Sinclair disclosed a stake in fellow broadcast station owner E.W. Scripps on Monday, in a move to push toward a merger of the companies.

Sinclair, which acquired a roughly 8% position in Scripps per the filing, recently launched a strategic review of its own business that could result in a tie-up. Scripps, for its part, has seen its struggles mount in the competitive industry and is among the smallest of its peers.

In the filing, Sinclair said it has been engaged in “constructive” discussions regarding a deal and believes that, if it were to reach an agreement, a transaction could be completed within nine to 12 months.

Sinclair said in the filing that based on trading multiples, there would be an expected $300 million in synergies if a merger were to take place.

Scripps’ stock rose more than 40% on Monday while Sinclair’s stock was up 7%.

Sinclair, which acquired the stake for about $15.6 million, declined to comment beyond the SEC filing.

In a statement on Monday, Scripps said its board “will take all steps appropriate to protect the company and the company’s shareholders from the opportunistic actions of Sinclair or anyone else.”

“Scripps’ board of directors and management are focused on driving value for all of the company’s shareholders through the continued execution of its strategic plan,” the company said in its statement. “The board and management are aligned on doing only what is in the best interest of all of the company’s shareholders as well as its employees and the many communities and audiences it serves across the United States.”

The statement added that the board continues 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.”

Broadcast TV station group owners have suffered like the rest of media companies in recent years due to the shift away from the traditional pay-TV bundles and toward streaming. These broadcast stations, for the most part, make the majority of their money from so-called retransmission fees, which are paid on a per-subscriber rate by traditional TV distributors.

Broadcast station owners like Sinclair have been eager to do mergers as they push for deregulation under the Trump administration.

In August, Nexstar Media Groupthe biggest owner of these stations, agreed to acquire Tag for $3.54 billion.

Sinclair, meanwhile, is also considering spinning off or splitting its ventures unit, which includes pay-TV network The Tennis Channel and marketing technology business Compulse, which was recently rebranded to Digital Remedy.

Sinclair and its advisors held discussions with potential merger partners earlier this year, CNBC previously reported.