NBC's ION Takeover Imminent

NBC'S ION TAKEOVER IMMINENT
[SOURCE: New York Post 5/3, AUTHOR: Zachery Kouwe]
Ion Media Networks appears close to approving a takeover deal with media giant NBC Universal and hedge fund Citadel despite intense opposition from a group of dissident shareholders and a rival offer made by satellite company EchoStar Communications. Media-ownership rules prevent NBC from owning a majority of Ion, but the company will maintain its minority ownership with Citadel as a partner. As part of its long-term plan, NBC may try to use Ion's national footprint to strong-arm NBC affiliates into accepting smaller payments for use of their programming by threatening to move their signal to the Ion-owned stations. NBC pays network affiliates to carry their content and those contracts are set to be renegotiated in the next three to five years. Ion, once known as Paxson Communications, owns about 60 TV stations reaching 90 million households.
http://www.nypost.com/seven/05032007/business/nbcs_ion_takeover_imminent_business_zachery_kouwe.htm

* ION Rejects EchoStar’s $2.13B Bid
http://www.multichannel.com/article/CA6438837.html

* ION Approves NBC Sale Amid Unrest
Scratch the "imminent." Television broadcaster Ion Media Networks yesterday approved a takeover offer from NBC Universal and hedge fund Citadel Investment Group, despite three opposing board members and threats from a dissident group of shareholders. The deal, which will allow NBC to keep a minority stake in Ion, was approved by a majority of the broadcaster's board in a heated meeting. Three of Ion's independent directors, who represent disgruntled shareholders, voted against the offer with one director not present at the meeting.
http://www.nypost.com/seven/05042007/business/ion_approves_nbc_sale_amid_unrest_business_zachery_kouwe.htm