E.W. Scripps up; adopts 'poison pill' after unsolicited offer from Sinclair

Shares of broadcaster E.W. Scripps SSP.O edge up 0.5% at $4.40 in volatile morning trading

SSP adopts a limited-duration shareholder rights plan, commonly known as a "poison pill", after receiving an unsolicited, non-binding acquisition offer

Sinclair SBGI.O has recently offered to acquire SSP in a cash-and-stock deal

SSP says the rights plan, effective immediately, will expire on November 26, 2026

Under the rights plan, if an entity acquires beneficial ownership of 10% or more of SSP stock, other stockholders would be entitled to buy SSP shares at a 50% discount

Additionally, if an unapproved party acquires over 10% of SSP shares and then still acquires the company, existing SSP shareholders can buy the buyer's stock at half price

As of last close, SSP shares have nearly doubled YTD