⁍ Warren Buffett’s Berkshire Hathaway is helping local U.S. TV network operator E.W. Scripps finance its $2.7 billion takeover of a rival.

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⁍ As soon as the deal was unveiled on Thursday, Scripps stock soared as much as 40% before dropping back some.

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⁍ It’s a stark contrast to the drubbing Occidental Petroleum took after he enabled it to pounce on an oil competitor.

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– Warren Buffett’s Berkshire Hathaway is providing $600 million in preferred shares and $1.9 billion in debt to help fund EW Scripps’ purchase of ION Media, a move that has sent the TV station owner’s shares soaring by as much as 40%, Reuters reports. Scripps is paying $2.7 billion, including $300 million in cash and $1.9 billion in debt, to buy ION. But with a market value of just $853 million when the deal was announced Wednesday, Scripps had to find creative ways to come up with enough money, Reuters notes. Buffett’s help comes in the form of $600 million in preferred shares that pay an annual dividend of 8% and can be bought back after five years. Scripps can’t issue regular dividends or repurchase shares. The terms also prevent Scripps from repurchasing shares. Adding ION’s stations will more than double Scripps’ EBITDA—this year analysts are forecasting more than $300 million—and the cost savings are substantial. Add the $120 million in estimated synergies and tax the sum, and Scripps looks set for a 12% return on investment—not bad for a business that lost money last year. Buffett’s oft-heralded halo effect appears to have paid off this time. His involvement with Occidental, though, using a similar structure was a flop. The shares tanked on the day Chief Executive Vicki Hollub announced its hostile offer for Anadarko Petroleum almost 18 months ago, and never recovered. His return to media deals, a sector he knows well, can be his path totoning for his sins.