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The E.W. Scripps Company is pushing further into the national TV networks business, announcing the purchase of ION Media for $2.65 billion today.
The purchase is backed by Warren Buffett’s Berkshire Hathaway, which will make a $600 million preferred equity investment in Scripps to finance the transaction.
Buying ION Media will dramatically expand the TV footprint of Scripps, which currently operates 60 local television stations, five Katz networks (including Bounce TV and Court TV), and digital news service Newsy.
The West Palm Beach, Fla.-based