9/24/2020, 11:07 AM (Source: TeleTrader)
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E.W. Scripps to acquire ION Media for $2.65 billion - report

E.W. Scripps Co. is close to reaching a deal to acquire ION Media for $2.65 billion, The Wall Street Journal reported on Thursday citing people close to the negotiations.

According to the report, Warren Buffett's Berkshire Hathaway Inc. will also support the deal by investing $600 million in preferred-equity to finance the purchase. Additionally, Berkshire will get a warrant to purchase 23.1 million Class A Scripps shares for $13 each. Scripps' stocks yesterday closed 2.15% lower to sell for $10.47.

The official announcement should be made later today.

Breaking the News / ND