Scripps says they will buy national broadcast network ION Media for $2.65 billion.

Scripps’ plans are to join ION with Katz networks and Newsy to create a full-scale national television networks business. 

Scripps will be getting help from Warren Buffet’s Berkshire Hathaway to help pay for the deal.

Berkshire Hathaway will make a $600 million preferred equity investment in Scripps to finance the transaction.

ION reaches more than 100 million homes through over-the-air and pay TV platforms.

"This evolution of Scripps' national television networks business, through the combination of ION, the Katz networks and Newsy, repositions the company in the television landscape," said Scripps President and CEO Adam Symson. "With its strong revenue growth, high margins and significant cash flow, ION will make Scripps a more powerful and durable media business with significant near-term benefit as well as long-term value.”