-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KkssdN2UefSCvfc/Uy5i7MhtkX6MKjL1Bp4TTrzvqRJ3AbWF/e8ChGUSmlRnb+ac JkX/PSEmstZaqC2XQFDz6w== 0001144204-07-021516.txt : 20070430 0001144204-07-021516.hdr.sgml : 20070430 20070430161334 ACCESSION NUMBER: 0001144204-07-021516 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20070430 DATE AS OF CHANGE: 20070430 GROUP MEMBERS: CIG MEDIA LLC GROUP MEMBERS: CITADEL INVESTMENT GROUP, L.L.C. GROUP MEMBERS: KENNETH GRIFFIN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ION MEDIA NETWORKS INC. CENTRAL INDEX KEY: 0000923877 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 593212788 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-44331 FILM NUMBER: 07800601 BUSINESS ADDRESS: STREET 1: 601 CLEARWATER PK RD CITY: WEST PALM BEACH STATE: FL ZIP: 33401 BUSINESS PHONE: 5616594122 MAIL ADDRESS: STREET 1: 601 CLEARWATER PK RD CITY: WEST PALM BEACH STATE: FL ZIP: 33401 FORMER COMPANY: FORMER CONFORMED NAME: PAXSON COMMUNICATIONS CORP DATE OF NAME CHANGE: 19940525 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CITADEL L P CENTRAL INDEX KEY: 0001027745 IRS NUMBER: 364111741 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 131 S. DEARBORN STREET, 32ND FLOOR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3123952100 MAIL ADDRESS: STREET 1: 131 S. DEARBORN STREET, 32ND FLOOR CITY: CHICAGO STATE: IL ZIP: 60603 SC 13D/A 1 v073101_sc13da.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934
(Amendment No. 6)*


ION MEDIA NETWORKS, INC.

(Name of Issuer)

Class A Common Stock, par value $0.001 per share

(Title of Class of Securities)

46205A103

(CUSIP Number)

Matthew B. Hinerfeld
Citadel Investment Group, L.L.C.
131 S. Dearborn Street, 32nd Floor
Chicago, Illinois 60603
(312) 395-3167
(Name, address and telephone numbers of person authorized to receive notices and communications)

April 30, 2007

(Date of Event which Requires Filing of this Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box o.

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).



Page 2 of 4

 
This Amendment No. 6 to Schedule 13D (“Amendment No. 6”) amends and supplements the Schedule 13D filed with the Securities and Exchange Commission on January 26, 2007 (the “Original Schedule 13D”), as amended by Amendment No. 1 filed on February 23, 2007 (“Amendment No. 1”), Amendment No. 2 filed on March 15, 2007 (“Amendment No. 2”), Amendment No. 3 filed on March 30, 2007 (“Amendment No. 3”), Amendment No. 4 filed on April 10, 2007 (“Amendment No. 4”), and Amendment No. 5 filed on April 12, 2007 (“Amendment No. 5” and, together with the Original Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3 and Amendment No. 4, the “Schedule 13D”), by CIG Media LLC, a Delaware limited liability company (“CM”), Citadel Limited Partnership, an Illinois limited partnership (“CLP”), Citadel Investment Group, L.L.C., a Delaware limited liability company (“CIG”), and Kenneth Griffin, a natural person (“Griffin” and, together with CM, CLP and CIG, the “Reporting Persons”), with respect to shares of Class A common stock, par value $0.001 per share (“Class A Common Stock”), of ION Media Networks, Inc., a Delaware corporation (the “Issuer”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Schedule 13D. As specifically amended and supplemented by this Amendment No. 6, the Schedule 13D shall remain in full force and effect.

ITEM 4. Purpose of Transaction.

Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following immediately after the last paragraph thereof:

On April 30, 2007, NBCU and CLP submitted to the Board a letter (the “April 30 Proposal Letter”) addressing the remaining issues raised by the special committee of the Board with respect to certain aspects of the terms of the Proposed Transaction. The following is a summary of the changes to the prior proposal (the Letter, the Term Sheet, the Revised Proposal Letter, the Modified Proposal and the Third Proposal Letter being also amended to the extent set forth in the April 30 Proposal Letter):

·
Consistent with the terms of the Third Proposal Letter, if holders of more than 50% of each of the 14¼% Preferred Stock and 9¾% Preferred Stock tender in the exchange offer, then:

 
(i)
holders of 14¼% Preferred Stock that choose to exchange their entire position would receive securities representing 80% of the face amount of the securities they currently hold (based on the accreted value as of May 15, 2006), consisting of Series A Convertible Subordinated Debt in a principal amount equal to 70% of the face amount of their securities, and Series A Convertible Preferred Stock in a face amount equal to 10% of the face amount of their securities, which would rank senior to all currently outstanding preferred stock of the Issuer; and

 
(ii)
holders of 9¾% Preferred Stock that choose to exchange their entire position would receive securities representing 50% of the face amount of the securities they currently hold (based on the accreted value as of September 30, 2006), consisting of Series A Convertible Subordinated Debt in a principal amount equal to 40% of the face amount of their securities and Series A Convertible Preferred Stock in a face amount equal to 10% of the face amount of their securities.
 
 


Page 3 of 4

·
However, if holders of 50% or less of either the 14¼% Preferred Stock or the 9¾% Preferred Stock tender in the exchange offer, then:

(i)    holders of 14¼% Preferred Stock that choose to exchange their entire position would receive securities representing 80% of the face amount of the securities they currently hold (based on the accreted value as of May 15, 2006), consisting of Series A Convertible Subordinated Debt in a principal amount equal to 75% of the face amount of their securities, and newly issued Series B Convertible Preferred Stock of the Issuer (“Series B Convertible Preferred Stock”), in a face amount equal to 5% of the face amount of their securities, which would rank pari passu with preferred stock of the Issuer owned by CM; and

(ii)    holders of 9¾% Preferred Stock that choose to exchange their entire position would receive securities representing 50% of the face amount of the securities they currently hold (based on the accreted value as of September 30, 2006), consisting of Series A Convertible Subordinated Debt in a principal amount equal to 45% of the face amount of their securities and Series B Convertible Preferred Stock in a face amount equal to 5% of the face amount of their securities.

·
The interest rate on the Series A Convertible Subordinated Debt would be increased from 7% to 11%.

·
Both the Series A Convertible Preferred Stock and Series B Convertible Preferred Stock would earn dividends at an annual rate of 12%.

·
The Series A Convertible Subordinated Debt, the Series A Convertible Preferred Stock and the Series B Convertible Preferred Stock would not be callable. The securities would not be mandatorily convertible in the first year, but would be mandatorily convertible in the second year, at 102% of the conversion price and in the third year at 101% of the conversion price. Thereafter, the securities would be mandatorily convertible at 100% of the conversion price.

In addition, the revised proposal now contemplates that the Issuer would commence the exchange offer as promptly as practicable following commencement of the tender offer, and the consummation of the exchange offer is no longer conditioned upon receipt of FCC approval.

Further, in addition to the $100 million of cash that CM had previously committed to invest in the Issuer, CM has agreed to invest additional capital in the Issuer to cover the Issuer’s transaction expenses. The revised proposal also contemplates that CM will invest the $100 million it had previously committed to invest in the Issuer in conjunction with the commencement of the tender offer rather than following the closing of the Proposed Transaction. CM will receive newly issued Series B Convertible Subordinated Debt of the Issuer in respect of these investments.
 


Page 4 of 4

With respect to expenses, each of CM and NBCU has agreed to pay for the legal and financial advisory expenses incurred on its behalf and therefore the Issuer will no longer be required to cover these expenses.

The foregoing description of the April 30 Proposal Letter is not complete and is subject to the terms of the April 30 Proposal Letter, a copy of which is attached hereto as Exhibit 99.12 and incorporated herein by reference.

Except as set forth herein, in the Schedule 13D, and in the exhibits hereto and thereto, the Reporting Persons have no present plans or proposals that would result in or relate to any of the transactions or changes listed in Items 4(a) through 4(j) of the form of Schedule 13D.

ITEM 7. Material to be Filed as Exhibits.
 
Exhibit Description
   
99.12
Letter, dated April 30, 2007, from NBC Universal, Inc. and Citadel Limited Partnership, addressed to the Board of Directors of ION Media Networks, Inc.


 
SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: April 30, 2007

 
CIG MEDIA LLC
By: Citadel Limited Partnership,
its Portfolio Manager
 
By: Citadel Investment Group, L.L.C.,
its General Partner
 
 
By: /s/ Matthew B. Hinerfeld   
Matthew B. Hinerfeld
Managing Director and Deputy General Counsel
 
 
CITADEL LIMITED PARTNERSHIP
By: Citadel Investment Group, L.L.C.,
its General Partner
 
 
By: /s/ Matthew B. Hinerfeld   
Matthew B. Hinerfeld
Managing Director and Deputy General Counsel
 
 
KENNETH GRIFFIN
 
 
 
By: /s/ Matthew B. Hinerfeld  
Matthew B. Hinerfeld, attorney-in-fact*
 
 
 
 
 
 
 
CITADEL INVESTMENT GROUP, L.L.C.
 
 
 
By: /s/ Matthew B. Hinerfeld  
Matthew B. Hinerfeld
Managing Director and Deputy General Counsel

* Matthew B. Hinerfeld is signing on behalf of Kenneth Griffin as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission on February 4, 2005, and hereby incorporated by reference herein. The power of attorney was filed as an attachment to a filing by Citadel Limited Partnership on Schedule 13G/A for Komag, Incorporated.

 

EX-99.12 2 v073101_exhibit.htm


 
April 30, 2007

The Board of Directors
ION Media Networks, Inc.
601 Clearwater Park Road
West Palm Beach, Florida 33401

Ladies and Gentlemen:

Thank you for the time and effort spent by ION Media Networks, Inc. (the “Company”), its Board of Directors (the “Board”) and all of their respective advisors in reviewing our proposal and providing constructive responses. As you may know, we met with the Special Committee and its advisors on Friday, April 27, 2007 in an effort to address the remaining issues that the Special Committee and its advisors had previously identified to us with respect to our transaction proposal. We wish to summarize for you the significant improvements that we have made to our proposal, which we believe comprehensively address all of the remaining issues of the Special Committee and its advisors.

Exchange Offer Consideration. Consistent with our prior proposal, if holders of more than 50% of each of the 14 ¼% Preferred Stock and 9 ¾% Preferred Stock tender in the exchange offer, then:

 
·
holders of 14 ¼% Preferred Stock that choose to exchange their entire position would receive 80% of the face amount (based on the accreted value as of May 15, 2006), comprised of 70% in principal amount of newly issued Series A Convertible Subordinated Debt and 10% in face amount of newly issued Series A Convertible Preferred Stock, which would rank senior to all currently outstanding preferred stock; and

 
·
holders of 9 ¾% Preferred Stock that choose to exchange their entire position would receive 50% of the face amount (based on the accreted value as of September 30, 2006), comprised of 40% in principal amount of newly issued Series A Convertible Subordinated Debt and 10% in face amount of newly issued Series A Convertible Preferred Stock.
 
However, if holders of 50% or less of either the 14 ¼% Preferred Stock or 9 ¾% Preferred Stock tender in the exchange offer, then:

 
·
holders of 14 ¼% Preferred Stock that choose to exchange their entire position would receive 75% in face amount (based on the accreted value as of May 15, 2006) of newly issued Series A Convertible Subordinated Debt and 5% in face amount of newly issued Series B Convertible Preferred Stock, which would rank pari passu with the preferred stock owned by Citadel; and

 
 

 
 
·
holders of 9 ¾% Preferred Stock that choose to exchange their entire position would receive 45% in face amount (based on the accreted value as of September 30, 2006) of newly issued Series A Convertible Subordinated Debt and 5% in face amount of newly issued Series B Convertible Preferred Stock.

In an effort to improve the value proposition of the new Series A Convertible Subordinated Debt, the coupon has been adjusted upward from 7% to 11%. This increased coupon significantly improves the valuation of the new Series A Convertible Subordinated Debt. Similarly, the Series A Convertible Preferred Stock and the Series B Convertible Preferred Stock carry 12% coupons.

As a further enhancement to the new securities offered to the holders of the 14 ¼% Preferred Stock and 9 ¾% Preferred Stock that choose to exchange, we have incorporated mandatory conversion protection for the benefit of the holders of the new Series A Convertible Subordinated Debt, Series A Convertible Preferred Stock and Series B Convertible Preferred Stock. None of these securities will be mandatorily convertible in the first year or callable for the life of the securities. In the second year, the securities will be mandatorily convertible at 102% of the conversion price; in the third year, the securities will be mandatorily convertible at 101% of the conversion price; and the securities will be mandatorily convertible at 100% of the conversion price thereafter. Given both the improved coupon and the mandatory conversion protection, these revisions provide holders with significant value enhancements.

Exchange Offer Timing. Our revised proposal now contemplates that the consummation of the Exchange Offer is no longer conditioned upon receipt of FCC approval. As a result, our revised proposal now contemplates that the Company would commence the Exchange Offer as promptly as practicable following commencement of the Tender Offer and does not contemplate a requirement to extend the Exchange Offer until the receipt of FCC approval. This revision would expedite the delivery of value to the holders of 14 ¼% Preferred Stock and 9 ¾% Preferred Stock who choose to exchange their securities.

Funding. Citadel has agreed to invest additional capital to cover the transaction expenses incurred by the Company in addition to the $100 million of cash previously contemplated. These funds would be invested in the Company in conjunction with the commencement of the Tender Offer in exchange for newly issued Series B Convertible Subordinated Debt. In effect, Citadel will fund $100 million to facilitate the Company’s business plan and will fund an additional amount to be agreed, to cover the expenses incurred by the Company relating to our transaction proposal.

Transaction Costs. Citadel and NBCU have agreed to pay for the legal and financial advisory expenses that are incurred on their behalf. The Company will no longer be required to cover these expenses.

 
2

 
Our revised proposal would convey substantial value to the holders of 14 ¼% Preferred Stock and 9 ¾% Preferred Stock, and addresses all of the concerns raised by the Company, the Board, the Special Committee and all of their respective advisors with respect to the transactions. Our legal advisors have been working diligently to put in place definitive documentation by Thursday, May 3, 2007. It is imperative that we be in a position to sign documentation by that date in order for the Call Right to be exercised and the Tender Offer to be commenced by May 4, 2007 and therefore for the holders of public market Class A Common Stock to receive cash consideration of $1.46 in the Tender Offer.

We wish to emphasize that should the May 4, 2007 deadline to exercise the Call Right and commence the Tender Offer lapse, holders of Class A Common Stock would be deprived of the right to receive the cash consideration in the Tender Offer as contemplated by our proposal. We reiterate our belief that if the Tender Offer does not occur in accordance with the Call Right, the trading price of the Class A common stock will fall back to levels similar to the pre-announcement trading price. It is also important to note that any transaction that Citadel and NBCU undertake after May 4, 2007 would no longer be required to include a minimum cash consideration of $1.46 per share to be paid to holders of Class A Common Stock of the Company.

Except as modified herein, our proposal remains subject to the conditions contained in our letter of January 17, 2007, as modified in our letters of February 22, 2007, March 29, 2007 and April 11, 2007.

We look forward to working with you and your advisors to finalize the documentation necessary to consummate the proposed transactions as soon as possible. In the interim, please do not hesitate to contact either of the undersigned if you have any questions.

Very truly yours,

CITADEL LIMITED PARTNERSHIP
By:  Citadel Investment Group, LLC,
    its General Partner
 
By:  /s/ Matthew Hinerfeld            
Name: Matthew Hinerfeld
Title: Managing Director and
Deputy General Counsel
NBC UNIVERSAL, INC.
 
 
 
By:  /s/ Lynn Calpeter            
Name: Lynn Calpeter
Title: EVP and Chief Financial Officer
 
 
 
3

 
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