Complaint Filed Against Ion, NBCU

by Michael Malone -- Broadcasting & Cable, 6/26/2007 6:35:00 AM

Shareholders have filed a complaint against Ion Media Networks, seeking to block the broadcaster’s bid to go private. Last month, NBC Universal agreed to deal its stake in the broadcaster to Citadel Investment Group, clearing the way for Ion to go private.

The complaint was filed in Delaware against Ion and seven of its directors. NBC Universal, Citadel Investment Group and Citadel affiliate CIG Media are also named as defendants. It’s the second such complaint filed by the disgruntled shareholders this month.

Ion claims the complaint is without merit, and aims to "vigorously defend" against it.

Formerly Paxson, Ion owns 60 stations.

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