Berkshire Hathaway Makes a Big Bet on Old Media
E.W. Scripps (NASDAQ: SSP) announced today it will purchase ION Media for $2.65 billion, in a deal that's being backed by Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B). The acquisition will require regulatory approval and Scripps plans to divest 23 ION stations in order to comply with ownership restrictions in various markets. Berkshire will make a $600 million preferred-equity investment in Scripps to help fund the purchase of privately held ION.
