In early 2006, the company adopted its current name.[13][14]
A few months later, Ion launched a new children's brand along with NBC Universal (along its now-defunct subsidiary Classic Media), book company Scholastic and Canada-based Corus to plan a weekday afternoon block and a 24/7 channel in January.
In May 2007, Ion, NBC Universal, and Citadel LLC reached an agreement for the recapitalization of Ion. Citadel acquired the public common stock of the company, as part of the plan to take the company private. In addition, Citadel invested $100 million of new capital into the company to further support management's plan to revitalize the TV network.[15][16]
In November 2007, Ion Media Networks was taken to trial, having been sued in Federal Court by Positive Ions, Inc for trademark infringement of the use of the word Ion,[17] resulting in a $1.7 million settlement awarded to Positive Ions, Inc.[18]
In 2008, Ion Media Networks and Comcast reached an agreement to not only continue to carry Ion Television, but also introduced two new digital networks Qubo (its block launched two years later) and Ion Life.[19] By January 2009, Ion had another subchannel network, Urban TV, in the works with BET founder Robert L. Johnson targeted to African-Americans.[20]
In April 2009, it was announced that Ion Media Networks was once again facing balance sheet problems. The company disclosed that it was in discussions with lenders on "a comprehensive recapitalization" of its balance sheet. That translates to an effort to restructure its considerable debt, which stands at $2.7 billion as of April 2009, according to The Wall Street Journal.
On May 19, 2009, Ion Media Networks filed for Chapter 11 bankruptcy protection, putting the Ion network under bankruptcy for the second time, saying it had reached an agreement with holders of 60% of its first lien secured debt that would extinguish all of its $2.7 billion in legacy debt and preferred stock and recapitalize the company with a $150 million new funding commitment.[21] It emerged from bankruptcy in December, under the ownership of its bondholders & secured lenders/first lien holders, wiping out Citadel's ownership.[22]
In late 2009, a trio of private equity companies (Black Diamond Capital Management, Avenue Capital Group, & Trilogy Capital) purchased a 62.5% controlling stake in Ion Media Networks from the Ion Media Liquidating Trust (the legal entity selling the stake) through their partnership, Media Holdco L.P. (43.7% owned by Black Diamond via its BD Ion Media GP Holdings subsidiary; 15.8% by Trilogy via its Trilogy Ion, LLC subsidiary; & 40.5% by Avenue via its Avenue Ion Holdings LP subsidiary). The remaining 37.5% of Ion Media Networks remained with the company's senior investors from previous rounds of financing.[23][24][25]
Ion Media Networks signed carriage agreements in May 2010 with Advanced Cable Communications and Comcast Colorado Springs for Qubo and Ion Life and with Blue Ridge Cable for Qubo.[26]
By 2012, Media Holdco's stake in Ion Media Networks was at 87%,[27] with the company's senior investors from previous rounds of financing holding 13%.
Sometime in 2013, Ion Media Networks signed a deal with Liberty Media to bring the QVC and HSN networks to most of its Ion Television O&O stations throughout nationwide on digital subchannels X.5 and X.6.
In December 2013, the United States bankruptcy court approved a plan by creditors of Roberts Broadcasting to transfer East St. Louis-based WRBU and its sister stations, WZRB in Columbia and WAZE-LP in Evansville, Indiana, to a trust with Ion Media Networks (a creditor in Roberts' chapter 11 bankruptcy proceedings, which it filed for in 2011) as its beneficiary, with Roberts' attorney subsequently stating that Ion Media Networks would purchase the three stations.[28][29] The deal is complete on February 10, 2014, and both WZRB and WRBU became Ion stations.
Also in December 2013, Black Diamond purchased Avenue & Trilogy's stakes in Media Holdco, placing Black Diamond as Media Holdco's sole shareholder.[30]
As of November 2014, Media Holdco's majority equity stake in Ion Media Networks is at 85%,[31] leaving the company's senior investors from previous rounds of financing with a minority stake of 15%.
