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Innovate completes sale of broadcasting unit to CONX

INNOVATE Corp. logoINNOVATE Corp.
Sig4.20Sen+1.20Env0.00Soc0.00Gov+0.80

Innovate Corp. (VATE) completed its transaction with CONX, with CONX acquiring a 75% controlling interest in HC2 Broadcasting Holdings. Innovate retains a 25% stake, with a $105 million refinancing loan and accrued interest extinguished in connection with the deal. Innovate can buy up to an additional 15% within 18 months, while a CONX affiliate can acquire up to 80.1% over two years, with no cash to Innovate unless options are exercised.

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