BOCA RATON, FLA. — Just to the north, in West Palm Beach, is the headquarters for a broadcast television company with a network of stations and a pair of digital multicast offerings to boot.
The company, ION Media, provided an updated to its financial stakeholders on Monday. In doing so, it highlighted its performance in revenue, ratings and reach.
It also extended the role of the company’s Chairman/CEO for another two years.
While provided as secondary news to reporters, the news that ION Media will retain Brandon Burgess as Chairman/CEO through 2019 is paramount to the operation’s long-term success.
This was addressed in prepared comments from Burgess, who said, “We are pleased with the tremendous operational and financial progress since implementing our turnaround plan 10 years ago. 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 content expansion, additional networks, new platforms including MVPD content packages and bundles, station acquisitions (likely made possible following the FCC’s expected yes vote on Thursday of an amendment of Section 73.3555(e) of its rules, the National Television Multiple Ownership Rule).
ION Television plans to add more content to its schedule in Q1 2018 and now ranks sixth season-to-date in audience delivery, curiously, among U.S. cable networks. ION is a broadcast television network and the largest group of independent stations in the U.S. It is the former Paxson Television group.
ION Television’s reach has risen 41% in the last five years, and new affiliate launches and TV station acquisitions added more than 3 million households in 2017.
Meanwhile, ION notes that both Moody’s and Standard & Poor’s affirmed the company’s “B+” corporate credit rating with a positive outlook.
With the company’s successful repricing of its term loan facility, privately held ION Media noted that its third-quarter marked its 32nd consecutive quarter of year-over-year revenue growth.
But, it didn’t offer any further specifics.