Financial and Operating Results Drive Upgraded Performance Outlook
from Financial Ratings Agencies
Company Extends Chairman and CEO Brandon Burgess’ Employment
WEST PALM BEACH, Fla., Dec. 12, 2017 (GLOBE NEWSWIRE) -- ION Media today announced an update to its financial stakeholders in connection with a successful repricing of the company’s term loan facility. The updates on current year financials and strategic outlook coincide with the privately-held media company celebrating the 10-year anniversary since its turnaround.
The company highlighted its performance in its three core focus areas -- revenue, ratings and reach:
- Revenue -- Q3 2017 marked the company’s 32nd consecutive quarter of year-over-year revenue growth.
- Ratings -- ION Television now ranks 6th in 2017/18 season-to-date audience delivery among U.S. cable networks, and plans to add more high-quality content to its schedule in Q1 2018.
- Reach -- Rising U.S. over-the-air broadcast TV homes (up 41% in the last five years) drive ION’s organic household growth. The network’s popular content and consumer-friendly pricing garners support from multichannel and broadcast affiliates. New affiliate launches and TV station acquisitions added more than 3 million households in 2017.
- Corporate -- The rating agencies Moody’s and Standard & Poor’s affirmed the company’s “B+” corporate credit rating with a positive outlook.
ION Media also reported that Brandon Burgess has extended his role as Chairman and CEO of the company through 2019.
“We are pleased with the tremendous operational and financial progress since implementing our turnaround plan 10 years ago,” said Burgess. “It’s an exciting time for ION. We are expanding on the momentum of our consumer and customer-friendly television strategy.”
He outlined the company’s strategic expansion focus in coming years, including five core areas:
- Content Expansion -- Build upon ION’s proven content library curation track record, focusing on “A”-quality syndicated and original shows.
- Station Expansion -- Opportunistically acquire independent TV stations in large markets.
- Network Expansion -- Build additional networks, capitalizing on core skills acquired in building ION Television.
- Platform Innovation -- Extend ION’s suite of networks to new platforms, including new MVPD content packages, as well as new consumer-friendly bundles and offerings.
- Spectrum Innovation -- Capitalize on ION’s post-auction position as the largest holder of full-power UFH TV broadcast spectrum.
About ION Media
ION Media is an independent, privately held media company launched in 2007. ION Media’s flagship, ION Television, is the most widely distributed and watched independent broadcast network in the U.S., reaching 98 million homes with a popular lineup of TV series and movies, including original shows. ION Media also nationally broadcasts two digital networks: Qubo, dedicated to children, with content that entertains, educates and celebrates learning; and ION Life, dedicated to healthy, active lifestyles. ION is the nation’s largest operator of full-power TV broadcast stations by national household reach, with 60 full-power stations. For more information, visit www.ionmedia.com.
Contact:
Chris Addeo
ION Media
561.682.4210
chrisaddeo@ionmedia.com