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Shares of E.W. Scripps rose nearly 38% in premarket trading
after the Wall Street Journal first reported the deal.
The U.S. broadcast media sector has seen a flurry of mergers in
recent years, with operators looking for scale to counter the
rise of online streaming and the shift of advertising dollars to
the internet.
Berkshire will make a $600 million preferred equity investment
in Scripps to finance the deal.
ION Media said it has the fifth-largest average primetime
audience among all U.S. cable-carried networks and added it
reaches more than 100 million homes through over-the-air and pay
TV platforms.
(Reporting by Maria Ponnezhath and Munsif Vengattil in Bengaluru;
Editing by Krishna Chandra Eluri)
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