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Berkshire Hathaway could suffer losses on a $600 million preferred-stock investment in E.W. Scripps given troubles in the television business and the company’s high financial leverage.

It’s gotten bad enough that Scripps earlier this year deferred making cash dividend payments on the preferred stock Berkshire owns, as the media company focuses on paying down nearly $3 billion of debt.

Founded in the late 19th century, Scripps is one of the largest owners of local TV stations in the country with about 60 stations that generate some 60% of the company’s revenue. It also operates the Scripps Networks, which includes national broadcasters Ion Media, Bounce, and Court TV.
The Berkshire investment, consisting of 8% preferred stock, was made in early 2021 and arranged by Ted Weschler, one of two investment managers who work closely with CEO Warren Buffett.

https://stocks.apple.com/AAemk75OIRJOEtAfWveUtxQ

“ Berkshire Hathaway could suffer losses on a $600 million preferred-stock investment in E.W. Scripps given troubles in the television business and the company’s high financial leverage.“ Brk should have hired a forensic accountant ten years ago , full time. We saved 500 k a year and lost billions ,maybe a lot more , over the years. Better late than never.

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