ION Media Networks Announces Voluntary Delisting of Its Common Stock from the American Stock Exchange

  
    
  
  
    
      ION Media Networks, Inc. (AMEX:ION) (the "Company") today announced that 
      it has notified the American Stock Exchange (the "AMEX") that it intends 
      to voluntarily delist its Class A Common Stock from the AMEX upon the 
      implementation of the previously announced reverse stock split of its 
      Class A Common Stock and Class B Common Stock in an exchange ratio of 
      1:10,036,763. The reverse stock split is expected to be effective on 
      February 19, 2008, the date on which the previously announced action by 
      written consent of the majority of the stockholders of the Company 
      approving the filing of an amendment to the Company's certificate of 
      incorporation effecting the reverse stock split will become effective. 
      The delisting will be effected by the filing, on February 19, 2008, of a 
      Form 25 with the Securities and Exchange Commission.
    
    
      “The delisting of our common stock and the 
      payout of our remaining common stockholders is one of the final steps in 
      our year-long recapitalization process,” said 
      Brandon Burgess, Chairman and CEO, ION Media Networks. "With a 
      streamlined ownership structure and financial support now in place, we 
      will turn our attention to growing the business. We are building a 
      top-notch team, investing in content and developing our marketing 
      message."
    
    
      Following the delisting of the Company's Class A Common Stock from AMEX, 
      the Company intends to file a Form 15 with the SEC. Immediately upon 
      filing of the Form 15, the Company will no longer be required to file 
      reports, including Forms 10-K, 10-Q, and 8-K, with the SEC. The Company 
      expects that the deregistration of its Class A Common Stock will become 
      effective 90 days after the filing of the Form 15 with the SEC. The 
      Company will continue to provide the holders of its outstanding debt and 
      preferred stock with the reports and information they are entitled to 
      receive under the terms of their respective securities.
    
    
      The Company is taking these steps in connection with the previously 
      announced recapitalization of the Company pursuant to the Master 
      Transaction Agreement that the Company entered into on May 3, 2007 with 
      CIG Media LLC, NBC Universal, Inc., NBC Palm Beach Investment I, Inc. 
      and NBC Palm Beach Investment II, Inc. Following the reverse stock 
      split, all of the Company's outstanding shares of Common Stock will be 
      held by CIG Media LLC. The reverse stock split and these related actions 
      will complete the going private process contemplated by the Master 
      Transaction Agreement referred to above.
    
    
      The reverse stock split is described in detail in the Schedule 14C 
      definitive information statement filed with the SEC on January 30, 2008, 
      and mailed to the holders of record of the Company's Common Stock as of 
      the close of business on January 30, 2008. The Company's stockholders 
      and other interested parties may obtain, without charge, a copy of the 
      information statement and other relevant documents filed with the SEC 
      from the SEC's website at http://www.sec.gov.
    
    
      About ION Media Networks
    
    
      ION Media Networks, Inc. owns and operates the nation's largest 
      broadcast television station group and ION Television, reaching over 
      94 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 consisting of exclusive original 
      programming and quality library titles. 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.