INNOVATE closes sale of 75% controlling interest in Broadcasting segment to CONX

INNOVATE Corp.

CONX acquires 75% of HC2 (Broadcasting segment); INNOVATE retains 25% stake, subject to post-closing adjustments.
CONX commits up to $75M equity to HC2; ~$3.7M funded at closing, remainder payable later.
$105M bridge loan and accrued interest extinguished at closing.
INNOVATE holds 18-month option for additional 15% of HC2; CONX affiliate has 2-year option for up to 80.1% of HC2 equity.
Tenth Amendment extends MSD credit agreement maturity to Dec 31, 2026.

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