Ion Media Files For Bankruptcy

Ion Media Networks has filed for bankruptcy court protection. Ion listed liabilities of more than $1 billion and assets of as much as $10 million in its filing yesterday in U.S. Bankruptcy Court in Manhattan, reports Bloomberg.

"We look forward to working with all senior debt holders and other stakeholders to facilitate a complete and expeditious restructuring," Chairman/CEO Brandon Burgess said in a statement. "We are positioning the business for growth and will emerge from the restructuring in a strong position to serve viewers, clients, and stakeholders."

Ion has been an ambitious acquirer of programming of late, including inking a deal with Warner Bros. for films earlier this month and announcing a dozen original films at an upfront briefing in March.

Michael Malone

Michael Malone is content director at B+C and Multichannel News. He joined B+C in 2005 and has covered network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television, including writing the "Local News Close-Up" market profiles. He also hosted the podcasts "Busted Pilot" and "Series Business." His journalism has also appeared in The New York Times, The L.A. Times, The Boston Globe and New York magazine.