Dade Hayes Finance EditorLocal TV station owner E.W. Scripps said it will pay $2.65 billion to acquire national broadcast network ION Media, with Warren Buffett’s Berkshire Hathaway putting $600 million into the deal.Scripps will combine ION assets — notably its broadcast spectrum holdings — with its own brands like multiplatform news outlet Newsy and multicast networks such as Court TV and Bounce to create a national company.
ION reaches 100 million homes through over-the-air and pay-TV.Shares in Scripps soared more than 35% on the news during the opening minutes of trading Thursday, passing the $14 mark.
Berkshire Hathaway’s preferred equity investment in Scripps will also come with a warrant to purchase up to 23.1 million Class A shares,.
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