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.
Source: News Formal (newsformal.com)
Maybe you can tutor the conmanPresident?
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