E.W. Scripps making $2.65B acquisition of Ion Media, lands Berkshire Hathaway investment

E.W. Scripps Co. is making a $2.65 billion acquisition of one of the nation’s largest TV networks while bringing in a big investment from famed financier Warren Buffett. Cincinnati-based Scripps (NYSE: SSP) has agreed to buy West Palm Beach, Fla.-based Ion Media, according to a news release. It will combine Ion with its Katz networks and Newsy to create its own national TV network business. Ion owns 71 stations, including KPPX Channel 51 in Phoenix/Prescott, and reaches more than 100 million…