Scripps to acquire ION Media for $2.65 billion

Sept 24 (Reuters) – E.W. Scripps Co is nearing a deal to buy ION Media for $2.65 billion, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Warren Buffett’s Berkshire Hathaway Inc will fund the deal with a $600 million preferred-equity investment in Scripps, the report added.

Berkshire will also get a warrant to purchase as many as 23.1 million Class A shares of Scripps at $13 per share, according to the report.

E.W. Scripps, ION Media and Berkshire did not immediately respond to Reuters requests for comments.

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Krishna Chandra Eluri)

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