E.W. Scripps to buy ION Media for $2.65 billion

(Reuters) – Broadcasting company E.W. Scripps Co will buy entertainment firm ION Media in a $2.65 billion deal, the companies said on Thursday.

Shares of E.W. Scripps rose nearly 38% in premarket trading after the Wall Street Journal first reported the deal.

(Reporting by Maria Ponnezhath and Munsif Vengattil in Bengaluru; Editing by Krishna Chandra Eluri)