The famed investor's conglomerate hasto help finance Scripps' $2.65 billion takeover of ION Media. In exchange, Berkshire will receive 6,000 preferred shares carrying an 8% annual dividend, paid quarterly. If the media group doesn't pay in full and on time, the dividend rate will rises to 9% or more than $650 million a year.
Berkshire will also be given a warrant it can exercise to buy 23.1 million of Scripps' common shares for $13 each, up until one year after Scripps redeems all of the preferred shares. If Scripps' stock price climbs past $13, Berkshire can use its warrant to buy the shares for $300 million then sell them for a profit.
Scripps has also agreed not to issue a dividend on its common shares or repurchase any shares until it buys back all of the preferred stock, incentivizing it to repay Berkshire as quickly as possible.
Maybe you can tutor the conmanPresident?
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