • Board representation proportional with ownership, including representation from both the Smith and Scripps families • Scripps family would control the Board of the issuer of existing Scripps debt and preferred stock Other • The company will maintain meaningful operations in both Cincinnati, Ohio and Hunt Valley, Maryland • Supportive of retaining the E.W. Scripps corporate name or selecting a new corporate name • Jointly developed editorial standards and appointing an independent ombudsman, selected by representatives of both families and the Board's independent directors, to oversee adherence to those standards

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![](schedule13dano2-exhibita007.jpg)

Confidential \| Content must not go below this line $ in millions Sinclair Scripps NewCo Adj. EBITDA (2-Yr. Avg.'24/'25) $645 $465 $1,110 PF Adjustments 1 30 4 34 PF Adj. EBITDA (2-Yr. Avg.'24/'25) $1,144 Synergies 325 PF Adj. EBITDA incl. Synergies $1,469 (x) TEV / Adj. EBITDA 7.00x Implied Total Enterprise Value $10,283 (-) Debt & PF Preferred Equity 2 (4,403) (3,402) (7,805) (+) Negative Noncontrolling Interest 71 – 71 (+) PF Cash & Equity Investments 3 408 159 567 (-) Cash Used in Transaction (233) – (233) Implied Equity Value $2,883 Source: Company filings, Press release, Capital IQ Note: Balance sheet data based on Q3'25 filings 1. Scripps EBITDA adjusted for ($13.4mm) in recent station sales of WFTX in Fort Myers, FL and WRTV in Indianapolis, IN and for $17.5mm cost savings from reduction in Scripps News; Sinclair EBITDA adjusted for $30mm in partner station transactions 2. Assumes Scripps Preferred Equity continues to accrue PIK interest through Q3'25 ($701mm balance). Sinclair adjusted for $375mm draw on Sinclair AR Facility 3. Scripps cash adjusted for impact of recent station sales. Sinclair cash adjusted for $89mm repayment of 2027 notes in October and $375mm cash from Sinclair AR Facility Pro Forma NewCo Valuation 3 The combination of Sinclair and Scripps would result in $2.9bn of equity value for NewCo, assuming $325mm of synergies and a pro forma trading multiple of 7.0x • Reflects '24A / '25B 2-year avg. Adj. EBITDA and $325mm run-rate synergies • Scripps: o 2024A and 2025E based on historical filings and projected using best estimate based on public guidance for Q4 2025 • Sinclair: o 2024A and 2025E based on historical filings and the mid-point of the public guidance for Q4 2025 o Sinclair's debt and cash balances include its $375mm AR facility

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![](schedule13dano2-exhibita008.jpg)

Confidential \| Content must not go below this line Consideration to Scripps Shareholders 4 Scripps shareholders receive $2.72 per share in cash consideration and $4.28 per share in NewCo equity value Source: Company filings Note: 93.1mm fully-diluted Scripps shares outstanding, less 7.6mm Sinclair-owned Scripps shares is equal to 85.5mm Scripps Shareholders (excl. Sinclair's Existing Holdings) Receive $ in millions, except per share Total Per Scripps Share Cash Consideration $232.8 $2.72 Interest in NewCo NewCo Equity Value $2,883 Pro Forma Ownership of NewCo 12.7% Equity Value in NewCo $365.6 $4.28 Total Value to Scripps Shareholders $598.4 $7.00

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### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**The E.W. Scripps Company**

*(Name of Issuer)*

**Class A Common Stock, par value $0.01 per share**

*(Title of Class of Securities)*

**811054402**

*(CUSIP Number)*

**Narinder K. Sahai**<br>c/o Sinclair, Inc.<br>10706 Beaver Dam Road<br>Hunt Valley MD 21030<br>410-568-1500

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/24/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **811054402** |

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| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Sinclair, Inc.** | Name of reporting person<br>**Sinclair, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**MARYLAND** | Citizenship or place of organization<br>**MARYLAND** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7625401.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7625401.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7625401.00** | Aggregate amount beneficially owned by each reporting person<br>**7625401.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The percent of class beneficially owned by the Reporting Person was calculated based on 76,869,408 shares of Class A Common Stock, par value $0.01 per share, outstanding as of September 30, 2025, as disclosed in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 7, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Common Stock, par value $0.01 per share

**(b) Name of Issuer:**
The E.W. Scripps Company

**(c) Address of Issuer's Principal Executive Offices:**
312 WALNUT STREET, CINCINNATI, OH, 45202

This Amendment No. 2 ("Amendment No. 2") further amends and supplements the Schedule 13D initially filed on November 17, 2025 and amended by Amendment No. 1 filed on November 19, 2025, and is being filed to disclose the delivery by Sinclair, Inc. (the "Reporting Person") to The E.W. Scripps Company (the "Issuer") of a proposal for a potential combination with the Issuer (the "Proposal").

**Item 4. Purpose of Transaction**

On November 24, 2025, the Reporting Person submitted to the Issuer a Proposal to acquire all of the outstanding shares of capital stock of the Issuer that the Reporting Person does not already own. A copy of the Proposal is attached as Exhibit A to this Amendment No. 2.

Economic Terms. Under the Proposal, the Issuer's shareholders will receive $7.00 per share, consisting of $2.72 in cash and $4.28 in combined company common stock based on approximately $325 million in estimated synergies and on a 7.0x EV/ EBITDA multiple, in line with current trading levels for leading broadcast groups.

The $7.00 per share price represents a 200% premium to the Issuer's 30-day volume-weighted average price ("VWAP") as of November 6, 2025, the last trading day prior to significant buying activity from the Reporting Person. The $2.72 cash component alone represents a 16% premium of the Issuer's 30-day VWAP, providing immediate and tangible value creation.

Under the terms of the Proposal, the Issuer's shareholders may elect to receive all-cash or all-stock consideration for each of the shares of the Issuer, subject to proration to the maximum cash and equity amounts detailed in the Proposal. Upon closing, shareholders of the Issuer would own approximately 12.7% of the combined entity.

Transaction Structure. The transaction would be executed through a separation of the Reporting Person's ventures business and certain corporate infrastructure from the Reporting Person's broadcast business, followed by a merger of the Reporting Person's broadcast business with the Issuer. The new publicly traded parent company would retain the Reporting Person's dual-class structure. The Scripps family would retain voting control of the Issuer's existing debt and preferred stock during an integration period to avoid unnecessary refinancing expenses or covenant disruption.

We are confident that under existing rules, including the national cap, the transaction can be completed in a timely manner with limited select divestitures.

Governance Matters. The combined company would maintain an independent majority on its Board of Directors. Board representation would be proportional to each company's shareholders' ownership in the combined company, ensuring fair and balanced governance, and will include representation from both the Smith and Scripps families. The Scripps family would control the Board of Directors of the issuer of existing Issuer's debt and preferred stock.

The management team would be selected by the combined company's Board of Directors and would be built around the best talent, drawing leaders from both organizations.

To reinforce the combined company's commitment to journalistic independence, the combined company would propose adopting jointly developed editorial standards and appointing an independent ombudsman selected by the representatives of both families and the independent directors of the Board of Directors to oversee adherence to those standards.

Commitment to Communities. The combined company would maintain meaningful operations in both Cincinnati, Ohio and Hunt Valley, Maryland. The Reporting Person is supportive of retaining the Issuer's corporate name or selecting a new corporate name.

Financing. The cash portion of the consideration will be funded entirely from the Reporting Person's existing balance sheet and available liquidity, which was recently enhanced by a new $375 million accounts receivable securitization facility. The combined company would maintain each company's respective outstanding debt and preferred stock.

The Proposal does not constitute a binding agreement and any potential transaction would be subject to definitive documentation and conditions.

The Reporting Person has requested Issuer's response to the Proposal by December 5, 2025.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Sinclair, Inc.

**Signature:** Narinder K. Sahai

**Name/Title:** Narinder K. Sahai/Chief Financial Officer

**Date:** 11/24/2025