In a deal backed by Warren Buffett's Berkshire Hathaway, local TV station giant E.W. Scripps is buying the independent broadcaster ION Media from the private equity firm Black Diamond Capital Management for $2.65 billion.
The deal will give Scripps a national footprint, merging ION with its Katz networks and Newsy to create a new national TV business for the company.
Scripps says the deal will yield $500 million in synergies over the next six years, mostly from carriage fee savings associated with Katz networks.
Katz's programming will over time migrate to ION. ION owns more than 100 local TV stations in more than 60 markets across the country, which it uses to distribute its national network.
Read more on hollywoodreporter.com