E.W. Scripps Co. agreed to buy ION Media for $2.65 billion in a move to significantly expand the TV station owner’s reach with the backing of Warren Buffett’s Berkshire Hathaway Inc.
Berkshire plans to make a $600 million preferred-equity investment in Scripps to help finance the purchase of closely held ION, Scripps said in a press release Thursday, confirming an earlier report by The Wall Street Journal. Berkshire will also get a warrant to purchase as many as 23.1 million Class A Scripps shares at $13 apiece.
Scripps…
