E.W. Scripps to Acquire Ion Media for $2.65 Billion With Aid From Berkshire Hathaway
E.W. Scripps has reached a deal to acquire Ion Media for $2.65 billion in a deal that will be partially financed by a $600 million investment from Warren Buffett’s Berkshire Hathaway.
Based in West Palm Beach, Ion Media owns 71 TV stations covering a wide swath of the country. Scripps is one of the largest independent owners of TV stations following a wave of M&A in local broadcast TV.
“This evolution of Scripps’ national television networks business, through the combination of ION, the Katz networks and Newsy, repositions the company in the television landscape,” said Scripps President and CEO Adam Symson. “With its strong revenue growth, high margins and significant cash flow, ION will make Scripps a more powerful and durable media business with significant near-term benefit as well as long-term value. ION Media is a distribution double threat – carried on cable and satellite through must carry while also capitalizing on cord-cutting and the growth of free over-the-air broadcasting. This transaction is another in a long list of Scripps’ transformative moves to where we see opportunity for growth and to benefit from the evolving media landscape.”
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