Citadel's modified proposal for ION Media includes additional $100 million

By Lisa Kerner

Charlotte, N.C., March 20 - Citadel Investment Group has modified its Jan. 17 and Feb. 22 proposals to acquire, in conjunction with NBC Universal, ION Media Networks, Inc.

In the modified proposal, Citadel committed to investing an additional $100 million of capital to enhance liquidity, according to an 8-K filing with Securities and Exchange Commission.

ION has until April 6 to respond or the offer will be withdrawn.

The company said in February that it was considering an amended proposal with CIG Media and NBC Universal to restructure ION's stock.

ION is a West Palm Beach, Fla., network television broadcast company.

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