ION Media Networks says that its recapitalization and privatization is essentially completed. Citadel Investment Corp. and NBC Universal were instrumental in this feat, and ION says Citadel has "sponsored the Company’s effort to go private by acquiring approximately 87% of the outstanding Class A common shares…" that it did not already own. Obligations are said to have been reduced by 187M, and the network has 115M in cash from Citadel to pursue its long-term strategic plan. "This transaction completes our corporate finance objectives, giving the Company financial runway and streamlined ownership under Citadel Investment Group," said Brandon Burgess, CEO of ION Media Networks. "Now we will turn our full attention to growing the business with programming and marketing initiatives for the ION Television Network, as well as nurturing our digital networks and mobile television plans."
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