CONX CORP to Acquire Controlling Interest in INNOVATE’s HC2 Broadcasting Unit; INNOVATE retains ~25%

INNOVATE Corp. announced that its subsidiary HC2 Broadcasting Holdings closed a $105 million refinancing and entered into a definitive merger agreement to sell a controlling ~75% interest in Broadcasting to CONX CORP, subject to regulatory approvals. The merger would extinguish existing notes and the New Loan, with CONX committing up to $75 million of equity after closing and INNOVATE retaining an option to purchase up to 15% more over 18 months.