Innovate agrees to sell 75% of broadcasting unit to CONX

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  • Innovate agreed to sell control of its HC2 Broadcasting unit to CONX, leaving CONX with about 75% and Innovate with about 25%.
  • HC2 Broadcasting closed a USD 105 million loan from a CONX subsidiary, used to retire its 8.50% and 11.45% notes.
  • The loan is set to be extinguished as merger consideration, eliminating cash repayment at closing; maturity is May 29, 2027.
  • CONX committed up to USD 75 million of equity funding for HC2 Broadcasting post-close, subject to customary adjustments.
  • Innovate holds an 18-month option to buy up to 15% more of the unit from CONX on a fully diluted basis.


Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Innovate Corporation published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 202606010830PRIMZONEFULLFEED9729409) on June 01, 2026, and is solely responsible for the information contained therein.

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