Sinclair’s big plans
In an effort to push a takeover deal, Sinclair Broadcasting purchased an 8% stake — about $15.6 million — of E.W. Scripps’ stock on Monday.
My Poynter colleague, Al Tompkins, wrote, “While it is not the typical first move in a media merger, the purchase comes at a pivotal time. The Federal Communications Commission is expected to decide soon whether to relax rules that limit how many television stations one company could own. A change in those rules would allow suitors to make these kinds of mega-takeovers.”
If this happens, it would be a mega merger. As The Wall Street Journal’s Lauren Thomas and Joe Flint wrote, “Sinclair has a market value of about $1.1 billion and is one of the country’s largest owners of local TV stations, with 178 stations affiliated with major broadcasters such as ABC, NBC, CBS, Fox and the CW across over 80 markets.”
They also wrote, “Scripps, with a market value of around $270 million, has over 60 local TV stations spanning more than 40 markets.”
Scripps put out a statement that Tompkins described as “tepid,” and he added that it “sounded more like a defense against a takeover than an invitation to merge.”
Scripps said in its statement: “The company’s board has and will continue to evaluate any transactions and other alternatives that would enhance the value of the company and would be in the best interest of all company shareholders. Likewise, the board will take all steps appropriate to protect the company and the company’s shareholders from the opportunistic actions of Sinclair or anyone else.”
Check out Tompkins’ story for much more background and details.
Gaslighting that won’t work
When it comes to various hot-button issues in our country, political leaders will often try to set the narrative by making blanket statements that aren’t necessarily backed by facts.
You’ll hear President Donald Trump and many in his administration say things like “crime is up” and that “illegals” are pouring across the border. That kind of messaging often works because many people don’t know all the statistics and are unlikely to be personally impacted.
However, one message that isn’t connecting with the general population: “prices are down.” Many news and political programs — including a recent episode of HBO’s “Real Time with Bill Maher” — are quick to point out that people cannot be fooled when it comes to the economy. They know how much they make, and they know how much they are spending at the grocery store.
Maher said on a recent episode, “Prices are higher. You can Baghdad Bob your way out of that just so long. People know how much money they have and how much they are spending. That’s the one thing you really can’t lie about.”
Even Georgia Republican Rep. Marjorie Taylor Greene says you can’t gaslight people when it comes to their everyday finances.
And, lately, Trump economic adviser Kevin Hassett has been making the rounds on TV, only to get pushback from news hosts.
Earlier this month, Trump claimed that the standard price of a Thanksgiving meal is down 25%, according to Walmart. NBC News pointed out that, technically, Trump is right when he says Walmart’s Thanksgiving package is down 25% in cost. However, there are major caveats.
NBC News wrote, “This year’s package, at less than $40, contains 23 items; last year, there were 29. The missing items this year include onions, celery, sweet potatoes, chicken broth, poultry seasoning, muffin mix, marshmallows, whipped topping and pecan pie.” Louis Jacobson of Poynter’s PolitiFact also noted that some items in the package were downsized for 2025.
Hassett tried to sneak the narrative that prices are down by using the Thanksgiving story on ABC’s “This Week,” but moderator Jonathan Karl wasn’t having it.
Karl asked Hassett, “So, the president claims that Thanksgiving costs are down 25%. I mean, does he know that’s not true?”
Hassett started to answer by saying, “Well, if you look at Walmart and the few places that put out their prices …”
But Karl cut him off, “Now, but wait a minute, wait a minute, I’ve gotta stop you, cause the Walmart comparison is not a — I mean, Walmart had a Thanksgiving package last year. They’ve got a Thanksgiving package this year. The one this year contains much less than what the one last year — that’s why the price is less. Look, we’ve got a chart here!”
It’s usually at this point that Hassett and others then pivot to blaming the economy on Joe Biden’s administration.
Hassett also appeared on CNBC’s “Squawk Box” on Monday, where host Joe Kernen pushed Hassett on the fact that prices are not falling.
Mediaite’s David Gilmour has the entire exchange here.
Defending Tucker