Scripps will combine ION assets — notably its broadcast spectrum holdings — with its own brands like multiplatform news outlet Newsy and multicast networks such as Court TV and Bounce to create a national company. ION reaches 100 million homes through over-the-air and pay-TV.
Berkshire Hathaway’s preferred equity investment in Scripps will also come with a warrant to purchase up to 23.1 million Class A shares, at an exercise price of $13 per share. For Berkshire, the deal represents its first media investment in some time. In January, it exited the local newspaper business, long a favorite of Buffett’s, after determining that it was no longer financially viable.West Palm Beach, FL-based ION Media traces its roots to Pax TV in the 1990s.
Spectrum assets are key to the rollout of ATSC 3.0, a new set of broadcast standards that will imbue broadcasts with more interactive features and enhancements. The broadcast television business, beset by existential threats from streaming and other digital media in recent years, has coalesced around the new standards. Scripps CEO Adam Symson said Scripps will be the largest holder of broadcast spectrum after the transaction.
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