On Dec. 30, 2007, the FCC said it would permit the transfer of control of ION Media Networks from Paxson to private equity fund CIG Media.
The decision, released in a Dec. 31 Memorandum Opinion and Order, denied a petition filed by several ION stockholders, including Gradient Partners, Gradient OC Master, and Caspian Capital Advisors, to block the sale.
ION Media holds 59 full-power television licenses and associated low-power, Class A and TV translator licenses.
Commissioner Michael Copps issued a statement with the release of the approval pointing out that the FCC did not have adequate information about CIG Media. While concurring with the decision to allow the transfer, Copps said the commission didn’t “have anywhere near the information or context necessary to know whether this change in control will harm viewers.”
For more information, visit: www.fcc.gov.