Sinclair’s move on E.W. Scripps ‘surprising,’ says Noble Capital

After Sinclair (SBGI) disclosed that it has acquired approximately 8.2% of the outstanding class A shares of The E.W. Scripps Company (SSP), Noble Capital analyst Michael Kupinski called the move “surprising” given that E.W. Scripps is controlled by the Scripps Family Trust, which has voting control of the company. The firm, which thinks a merger does make sense, calls Sinclair’s move “a bold attempt to make public its intent and possibly to dissuade another potential suitor.” The firm reiterates an Outperform rating and $10 price target on Scripps shares.