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ION Media Networks, Inc. owns and operates the largest U.S. broadcast television station group and ION Television, the country’s only independent broadcast television network. The Company owns 59 of its 60 full-power broadcast television stations, including stations in each of the top 20 U.S. markets and 39 of the top 50. |
  ION Media Networks Completes Financial Restructuring Emerges Debt-Free and With Growth Equity Funding from Owners
December 21, 2009 -- New York, NY – ION Media Networks, Inc. ("ION"), owner and operator of the ION Television, qubo, and ION Life broadcast networks, today announced that it has successfully completed its financial restructuring. The company also announced that it has received all necessary approvals from the Federal Communications Commission for the ownership change pursuant to its plan of reorganization.
In a brief and seamless restructuring process, the company was able to eliminate over $2.7 billion in legacy debt and preferred stock claims. ION emerges debt-free and with equity growth funding from its owners, which include Avenue Capital, Black Diamond Capital, and Trilogy Capital as the three largest holders backing the company’s plan.
“We are pleased about completing our financial restructuring so smoothly and appreciate the support of our stakeholders and employees,” said Brandon Burgess, ION's Chairman and Chief Executive Officer. “Emerging debt-free with $150 million in growth funding will allow us to further build our TV content brands, as well as develop the value of our digital spectrum and technology assets.”
ION has emerged from Chapter 11 under its Fourth Modified Joint Plan of Reorganization, which was confirmed by the United States Bankruptcy Court for the Southern District of New York on December 3, 2009.
Kirkland & Ellis LLP is serving as legal counsel to ION and Moelis & Company LLC is serving as financial advisor in connection with the restructuring.
About ION Media Networks ION Media Networks, Inc. owns and operates the nation’s largest broadcast television station group and ION Television, which reaches over 96 million U.S. television households via its nationwide broadcast television, cable and satellite distribution systems. It features popular TV series and movies from the award-winning libraries of CBS Television, NBC Universal, Sony Pictures Television, Twentieth Television and Warner Bros., among others. Using its DTV spectrum capacity, the Company has launched new digital TV brands, including qubo, the nation’s only nationwide over-the-air kids network, and ION Life, a channel dedicated to active living and personal growth. It also has launched Open Mobile Ventures Corporation, a unit focused on the development of portable, mobile and out-of-home transmission technology using over-the-air digital television spectrum. For more information, visit www.ionmedia.com.
Forward-Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to the safe harbor provisions created by that Act. In addition, forward-looking statements may be made orally in the future by or on behalf of the Company. Forward-looking statements can be identified by the use of terms such as “expects,” “should,” “may,” “believes,” “anticipates,” “will,” and other future tense and forward-looking terminology. There can be no assurance as to the actual results of the undertakings described herein. These forward-looking statements are made only as of the date of this report, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Media Contact: Lex Suvanto / Adam Miller |
 | ION MEDIA NETWORKS ION TELEVISION ION LIFE QUBO LEGAL |
