E.W. Scripps to Buy ION for $2.65 Billion With Berkshire Aid (3)

TV-station owner E.W. Scripps Co. agreed to buy ION Media Networks Inc. for $2.65 billion with help from Warren Buffett’s Berkshire Hathaway Inc., moving aggressively to expand its footprint in a challenged but still lucrative industry.

Berkshire is making an investment of $600 million in preferred equity in Scripps to help finance the deal, Scripps said in a statement Thursday. Berkshire also received a warrant to buy as many as 23.1 million Class-A Scripps shares at $13 each. Scripps stock closed Wednesday at $10.47.

Scripps shares soared as much as 43% to $15 in New York trading on ...