ION Media Networks Announces Denial of Motion for Preliminary Injunction and Extends Exchange Offer and Consent Solicitation

  
    
  
  
    
      ION Media Networks, Inc. (AMEX:ION) 
      (the "Company") today announced that the Court of Chancery of the State 
      of Delaware in and for New Castle County has denied the plaintiffs' 
      motion to enjoin the exchange offer and consent solicitation (the 
      "Exchange Offer") that the Company launched on June 8, 2007, in which 
      the Company is offering to exchange any and all of its outstanding 13¼% 
      Cumulative Junior Exchangeable Preferred Stock (currently accruing 
      dividends at the rate of 14¼%) (the "14¼% 
      Preferred Stock") and 9¾% Series A 
      Convertible Preferred Stock (the "9¾% 
      Preferred Stock", and together with the 14¼% 
      Preferred Stock, the "Senior Preferred Stock") for newly-issued 11% 
      Series A Mandatorily Convertible Senior Subordinated Notes due 2013 and, 
      depending upon participation levels in the Exchange Offer, either 
      newly-issued 12% Series A-1 Mandatorily Convertible Preferred Stock or 
      12% Series B Mandatorily Convertible Preferred Stock. As 
      previously announced, certain holders of the 14¼% 
      Preferred Stock and the 9¾% Preferred Stock 
      filed actions seeking to enjoin the Exchange Offer.
    
    
      The Company has extended the Exchange Offer, which will now expire at 
      11:59 P.M., New York City time, on Friday, July 13, 2007, unless 
      extended or terminated. This will permit holders of the Senior Preferred 
      Stock to have adequate time to consider the new information. The 
      Exchange Offer was scheduled to expire at 12:01 A.M., New York City 
      time, on July 11, 2007. As of 12:01 A.M., New York City time, on July 
      11, 2007, approximately 1,248 shares of 14¼% 
      Preferred Stock and 1,680 shares of 9¾% 
      Preferred Stock, respectively, have been tendered in the Exchange Offer.
    
    
      The complete terms of the Exchange Offer are set forth in the Schedule 
      TO-I, as amended, the Offer to Exchange and the Letter of Transmittal 
      and Consent that were each filed with the Securities and Exchange 
      Commission. Holders of Senior Preferred Stock are encouraged to 
      carefully read the Schedule TO-I, as amended, the Offer to Exchange, the 
      Letter of Transmittal and Consent and other related materials because 
      they contain important information that stockholders should consider 
      before making any decision with respect to the Exchange Offer. 
      Stockholders may obtain a free copy of these documents at the website 
      maintained by the Securities and Exchange Commission at www.sec.gov 
      or by contacting D.F. King & Co., Inc., the information agent for the 
      Exchange Offer, at [phone].
    
    
      The securities being offered have not been, and will not be, registered 
      under the Securities Act of 1933, as amended (the "Securities Act"), and 
      may not be offered or sold in the United States absent registration or 
      an applicable exemption from the registration requirements of the 
      Securities Act and applicable state securities laws. The Company is 
      relying on Section 3(a)(9) of the Securities Act to exempt the Exchange 
      Offer from the registration requirements of the Securities Act. This 
      announcement is not an offer to purchase or an offer to exchange or a 
      solicitation of acceptance of the offer to exchange, which may be made 
      only pursuant to the terms of the Offer to Exchange and related Letter 
      of Transmittal and Consent.
    
    
      About ION Media Networks
    
    
      ION Media Networks, Inc. owns and operates the nation's largest 
      broadcast television station group and ION Television, reaching over 90 
      million U.S. television households via its nationwide broadcast 
      television, cable and satellite distribution systems. ION Television 
      currently features popular TV series and movies from the award-winning 
      libraries of Warner Bros., Sony Pictures Television, and CBS Television, 
      among others. ION Media has also partnered with RHI Entertainment, which 
      owns over 4,000 hours of acclaimed television content, to provide 
      weekend primetime programming beginning in June 2007. Utilizing its 
      digital multicasting capability, the company has launched several 
      digital TV brands, including qubo, a television and multimedia network 
      for children formed in partnership with several leading media and 
      entertainment companies, and ION Life, a television and multimedia 
      network dedicated to health and wellness for consumers and families. For 
      more information, visit www.ionmedia.tv.