Ion Media gets tender offer for preferreds, stock from NBC Universal, Citadel

By Lisa Kerner

Charlotte, N.C., Jan. 18 - Ion Media Networks, Inc. received a non-binding proposal from NBC Universal, Inc. and Citadel LP to restructure the company's outstanding preferred and common stock, according to a schedule 13D filing with the Securities and Exchange Commission.

The proposal includes a tender offer for the West Palm Beach, Fla., broadcasting company's class A common stock at $1.41 per share under terms from a Nov. 7, 2005 restructuring transaction between Ion Media, NBC Universal and Lowell W. Paxson and his affiliates.

According to the filing, the tender offer is expected to begin by May 6 and is subject to board approval.

Acquirer:	NBC Universal, Inc. and Citadel LP
Target:	Ion Media Networks, Inc.
Payment per share:	$1.41
Announcement date:	Jan. 18
Tender deadline:	To be determined
Stock price for target:	Amex: ION; $0.62 on Jan. 17

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