Citadel Investment Group’s CIG Media is now the majority shareholder of Ion Media Networks, but there’s still some details to attend to so the company can be completely private and its stock no longer traded. Ion has notified its remaining shareholders that its board of directors has approved a reverse stock split – and what a reverse split it is. The ratio is one share of new stock for each 10,036,763 shares held. You don’t need to check your portfolio to see if you have over 10 million shares. That reverse split will leave CIG Media as the only shareholder of Ion’s Class A stock. Those folks still holding the few shares of pre-reverse-split Class A shares out in the market will be entitled to receive a buck-46 in cash for each share. “Following the reverse stock split, all of our outstanding shares of Class A Common Stock and Class B Common Stock will be held by CIG Media LLC, and we intend to delist our Class A Common Stock from the American Stock Exchange and to deregister our Class A Common Stock with the Securities and Exchange Commission,” Ion said in an SEC filing.
