On August 28, 2026, Innovate Corp. entered into a Tenth Amendment to its existing credit agreement with MSD PCOF Partners IX, LLC. The amendment extends the maturity date of the MSD Credit Agreement, originally dated March 13, 2020, to December 31, 2026.
Separately, the company announced the completion of a strategic transaction involving its Broadcasting segment. On September 1, 2026, CONX Corp. acquired a controlling interest in HC2 Broadcasting Holdings Inc., the holding company for the segment. Following the merger, HC2 was converted into a Delaware limited liability company named HC2 Broadcasting Holdings LLC.
Under the terms of the transaction, CONX acquired a 75% ownership interest in the new entity, while Innovate retains a 25% stake. As part of the deal, CONX committed to providing up to $75 million in equity funding to the new entity. Approximately $3.7 million was funded at closing, with the remainder payable following closing subject to adjustments.
Additionally, the $105 million bridge loan facility associated with the transaction was extinguished in full. Innovate retains the option to purchase up to an additional 15% of the equity interests in the new entity over an 18-month period following the closing. An affiliate of CONX also holds an option to acquire up to 80.1% of the equity interests over a two-year period, subject to specific terms regarding the order of acquisition.
