Scripps Goes National By Buying Ion for $2.65 Billion

Local TV broadcast station owner EW Scripps is jumping into the national television business by buying Ion Media for $2.65 billion in a deal backed by Warren Buffett’s Berkshire Hathaway. Berkshire Hathaway is investing $600 million in Scripps to help pay for Ion and make a bet on free over-the-air television. Scripps already had a national presence with Katz Networks, which runs channels like Bounce and Court TV. Ion reaches 96% of US homes with stations in 62 markets and 124 affiliated stations.