EW Scripps, an American broadcasting company, completed the acquisition of ION Media, a broadcast network, from Black Diamond for $2.7bn. Berkshire Hathaway made a $600m preferred equity investment in Scripps to finance the transaction and receive a warrant to purchase up to 23.1m Class A shares, at an exercise price of $13 per share. Scripps divested 23 ION stations to meet regulatory conditions. "This is a historic and transformational moment for Scripps that strengthens our leadership position in broadcasting and accelerates our multiplatform strategy to serve diverse audiences everywhere they seek to be informed and entertained. Bringing our networks together with ION will create a formidable national television business focused on connecting with audiences and advertisers in the rapidly evolving media landscape while fueling our company's future growth," Adam Symson, Scripps President and CEO.