Over the Dr. Martin Luther King Jr. Holiday, word surfaced that The E.W. Scripps Co. was enjoying strong after-hours trading for its stock because of a report offered by a Smarter Analyst Wall Street observer that took note of a Securities and Exchange Commission disclosure from noted investor Warren Buffett.
While Smart Analyst’s Ben Mahaney said Buffett’s “Berkshire Hathaway” has snagged “a 24.9% passive stake” in Scripps, that’s not what’s happening.
According to Scripps, Buffett is helping Scripps out with its ION Media purchase.
