ION Media Networks Announces High Acceptance Levels in Exchange Offer and Consent Solicitation

  
    
  
  
    
      ION Media Networks, Inc. (AMEX:ION) 
      (the "Company") today announced the results of the exchange offer and 
      consent solicitation (the "Exchange Offer") that the Company launched on 
      June 8, 2007, in which the Company offered to exchange all shares of 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"). The Exchange Offer 
      expired at 12:00 midnight, New York City time, at the end of the day on 
      Friday, July 27, 2007.
    
    
      The Company has accepted all shares that were tendered in the Exchange 
      Offer, consisting of 51,602.89387 shares, representing 90.6% of the 
      outstanding shares, of 14¼% Preferred Stock 
      and 15,956.64158 shares, representing 95.6% of the outstanding shares, 
      of 9¾% Preferred Stock. Promptly following the 
      expiration of the Exchange Offer, the Company will issue $458,826,591 
      aggregate principal amount of 11% Series A Mandatorily Convertible 
      Senior Subordinated Notes due 2013 and $33,779,768 aggregate initial 
      stated liquidation preference of 12% Series B Mandatorily Convertible 
      Preferred Stock to holders who tendered Senior Preferred Stock in the 
      Exchange Offer.
    
    
      The Company also announced that holders of a majority of the total 
      voting power of its outstanding voting stock, acting by written consent, 
      have approved the proposed amendments to the terms of each series of 
      Senior Preferred Stock, which will become effective 20 calendar days 
      after the Company mails an Information Statement on Schedule 14C to the 
      holders of its outstanding voting stock.
    
    
      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.