Fox/ION Deal is Sweetened

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Fox has talked about a joint venture with ION media and it appears that ION really wants it to happen. 

TheStreet.com says that ION is trying to sweeten the deal to get it done. 

The two sides are talking about a joint venture in which the ION stations will join with the Fox O&O's and all would be Fox affiliates. 

If this happens it will have a huge impact on Sinclair and other companies that have Fox affiliates in markets where there is a ION media station. 

The Street writes that if a deal were consummated, Fox would transfer ownership of its 28 mostly large-metro-area TV stations into the joint venture, combining them with 60 stations owned by ION Media, a privately held company based in West Palm Beach, Fla. Fox's owned-and-operated TV station group includes affiliates of Fox, MyNetworkTV and the CW in 17 markets including New York, Los Angeles, Chicago and Dallas.

A deal with ION Media also would provide Fox with a means to transfer the financial results of its lower-growth stations off its books into the joint venture.

ION is offering Fox about 90% of the retrans fees collected for their stations. 

By combining with ION Media, Fox would be in a position to transfer its affiliates to ION-owned stations from Sinclair, traditionally a tough bargainer for retransmission fees.