U.S. broadcaster Sinclair has offered to buy E.W. Scripps in a cash-and-stock deal that values its smaller rival at $538 million, as cord-cutting and competition from streaming services lead to consolidation in the media industry.

The bid, disclosed in a regulatory filing Nov. 24, follows months of talks between the companies, as well as a regulatory disclosure last week that Sinclair has an 8.2% stake in Cincinnati-based Scripps.

News 5 Cleveland WEWS , a news partner of the Akron Beacon Journal and Canton Repository , is a Scripps station that could be impacted by the deal if it goes forward.

The $7-per-share offer for the remaining shares – consisting of $2.72 cash and $4.28 in stock – represents a 70% premium to Scripps' last close, Reuters calculations show.

Shares of Scrip

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