India, Sept. 24 -- Shares of The E.W. Scripps Company (SSP) are up more than 17% Thursday morning after the broadcasting company said it agreed to buy national broadcast network ION Media for $2.65 billion.
Berkshire Hathaway plans to make $600 million preferred equity investment in E.W. Scripps to finance the acquisition of ION. Berkshire Hathaway will also get a warrant to purchase up to 23.1 million Class A shares, at $13 per share.
E.W. Scripps plans to combine ION Media, which reaches more than 100 million homes through over-the-air and pay TV platforms, with Scripps' Katz networks and Newsy to create a full-scale national television networks business.
This highly accretive acquisition will yield $500 million in synergies, most of w...