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Communications Services Up Slightly On Volatile Session -- Communications Services Roundup

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09/24/2020 | 05:49pm EDT

Communications services companies rose slightly in volatile trading.

Shares of Zoom Video Communications fell sharply, continuing a highly volatile path for the maker of newly popular video-conferencing software. Zoom shares had more than doubled from June levels at Wednesday's peak over $500, but they fell more than 6% on Thursday.

E.W. Scripps agreed to buy ION Media for $2.65 billion in a move to significantly expand the TV station owner's reach with the backing of Warren Buffett's investment firm Berkshire Hathaway.

Berkshire plans to make a $600 million preferred-equity investment in Scripps to help finance the purchase of closely held ION.

Already a big player in the music and podcasting businesses, Spotify Technology struck a partnership deal with television-and-movie production studio Chernin Entertainment to create television, movies and digital-video programming based on Spotify's hundreds of original series.

 

Write to Rob Curran at rob.curran@dowjones.com


Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY INC. -0.17% 302500.01 Delayed Quote.-10.92%
SPOTIFY TECHNOLOGY S.A. -10.11% 239.89 Delayed Quote.60.41%
ZOOM VIDEO COMMUNICATIONS, INC. -5.88% 460.91 Delayed Quote.577.41%
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