Paxson Has Ion Aspirations
By Allison Romano -- Broadcasting & Cable, 2/28/2006 9:48:00 AM
Troubled Paxson Communications hopes to change its corporate name to Ion Media Networks, a symbol, the company says, of its future in digital media. "This new corporate identity mirrors our renewed commitment to find the best utilization and value proposition for our nationwide TV distribution and digital network platforms," says CEO Brandon Burgess. "The Ion Media Networks name highlights three aspects of our vision: our team's positive energy for building superior value with our assets; our commitment to bringing quality media content to our communities; and our ability to enable multiple networks across our digital-broadcast spectrum." Paxson will present the new name to investors at a meeting in June. If the name is approved, the company's stock symbol will change to Ion from Pax. The company says it would make the full transitition to its new moniker this summer. This is the latest in a string of changes at Paxson. Burgess, a former high-ranking NBC executive, replaced founder Bud Paxson as CEO in November 2005.
NBC has a major investment in Paxson, which operates a network and owns a large TV-station group. Paxson stations reach nearly 90 million homes, and Burgess has been bullish on the company's digital capabilities when those 90 million analog households become digital and Pax stations can split their feed into multiple signals. Pax has also rebranded its network and stations as "i" to symbolize independent TV.
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