Innovate Shares Rise on Sale of Majority Stake in HC2 Broadcasting Holdings

Dow Jones

06/06

By Elias Schisgall

Shares of Innovate rose after the company sold a majority stake in HC2 Broadcasting Holdings to Conx Corp.

Shares were up 13% to $19.30 on Friday. The stock has more than quadrupled in value this year.

Following the transaction, Conx will own 75% of Broadcasting, with Innovate owning the remaining 25%. Conx will provide Broadcasting with a $75 million equity commitment that will be funded after the closing of the merger.

Innovate will have an 18-month option to purchase up to 15% of Broadcasting's ownership from Conx. In addition, an affiliate of Conx will have a two-year option to acquire up to an 80.1% equity interest in Broadcasting.

Broadcasting also entered into an $105 million loan agreement with a Conx subsidiary to fully satisfy its 8.5% and 11.45% notes and repurchase equity held by its noteholders. That loan and any accrued interest will be extinguished as consideration in the Conx transaction.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

June 05, 2026 14:08 ET (18:08 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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The stock has more than quadrupled in value this year. \n</p>\n<p>\n  Following the transaction, Conx will own 75% of Broadcasting, with Innovate owning the remaining 25%. Conx will provide Broadcasting with a $75 million equity commitment that will be funded after the closing of the merger. \n</p>\n<p>\n  Innovate will have an 18-month option to purchase up to 15% of Broadcasting's ownership from Conx. In addition, an affiliate of Conx will have a two-year option to acquire up to an 80.1% equity interest in Broadcasting. \n</p>\n<p>\n  Broadcasting also entered into an $105 million loan agreement with a Conx subsidiary to fully satisfy its 8.5% and 11.45% notes and repurchase equity held by its noteholders. That loan and any accrued interest will be extinguished as consideration in the Conx transaction. \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Write to Elias Schisgall at elias.schisgall@wsj.com \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  June 05, 2026 14:08 ET (18:08 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4129","symbol_name":"建筑与工程","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2641447301","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2641447301","pubTimestamp":1780682880,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares of Innovate rose after the company sold a majority stake in HC2 Broadcasting Holdings to Conx Corp.Shares were up 13% to $19.30 on Friday. 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