E.W. Scripps +52% on ION Media acquisition

Sep. 24, 2020 6:40 AM ETThe E.W. Scripps Company (SSP)SSPBy: Gaurav Batavia, SA News Editor
  • In a bid to double the television station footprint and supercharge distribution of its programming, E.W. Scripps (NASDAQ:SSP) +52% is nearing a deal to buy ION Media for $2.65B, reports the WSJ.
  • Berkshire plans to make a $600M preferred equity investment in Scripps to help finance the purchase of closely held ION, the people said.
  • Berkshire will also get a warrant to purchase as many as 23.1M Class A Scripps shares at $13 apiece. The stock closed Wednesday at $10.47.
  • The deal is set to be announced Thursday.
  • The deal is expected to generate $500 million in synergies over six years, the people said.
  • ION Media, based in West Palm Beach, Fla., was launched in 2007 is owned by credit investment firm Black Diamond Capital Management.

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