Co. owned largely by Avenue, Diamond, Trilogy

Ion Media Networks has completed its post-bankruptcy financial restructuring.

The West Palm Beach, Fla.-company, formerly known as Paxson Communications, is now owned largely by debtholders Avenue Capital, Black Diamond Capital and Trilogy Capital private equity firms that had held much of Ion’s debt. NBC Universal and Chicago-based Citadel, which bought the majority of Paxson from NBC U in 2007, no longer have any equity interests in Ion.

The restructuring comes with a $150 million in fresh funding for Ion, which finished its Chapter 11 bankruptcy proceedings in New York on Dec. 3. Company’s fate was closely watched by the major syndie distribs, as Ion has become an active buyer of off-network rights to series and movie packages for its Ion TV network lineup, which includes repeats of “Boston Legal,” “Ghost Whisperer” and “Criminal Minds.”

Brandon Burgess remains chairman and CEO of Ion.

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