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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Maybe you can tutor the conmanPresident?
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
England's pub, bar curfew will 'devastate' businesses, industry warns - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Well, the virus doesn't seem to be active before 10pm Gee. Imagine what an out of control virus will do to business. Kill the customers and no one will do any good. But yeah...priorities I guess herman6x jam 10 msh protes....
Source: BusinessInsider - 🏆 729. / 51 Read more »
Unicorn startup KnowBe4 sells corporate cybersecurity training - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Why doing 'his' and 'her' household chores doesn't work - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. melissapetro How about each one does chores they like or are good at. Is this article needed. How do gay people live together with a designated his and her. So stupid.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Trump sues to block mail-in ballot rule changes in North Carolina - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Another law suit he will lose lmao Suing his way to the Supreme Court always. Sorry voter supressers, but freedom rings! NovoteSupression
Source: BusinessInsider - 🏆 729. / 51 Read more »
Stop wasting your money donating to Amy McGrath's campaign against Mitch McConnell - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. ZachariahSippy Eyes on the prize, people! We can’t vote McConnell out, but we can strip him of his power. ZachariahSippy Interesting that a paper needs to publish something like this. ZachariahSippy Don’t trust poles. VOTE.
Source: BusinessInsider - 🏆 729. / 51 Read more »