{"id":4727,"date":"2012-12-02T11:58:43","date_gmt":"2012-12-02T16:58:43","guid":{"rendered":"https:\/\/bejone03.expressions.syr.edu\/trf235\/?p=4727"},"modified":"2012-12-20T10:47:16","modified_gmt":"2012-12-20T15:47:16","slug":"ion-media","status":"publish","type":"post","link":"https:\/\/bejone03.expressions.syr.edu\/trf235\/2012\/12\/02\/ion-media\/","title":{"rendered":"Ion Media Networks"},"content":{"rendered":"
by Daniel Buczakowski<\/pre>\n
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Address:\u00a0 601 Clearwater Park Road
\nWest Palm Beach, FL 33401
\nPhone:\u00a0\u00a0\u00a0 (561) 659-4122
\nWebsite: ION Media Networks<\/a><\/p>\n
Key Executives:<\/span><\/strong><\/span><\/p>\n
\"\"<\/a>
Brandon Burgess
Chairman and CEO<\/p><\/div>\n
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Chris Addeo
Marketing<\/p><\/div>\n
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Stephen Appel
Sales<\/p><\/div>\n
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Jeff Quinn
Finance<\/p><\/div>\n
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Terri Santisi
Administration<\/p><\/div>\n
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Marc Zand
Programming Acquisitions<\/p><\/div>\n
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Douglas Holloway
Distribution<\/p><\/div>\n
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Dan Hsieh
\nInnovation<\/dd>\n<\/dl>\n
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Michael Hubner
\nLegal<\/dd>\n<\/dl>\n
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Joseph Koker
Stations<\/p><\/div>\n
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David Glenn
\nEngineering<\/dd>\n<\/dl>\n
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Russel Frederickson
\nOn-Air Services<\/dd>\n<\/dl>\n
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Major Competitors<\/strong><\/span><\/p>\n
Fox Broadcasting Company<\/a><\/em>
\n Colombia Broadcasting System (CBS) Broadcasting Inc.<\/a><\/em>
\n Sinclair Broadcasting Group Inc.<\/a><\/em>
\n American Broadcasting Company (ABC)<\/a><\/em>
\n The CW Television Network<\/a><\/em><\/p>\n
A Brief History<\/span><\/strong><\/span><\/p>\n
ION Media Networks was founded in 1984 as Paxson Communication in Clearwater Florida.\u00a0 Owning multiple radio stations and a few ABC<\/a> and NBC<\/a> network affiliate stations, Paxson Communication eventually became Florida’s largest radio group.\u00a0 In 1994, Paxson acquired 55 percent of American Network Group for $2.5 million.\u00a0 As American Network Group was a publicly held company, Paxson itself became a public company, and by doing this avoided the costs inherent with an initial public offering (IPO).\u00a0 This also gave Paxon access to public capitol to help the company grow through more acquisitions.\u00a0 In 1998 the company decided to build it’s own independent television company, and PAX TV (Later to be known as the PAX network) was born.\u00a0 1994 was a big year for Paxson, this was the year they also acquired their first television stations, WPBF-TV\u00a0 in West Palm Beach, Florida, WTLK-TV in Atlanta and Rome, Georgia, and WYVN-TV in Martinsburg, West Virginia.\u00a0 By the end of 1997, Paxson had grown so large that it owned more then 60 stations and covered 60 percent of all US households, and had revenues that exceeded $88 million after selling it’s radio division to Clear Channel Communications for $693 million in cash.\u00a0 However, operating loss had also grown to $22 million, a major difference from the $4 million of 1996.\u00a0 This was just the beginning of Paxson’s financial problems, for by 1998, Paxson’s operating capitol had shrunk to $1.8 million and it’s net loss had risen to $137.9 million, while total revenue was only $134.7 million.\u00a0 By the year 2007 after lengthy legal battles with NBC Universal, the company’s founder Bud Paxon<\/a> sold his shares of the company and retired.\u00a0 Branden Burgess replaced him as President and C.E.O. and the company was renamed ION Media Networks Inc.<\/p>\n
History of Financial and Legal problems<\/strong><\/span><\/span><\/p>\n
1999 Paxson reports a negative cash flow of $102.6 million with a long term debt of $382 million.<\/p>\n
September 1999:\u00a0 NBC buys 32% share in Paxon for $415 million.\u00a0 Effectively bailing Paxson out and to Paxon’s consternation, becoming effectively an equal partner rather than a minor shareholder.<\/p>\n
December 4, 2001:\u00a0 Paxon files and arbitration to block NBC’s acquisition of Telemondo.<\/p>\n
September 2002:\u00a0 Paxon arbitration against NBC was denied.<\/p>\n
November 13, 2003:\u00a0 NBC requests redemption of it’s $549.2 million investment in Paxon.<\/p>\n
August 2004:\u00a0 NBC Universal files lawsuit against Paxon.<\/p>\n
November 7, 2005:\u00a0 In and agreement with NBC Universal, Lowell Paxon leaves the company and sells his shares to NBC Universal.\u00a0 He is replaced with Brandon Burgess.<\/p>\n
November 2007:\u00a0 ION Networks is taken to trial by Positive Ions Inc. for trademark infringement.\u00a0 ION Networks loses and is forced to pay Positive Ions $1.7 million.<\/p>\n
May 19, 2009:\u00a0 ION Media Networks files for Chapter 11 bankruptcy protection with $2.7 billion of debt.<\/p>\n
December 2009:\u00a0 Emerges from bankruptcy as a privately owned company under the ownership of its bondholders and secured lenders.<\/p>\n
Today<\/span><\/strong><\/span><\/p>\n
Currently, ION Media Networks is one of the largest privately owned television networks in the country, with over 60 television stations in North America. \u00a0 Under Brandon Burgess’ direction, ION Media Networks has rewritten it’s policies to follow four main objectives:<\/p>\n