Benchmark analyst Daniel Kurnos called FCC Chairman Ajit Pai preparing a draft order to send the Sinclair (SBGI) and Tribune (TRCO) transaction to a hearing before an administrative judge a "shocking turn of events," but thinks it is important to note that the draft order has not been executed yet, which gives Sinclair time to negotiate. He still feels there is too much at stake for the companies to allow the deal to die, but acknowledges that the chances of a positive outcome are "probably closer to a coin flip." Kurnos has a Buy rating on Sinclair.