Warren Buffett backs EW Scripps’ deal to buy ION Media Networks for $2.65bn
Scripps shares soar 43% on news Berkshire is investing $600m to help finance the deal
24 September 2020 - 22:14
New York — TV-station owner EW Scripps agreed to buy ION Media Networks for $2.65bn with help from Warren Buffett’s Berkshire Hathaway, moving aggressively to expand its footprint in a challenged but still lucrative industry.
Berkshire is making an investment of $600m in preferred equity in Scripps to help finance the deal, Scripps said in a statement on Thursday. Berkshire also received a warrant to buy as many as 23.1-million Class-A Scripps shares at $13 each. Scripps stock closed on Wednesday at $10.47...
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