SCHEDULE: Sinclair Boosts E.W. Scripps Stake to 9.9%

Sinclair, Inc. has increased its beneficial ownership in The E.W. Scripps Company's Class A Common Stock to 9.9% through recent open market purchases.

Summary

• Sinclair, Inc. filed an Amendment No. 1 to its Schedule 13D, reporting an increase in its beneficial ownership of The E.W. Scripps Company's Class A Common Stock.
• Sinclair now beneficially owns 7,625,401 shares, representing approximately 9.9% of the outstanding Class A Common Stock.
• This percentage is based on 76,869,408 shares outstanding as of September 30, 2025, as disclosed in the Issuer's Form 10-Q filed on November 7, 2025.
• The shares were acquired using surplus capital for an aggregate consideration of approximately $21,208,263.
• On November 17, 2025, Sinclair purchased 1,350,197 shares in open market transactions at a weighted average price of $4.1602 per share, within a price range of $3.6550 to $4.4300.

Sentiment

Score: 7

Explanation: The increased stake by a significant industry player like Sinclair suggests a positive view on The E.W. Scripps Company's value, which is generally a positive signal for the market. The use of 'surplus capital' also indicates financial health of the acquirer.

Positives

• Sinclair, Inc. has increased its stake in The E.W. Scripps Company, indicating confidence in the Issuer's value or strategic direction.
• The acquisition was funded using surplus capital, suggesting financial strength of the Reporting Person.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from either the Issuer or the Reporting Person regarding future operations or financial performance.

Management Comments

• The Reporting Person undertakes to provide upon request by the staff full information regarding the number of shares purchased at each separate price of the open market transactions.

Industry Context

Sinclair, Inc.'s increased stake in The E.W. Scripps Company, both prominent players in the media and broadcasting industry, suggests a potential strategic interest or belief in the long-term value of Scripps' assets. This move could be interpreted as a consolidation play or a vote of confidence in traditional media's resilience or future growth prospects, particularly in local broadcasting and digital media.

Comparison to Industry Standards

• This filing is a disclosure of an ownership stake increase by an institutional investor and does not contain performance metrics that can be directly compared to industry standards or specific comparable companies' results. It reflects an an investment decision rather than operational performance.

Stakeholder Impact

• Shareholders (E.W. Scripps): Increased institutional ownership by a strategic player like Sinclair could be seen as a positive signal, potentially leading to increased investor confidence or speculation about future strategic moves.
• Shareholders (Sinclair): The use of surplus capital for this investment indicates a deployment of capital, which could be viewed positively if the investment performs well.

Next Steps

• Sinclair, Inc. undertakes to provide full information regarding the number of shares purchased at each separate price upon request by SEC staff.

Key Dates

Recommendation

While Sinclair's increased stake in E.W. Scripps suggests confidence and could be a positive signal, this filing primarily reports a factual ownership change rather than new operational or financial performance data. Without further strategic announcements or detailed financial analysis, a 'hold' recommendation is prudent, acknowledging the positive signal while awaiting more comprehensive information to justify a stronger stance.

Keywords

Sinclair Inc., E.W. Scripps Company, Class A Common Stock, Beneficial Ownership, Schedule 13D/A, Stock Acquisition, Media Industry, Investment, Equity Stake