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

Dow Jones06-06 02:08

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.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2641447301?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-06-06 02:08","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2641447301","market":"sh","top_or_hot":-1,"title":"Innovate Shares Rise on Sale of Majority Stake in HC2 Broadcasting Holdings","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  By Elias Schisgall \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Shares of Innovate rose after the company sold a majority stake in HC2 Broadcasting Holdings to Conx Corp. \n</p>\n<p>\n  Shares were up 13% to $19.30 on Friday. 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>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Innovate Shares Rise on Sale of Majority Stake in HC2 Broadcasting Holdings</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInnovate Shares Rise on Sale of Majority Stake in HC2 Broadcasting Holdings\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-06-06 02:08</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  By Elias Schisgall \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Shares of Innovate rose after the company sold a majority stake in HC2 Broadcasting Holdings to Conx Corp. \n</p>\n<p>\n  Shares were up 13% to $19.30 on Friday. 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":"VATE","symbol_name":"Innovate Corp.","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. 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.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"VATE":"Innovate Corp.","BK4129":"建筑与工程"},"translate_title":"Innovate股价因出售HC2 Broadcasting Holdings多数股权而上涨","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VATE":0.9},"content_text":"By Elias Schisgall \n\n\n \n\n\n  Shares of Innovate rose after the company sold a majority stake in HC2 Broadcasting Holdings to Conx Corp. \n\n\n  Shares were up 13% to $19.30 on Friday. The stock has more than quadrupled in value this year. \n\n\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\n\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\n\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\n\n \n\n\n  Write to Elias Schisgall at elias.schisgall@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  June 05, 2026 14:08 ET (18:08 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2641447301","isCrawlerRequest":true}