ION on the verge of bankruptcy

[carolinaradio]

I saw it coming....

Ion Media Networks has raised its profile in Hollywood during the past few years by buying off-network rights to series including "Criminal Minds," "Boston Legal," "Ghost Whisperer" and "NCIS."
But now the West Palm Beach, Fla.-based broadcaster, formerly known as Pax TV, is facing balance sheet problems. The company disclosed Wednesday that it was in discussions with lenders on "a comprehensive recapitalization" of its balance sheet.

[EDIT-citation exceeds amount permitted under Fair Use. It has been trimmed to comply with that standard]

Source: http://www.variety.com/article/VR1118002461.html?categoryid=14&cs=1

 

[Nate Wesley]

Might as well push the reset button, given the economic downturn. Come back leaner and meaner.

 

[whit979]

$2.7 billion?! Pow!
Ion isn't having much of an impact on the TV world. I agree with Nate's assessment of the situation. Perhaps they could find a way to roll themselves and My Network TV into one operation...that still nobody would watch.

 

[DToTheJ]

From the above article:

Biz insiders speculated that Ion seems to be running into the same problems that Pax faced after it loaded up on programming in the late 1990s in an effort to turn its lineup of 60-plus UHF stations, which had been home shopping outlets, into a national broadcast network with an emphasis on family-friendly fare like "Touched by an Angel..."

With the exception of New York, where the station WPXN/31 was previously public TV outlet (and city-owned) WNYC. Most of the others that used to be owned by Barry Diller/Silver King may now be PAX/Ion stations, but could also be Telefutura stations, like Channel 68 in Newark.

 

[tothedj]

In the almost 11 years that PAX/I/ION has existed, i'm surprised it has lasted this
long, i wonder how they are going to sell their assets, especially if they file for
bankruptcy?, in some places where their owned stations are, who would purchase
them?

 

[mescutia]

In the almost 11 years that PAX/I/ION has existed, i'm surprised it has lasted this
long,

You and me both. Between 75% of the network's schedule being infomercials and prime time consisting mostly of reruns of older shows, it was only a matter of time before the network was no longer sustainable.

Here in southern NH, the ION affiliate is WPXG, which is technically a satellite of WBPX in Boston. I'd love to see WPXG become a viable stand-alone station again, maybe even a Fox or CW affiliate.

 

[carolinaradio]

Had ION stuck with those lower-end deals with Sony, WB, and Universal, I honestly think over time they could have had a chance. That gave them the Mama, Who's the Boss, Drew Carey, Designing Women, Wonder Years, etc. reruns. Then they started getting shows like NCIS, ER, Boston Legal....shows that cost a fortune, probably. And now Reba and Ghost Whisperer and Criminal Minds later this year. What are they thinking? Anybody can see that such a shopping spree is going to put them out of business eventually. Not to mention the way the economy is now.

This is just like PAX earlier this decade....except now, there isn't going to be anyone to help them out and there are no more chances. ION will be gone by 12/31.

 

[powergate92]

"ION Media Networks Announces Discussions With Secured Lenders Regarding Recapitalization. Discussions Target Conversion of Debt to Equity, Additional Funding, and Operational Continuity"
http://www.ionmedianetworks.com/press/press.cfm?id=156

 

[BRNout]

In the almost 11 years that PAX/I/ION has existed, i'm surprised it has lasted this
long,

You and me both. Between 75% of the network's schedule being infomercials and prime time consisting mostly of reruns of older shows, it was only a matter of time before the network was no longer sustainable.

Here in southern NH, the ION affiliate is WPXG, which is technically a satellite of WBPX in Boston. I'd love to see WPXG become a viable stand-alone station again, maybe even a Fox or CW affiliate.

Southern New Hampshire is badly in need of a Fox affiliate, given that WFXT's OTA signal has the worst penetration into the region of any big Boston station. And, WFXT tends to ignore NH even more than WBZ, WCVB and WHDH do.

If nothing else, it would sure be nice to get that 3rd NFL game on Sundays when the Pats are at home!

And, to tie this back into the thread, PAX/Ion has rarely had much going for it. I too am amazed that it's survived as long as it has. Hats off for effort, but there still doesn't seem to be room for it. Wouldn't it have been better had they dedicated themselves to classic shows that you can't see elsewhere? Without the infomercials and crap? Much like TV Land before Viacom f-d them up. I know they've dabbled a bit, but never in good dayparts and usually buried among infomercials. You'll never get a following that way. Now they're showing stuff that you can see on 20 other cable channels. Next to useless.

 

[carolinaradio]

Wouldn't it have been better had they dedicated themselves to classic shows that you can't see elsewhere? Without the infomercials and crap?

Remember when they had Diagnosis Murder, Designing Women, Mama's Family, Who's the Boss, and Wonder Years every weeknight, then the other older shows on the weekends? Given the content and low cost, they were NOT hurting then. That was their best performing line-up. They messed up when they started with this ER, Boston Legal, etc.

 

[Nate Wesley]

I actually think Ion TV's current primetime lineup as sort of a 'free' TNT or USA Network is the best its ever been. Most of the shows are actually on-net reruns of still-popular shows.

You folks wanting the return of the old school TVLand format should be reminded of the roaring successes called Retro Television Network and AmericanLife TV (formerly GoodLifeTV). The ratings growth for that old stuff just isn't there. Why do you think TVLand is replacing it where they can with younger skewing shows and originals?

 

[carolinaradio]

For those that think TV Land has changed....otside of Cosby and 3rd Rock, movies, and the originals, TV Land is entirely pre-80s. Hogan's, Andy, Hillbillies, Acres, Bonanza, Gunsmoke, M*A*S*H, Sanford and Son all do well and are old. 2 more pre-1980 shows are coming later this year. They are mostly old shows and I don't see that changing. Hallmark and WGN also carry older shows.

Personally, I would rather watch TNT or USA than ION. That's their problem...their programming isn't exclusive enough. They're either already airing to death in reruns or people are still watching new episodes.

 

[mjlarochelle]

With the exception of New York, where the station WPXN/31 was previously public TV outlet (and city-owned) WNYC. Most of the others that used to be owned by Barry Diller/Silver King may now be PAX/Ion stations, but could also be Telefutura stations, like Channel 68 in Newark.

Perhaps the most notable PAX/Ion station is WVPX in Akron, Ohio, which also serves Cleveland. It was that city's ABC affiliate for decades as WAKR and later WAKC, but they are in the Cleveland market which already has an ABC affiliate.

http://en.wikipedia.org/wiki/WVPX

 

[anotherguyTN]

For those that think TV Land has changed....otside of Cosby and 3rd Rock, movies, and the originals, TV Land is entirely pre-80s.  Hogan's, Andy, Hillbillies, Acres, Bonanza, Gunsmoke, M*A*S*H, Sanford and Son all do well and are old.  2 more pre-1980 shows are coming later this year.  They are mostly old shows and I don't see that changing.  Hallmark and WGN also carry older shows.

I'll agree that TV Land is still mostly pre-80's, but they still have too many shows that should be NOT be there, especially in prime time.

Hallmark has done a VERY poor job with I Love Lucy and Cheers since they got the rights for them. I'll watch MASH when I'm home at that time of day, but that's all.

To me WGN is doing a better job of becoming an alternative to TV Land in showing classic TV shows that haven't been seen for years, but even they have room for improvement.

I agree that ION was at its best when they were showing older shows that weren't available anywhere else. I hope that if they do cease to exist that it will open the door to the return of truly independent local TV stations with classic TV in areas that don't have it now. Unfortunately I'm afraid it will turn out to be more trash talk, courtroom shows, and infomercials.  :-\

 

[Nate Wesley]

A lot of the classic TV shows are moving online. TVLand, CBS.com, In2TV, Hulu, and this new effort that I just learned about today:

www.youtube.com/shows

 

[FilmCritic3K]

For those that think TV Land has changed....otside of Cosby and 3rd Rock, movies, and the originals, TV Land is entirely pre-80s. Hogan's, Andy, Hillbillies, Acres, Bonanza, Gunsmoke, M*A*S*H, Sanford and Son all do well and are old. 2 more pre-1980 shows are coming later this year. They are mostly old shows and I don't see that changing. Hallmark and WGN also carry older shows.

I'll agree that TV Land is still mostly pre-80's, but they still have too many shows that should be NOT be there, especially in prime time.

Hallmark has done a VERY poor job with I Love Lucy and Cheers since they got the rights for them. I'll watch MASH when I'm home at that time of day, but that's all.

To me WGN is doing a better job of becoming an alternative to TV Land in showing classic TV shows that haven't been seen for years, but even they have room for improvement.

I agree that ION was at its best when they were showing older shows that weren't available anywhere else. I hope that if they do cease to exist that it will open the door to the return of truly independent local TV stations with classic TV in areas that don't have it now. Unfortunately I'm afraid it will turn out to be more trash talk, courtroom shows, and infomercials. :-\

Will This TV be a viable option?

http://en.wikipedia.org/wiki/This_TV

MGM and Weigel Broadcasting seem to be getting a decent amount of station digital subchannel clearances. True, they air more movies than TV series but they're currently airing Pattu Duke and Mr. Ed, among others; they were airing Dobie Gillis for a while.

Personally, I wish MeTV was a national channel.

http://en.wikipedia.org/wiki/MeTV

 

[Robnoxious]

Will This TV be a viable option?

http://en.wikipedia.org/wiki/This_TV

MGM and Weigel Broadcasting seem to be getting a decent amount of station digital subchannel clearances. True, they air more movies than TV series but they're currently airing Pattu Duke and Mr. Ed, among others; they were airing Dobie Gillis for a while.

Personally, I wish MeTV was a national channel.

http://en.wikipedia.org/wiki/MeTV

This Network isn't horrible but it isn't great either. For every showing of The Magnificent Seven and Judgment At Nuremberg clunkers like Up The Creek and Mannequin 2: On The Move also appear. It's certainly hit or miss on any given day. Also working against it is that most of the major classic MGM movie rights are owned by Turner which closes off a lot of MGM's catalog. However, there are still quite a few diamonds in the rough at This TV's disposal.

As a digital subchannel it works fine as long as people are aware of it's existence. On it's own, there is no way This could survive. The one thing I like about This is that at any time there is something on as far as programming (no infomercials).

 

[BRNout]

MGM and Weigel Broadcasting seem to be getting a decent amount of station digital subchannel clearances. True, they air more movies than TV series but they're currently airing Pattu Duke and Mr. Ed, among others; they were airing Dobie Gillis for a while.

Personally, I wish MeTV was a national channel.

http://en.wikipedia.org/wiki/MeTV

MeTV is excellent and I too wish that they would offer it nationwide. It has done so well in Chicago that it spawned MeToo. So you get 2 classic TV channels here for the price of one. It's awesome.

 

[mleach]

A lot of the classic TV shows are moving online. TVLand, CBS.com, In2TV, Hulu, and this new effort that I just learned about today:

www.youtube.com/shows

Also there is Archive.org with many shows from the 50s and The Hollywood Palace and in many places Comcast does offer Tube Time though I have noticed over the last year Comcast had dropped some shows like "Diff'rent Strokes" and "One Day At A Time".

In2TV recently dropped Alice, Flo and oddly Mama's Family but they have added others like Chips.

Hulu I have noticed last night is beefing up more in their movie collection than TV. They seem to be a little slow in adding to the latter like forexample The Facts of Life..only the first season or two is available.

 

[Markxxx]

Actually I love WWME-CA and WEMU-CA (ME-TV and ME-TOO) however they still run a lot of public service ads, which to me is saying they can't sell the time yet.

And the ads that do run are very low budget and tend to be for things like pet groomers, pet cemetaries, and all sorts of schools.

This is actually a good thing. WCIU seems to be creating an ad market rather than trying to steal advertisers away from it's main channel WCIU Channel 26 or from more powerful TV stations.

In otherwords Weigel seems to be saying, "You only THINK you can't afford TV advertising. Make an ad for our LPTV stations and you can."

So this is pretty smart and seems to be working.

I think this is why you don't see it on a wider scale. That would only appeal to local interests