⁍ Shares of E.W. Scripps rose nearly 38% in premarket trading after the Wall Street Journal first reported the deal.
⁍ Warren Buffett’s Berkshire Hathaway Inc will make a $600 million preferred equity investment in Scripps to finance the deal.
⁍ ION Media said it has the fifth-largest average primetime audience among all U.S. cable-carried networks.
– TV station owner EW Scripps will buy peer ION Media in a $2.65 billion deal backed by Warren Buffett’s Berkshire Hathaway, the companies said on Thursday. Shares of EW Scripps rose nearly 38% in premarket trading after the Wall Street Journal first reported the deal. The US broadcast media sector has seen a flurry of mergers in recent years, with operators looking for scale to counter the rise of online streaming and the shift of advertising dollars to the internet. Berkshire will make a $600 million preferred equity investment in Scripps to finance the deal.
Source: https://www.reuters.com/article/ion-media-ma-e-w-scripps/update-3-ew-scripps-scales-up-with-265-bln-berkshire-backed-deal-for-ion-media-idUSL3N2GL2J6