UPDATE: Benchmark Lowers PT on The E.W. Scripps Company to $8

A report from Benchmark states that it maintains its Hold rating and has lowered it price target to $8 on The E.W. Scripps Company SSP. In the report, Benchmark writes, “Late Monday afternoon, Scripps (SSP-Hold, PT from $9 to $8) announced the acquisition of nine TV stations from McGraw-Hill (MHP-Hold) for $212 million in cash. The acquisition should serve to enhance Scripps' television broadcasting operations and reduce its dependence on the declining newspaper business.” SSP closed yesterday at $6.65.