ION, affiliates of Citadel Investment Group and NBC Universal announced that they had entered into an agreement for a comprehensive recapitalization of ION, which owns and operates “the nation’s largest broadcast distribution system, consisting of 60 television stations and reaching 83% of domestic television households” via its station group and cable and satellite platforms. ION is expected to become privately held following the transaction. NBC Universal is transferring to Citadel the call right on Bud Paxson’s controlling shares it acquired in November 2005 when NBC Universal restructured its investment in ION. According to the terms of the agreement, Citadel will exercise the call right, commence a cash tender offer for ION’s outstanding Class A common stock at a price of $1.46 a share, and invest $100 million to fund ION’s future growth and digital investment plans. In addition, ION will launch an exchange offer and consent solicitation to holders of its other preferred stock for newly issued subordinated debt and preferred stock.