Citadel to take majority stake in ION

NBC Universal inks deal with investment firm

NBC Universal has struck a deal with Chicago-based Citadel Investment Group that calls for Citadel to take over NBC U’s controlling interest ION, the network and station group formerly known Pax TV, and take the company private.

The deal calls for Citadel to buy out ION’s outstanding stock at $1.46 per share, or about $73 million, and invest $100 million in the company founded by Lowell “Bud” Paxson. But it also gives NBC U a chit to buy back its stake in five year’s time.

NBC U bought out founder Paxson in November 2005 and installed former NBC exec Brandon Burgess as CEO. The peacock has been prevented from taking full control of the company because it would run afoul of Federal Communications Commission limits on TV station ownership. NBC U already owns 25 TV stations through its NBC and Telemundo O&Os.

More TV

  • Michael Palin Journeys to North Korea

    Michael Palin Journeys to North Korea for Landmark Travel Series

    NBC Universal has struck a deal with Chicago-based Citadel Investment Group that calls for Citadel to take over NBC U’s controlling interest ION, the network and station group formerly known Pax TV, and take the company private. The deal calls for Citadel to buy out ION’s outstanding stock at $1.46 per share, or about $73 […]

  • Will Arnett Joins Julia Stiles’ Sky

    Will Arnett Joins Julia Stiles’ Sky Series ‘Riviera’

    NBC Universal has struck a deal with Chicago-based Citadel Investment Group that calls for Citadel to take over NBC U’s controlling interest ION, the network and station group formerly known Pax TV, and take the company private. The deal calls for Citadel to buy out ION’s outstanding stock at $1.46 per share, or about $73 […]

  • Michael Douglas'Flatliners' film premiere, Arrivals, Los

    Michael Douglas, Ava DuVernay, David Simon Board New Shows for Atrium TV

    NBC Universal has struck a deal with Chicago-based Citadel Investment Group that calls for Citadel to take over NBC U’s controlling interest ION, the network and station group formerly known Pax TV, and take the company private. The deal calls for Citadel to buy out ION’s outstanding stock at $1.46 per share, or about $73 […]

  • AMERICAN IDOL - "118 (Performance Finals)"

    'American Idol': The Final Three and What You Didn't See on TV

    NBC Universal has struck a deal with Chicago-based Citadel Investment Group that calls for Citadel to take over NBC U’s controlling interest ION, the network and station group formerly known Pax TV, and take the company private. The deal calls for Citadel to buy out ION’s outstanding stock at $1.46 per share, or about $73 […]

  • DJ Khaled ad Khalid arrive at

    TV Review: Billboard Music Awards Sober Up Over Gun Violence, Suicide, #MeToo

    NBC Universal has struck a deal with Chicago-based Citadel Investment Group that calls for Citadel to take over NBC U’s controlling interest ION, the network and station group formerly known Pax TV, and take the company private. The deal calls for Citadel to buy out ION’s outstanding stock at $1.46 per share, or about $73 […]

  • 'Westworld' Recap — Season 2, Episode

    'Westworld' Recap: Shogun's Army Comes to Town

    NBC Universal has struck a deal with Chicago-based Citadel Investment Group that calls for Citadel to take over NBC U’s controlling interest ION, the network and station group formerly known Pax TV, and take the company private. The deal calls for Citadel to buy out ION’s outstanding stock at $1.46 per share, or about $73 […]

More From Our Brands

Access exclusive content