CONX Corp. (CNXX) has completed the acquisition of approximately 75% of the outstanding shares of HC2 Broadcasting Holdings Inc. (HC2). The transaction, valued at $105 million through a bridge loan, was executed on September 1, 2026, and finalized on September 2, 2026, with the conversion of HC2 into a Delaware limited liability company named HC2 Broadcasting Holdings LLC.
The deal was structured as a merger where HC2 Merger Sub, a wholly-owned subsidiary of CONX, merged into HC2. Following the merger, the surviving entity is a subsidiary of CONX Corp. The transaction involved the conversion of HC2 Common Stock into shares of the Surviving Entity and the extinguishment of a bridge loan with an aggregate principal amount of $105,000,000.
On September 2, 2026, CONX Broadcast Group, LLC, the surviving entity, and the seller, HC2 Broadcasting Holdco, LLC, entered into a Limited Liability Company Agreement. The agreement establishes a three-member board of directors for the Surviving Entity. CONX Broadcast is entitled to appoint a majority of the board, consisting of two directors, while the Seller appoints one director.
The LLC Agreement includes minority protections for the Seller, including the requirement for the Seller-appointed director to provide consent for certain fundamental actions. It also contains customary provisions regarding capital contributions, preemptive rights, and transfers, including tag-along rights, drag-along rights, and rights of first offer.
