Ion Media Networks completed a reverse stock split Wednesday, a move that will remove the company’s stock from the public rolls.
In a statement, Ion said that the exchange ratio for the reverse split was 1: 10,036,763. As a result, all stockholders, other than CIG Media (a unit of Citadel Investment Group) will receive a cash payment of $1.46 for each share of Class A common stock they held immediately prior to the split.
Also on Feb. 19, filed the necessary documents with the Securities and Exchange Commission related to the withdrawal of its Class A common stock from the American Stock Exchange and Amex suspended trading of Ion stock.
The steps are part of a process to take Ion (formerly Paxson Communications) private. In May Ion announced a recapitalization through an agreement with CIG Media, NBC Universal, NBC Palm Beach Investment I and NBC Palm Beach Investment II. Following the reverse stock split, all of Ion’s outstanding shares will be held by CIG Media.