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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 SCHEDULE 13D/A
                    Under the Securities Exchange Act of 1934
                               (Amendment No. 4)*

                            ION MEDIA NETWORKS, INC.
- --------------------------------------------------------------------------------
                                (Name of Issuer)


                Class A Common Stock, Par Value $0.001 Per Share
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    704231109
- --------------------------------------------------------------------------------
                                 (CUSIP Number)


                    Elizabeth A. Newell, Assistant Secretary
- --------------------------------------------------------------------------------
                               NBC Universal, Inc.
                    30 Rockefeller Plaza, New York, NY 10112
                                 (212) 664-3307
            (Name, Address and Telephone Number of Person Authorized
                     to Receive Notices and Communications)


                                February 22, 2007
- --------------------------------------------------------------------------------
             (Date of Event which Requires Filing of this Statement)


If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g) check
the following box. |_|

Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7 for other
parties to whom copies are to be sent.

*    The remainder of this cover page shall be filled out for a reporting
     person's initial filing on this form with respect to the subject class of
     securities, and for any subsequent amendment containing information which
     would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).



         This Amendment No. 4 to Schedule 13D ("Amendment No. 4") amends the
Schedule 13D filed on September 27, 1999 (the "Initial Schedule 13D"), as
amended by Amendment No. 1 filed on February 14, 2003, Amendment No. 2 filed
on November 9, 2005 and Amendment No. 3 filed on January 18, 2007 (together
with the Initial Schedule 13D, the "Schedule 13D"), which relates to shares of
Class A Common Stock ("Class A Common Stock"), par value $0.001 per share, of
ION Media Networks, Inc., f/k/a/ Paxson Communications Corp. (the "Company").
Capitalized terms used but not defined herein shall have the meanings
attributed to them in the Schedule 13D. All items or responses not described
herein remain as previously reported in the Schedule 13D.

Item 4.  Purpose of Transaction.

         Item 4 of the Schedule 13D is hereby amended and supplemented by adding
the following immediately after the last paragraph thereof:

         "On February 16, 2007, the Board approved CIG Media LLC ("CM") as a
permitted transferee of the Call Right under the Call Agreement.

         On February 22, 2007, NBCU, NBC Palm Beach II and CM entered into a
Call Right Transfer Agreement (the "Call Right Transfer Agreement"), pursuant to
which, among other matters, NBC Palm Beach II agreed to assign to CM, and CM
agreed to assume, all of the rights and obligations of NBC Palm Beach II under
the Call Agreement. The assignment to, and assumption by, CM of such rights and
obligations under the Call Agreement is subject to the satisfaction or waiver of
various conditions precedent, including the approval by the Board of the
Proposed Transaction. Accordingly, CM does not have any obligations under the
Call Agreement until such time, if any, when the transfer and assignment of the
Call Right occurs. In addition, the Call Right Transfer Agreement provides that
if the Board does not approve the Proposed Transaction on or prior to March 31,
2007, NBCU shall have the right to terminate the Call Right Transfer Agreement.

         The foregoing description of the Call Right Transfer Agreement is not
complete and is subject to the terms in the Call Right Transfer Agreement,
attached hereto as Exhibit 22 and incorporated herein by reference.

         In order to expedite the consummation of the Proposed Transaction and
the delivery of the benefits to the Company's various stakeholders, CM and its
advisors will promptly complete all materials necessary to file an application
with the FCC requesting, among other things, that the FCC consent to the
transfer of the shares of common stock of the Company beneficially owned by
the Call Stockholders to CM and would like to file such application as soon as
practicable with the assistance of the Company's affiliates and their
respective advisors. The filing of an FCC application in connection with the
Proposed Transaction does not in any way prejudice the right of the Board to
subsequently approve or disapprove of the Proposed Transaction.

         Based on discussions held between January 23, 2007 and February 20,
2007 among representatives of NBCU and CLP, the Board and its advisors, on
February 22, 2007 NBCU and CLP submitted a letter (the "Revised Proposal
Letter") to the Board setting forth certain modifications to particular aspects
of the terms of the Proposed Transaction as initially reflected in the Letter
and Term Sheet submitted to the Board on January 17, 2007 to further enhance the
benefits of the Proposed Transaction to the Company and its various
stakeholders. The following is a summary of the changes to the Term Sheet and
the Proposed Transaction (capitalized terms used in the following bullets but
not otherwise defined shall have the meanings ascribed to such terms in the Term
Sheet):

         o  The Company is no longer required to conduct the Company Tender
            Offer for shares of Class A Common Stock, and CM will retain any
            shares of Class A Common Stock acquired in the tender offer it
            conducts as set forth in the Term Sheet.

         o  The Company is no longer required to seek consent from its senior
            lenders with respect to an amendment to increase the Restricted
            Payment basket from $50,000,000 to $70,000,000. However, the
            Company will be required to obtain confirmation from its senior
            lenders that their "change of control" put right will not be
            triggered by the Proposed Transaction.

         o  CM will participate in the Exchange Offer and exchange all
            CLP 14-1/4% Preferred and CLP 9-3/4% Preferred for an aggregate
            principal amount of $66.8 million of Subordinated Debt in the
            Exchange Offer.



         o  NBC Palm Beach I will exchange with the Company $210,000,000 in
            face amount of Series B Preferred Stock for $210,000,000 in face
            amount of Series D Non-Convertible Preferred and will transfer to
            CM all of such Series D Non-Convertible Preferred.

         o  CM will exchange with the Company $98,000,000 in face amount of
            Series D Non-Convertible Preferred for $98,000,000 in face amount
            of Series A Convertible Preferred and $112,000,000 in face amount
            of Series D Non-Convertible Preferred for $200,000,000 in face
            amount of Series C-2 Convertible Preferred. The conversion price
            of each share of Series C-2 Convertible Preferred will be
            approximately $0.89 per share of Class A Common Stock.

         o  NBC Palm Beach I will exchange with the Company $21,070,000 in
            face amount of Series B Preferred Stock for $31,070,000 in face
            amount of Series C-1 Convertible Preferred. The conversion price
            of each share of Series C-1 Convertible Preferred will be $0.75
            per share of Class A Common Stock.

         CLP and NBCU also agreed to certain changes to the Term Sheet and the
Proposed Transaction solely involving CLP and NBCU to adjust the relative
economic benefits and beneficial ownership interests between CLP and NBCU to
reflect the foregoing proposed structural changes.

         The foregoing description of the Revised Proposal Letter is not
complete and is subject to the terms in the Revised Proposal Letter, attached
hereto as Exhibit 23 and incorporated herein by reference.

         Except as set forth herein, in the Schedule 13D, and in the exhibits
hereto and thereto, the Reporting Persons have no present plans or proposals
that would result in or relate to any of the transactions or changes listed in
Items 4(a) through 4(j) of the form of Schedule 13D."

Item 7.  Materials to be Filed as Exhibits.

  Exhibit No.   Description

  Exhibit 22    Call Right Transfer Agreement, dated February 22, 2007, among
                NBC Palm Beach Investment II, Inc., NBC Universal, Inc. and CIG
                Media LLC.

  Exhibit 23    Letter, dated February 22, 2007, from NBC Universal, Inc. and
                Citadel Limited Partnership to ION Media Networks, Inc.



                                   SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.



                                 GENERAL ELECTRIC COMPANY

                                 By:      /s/ Lynn A. Calpeter
                                 -----------------------------------------------
                                 Name:    Lynn A. Calpeter
                                 Title:   Authorized Signatory


                                 NATIONAL BROADCASTING COMPANY HOLDING, INC.

                                 By:      /s/ Elizabeth A. Newell
                                 -----------------------------------------------
                                 Name:    Elizabeth A. Newell
                                 Title:   Assistant Secretary


                                 NBC UNIVERSAL, INC.

                                 By:      /s/ Elizabeth A. Newell
                                 -----------------------------------------------
                                 Name:    Elizabeth A. Newell
                                 Title:   Assistant Secretary


                                 NBC PALM BEACH INVESTMENT I, INC.

                                 By:      /s/ Elizabeth A. Newell
                                 -----------------------------------------------
                                 Name:    Elizabeth A. Newell
                                 Title:   Assistant Secretary


                                 NBC PALM BEACH INVESTMENT II, INC.

                                 By:      /s/ Elizabeth A. Newell
                                 -----------------------------------------------
                                 Name:    Elizabeth A. Newell
                                 Title:   Assistant Secretary


Dated:  February 22, 2007



                                 EXHIBIT INDEX


Exhibit No.   Description

Exhibit 22    Call Right Transfer Agreement, dated February 22, 2007, among
              NBC Palm Beach Investment II, Inc., NBC Universal, Inc. and CIG
              Media LLC.

Exhibit 23    Letter, dated February 22, 2007, from NBC Universal, Inc. and
              Citadel Limited Partnership to ION Media Networks, Inc.

                          CALL RIGHT TRANSFER AGREEMENT


         CALL RIGHT TRANSFER AGREEMENT (this "Agreement") dated February 22,
2007, among NBC Palm Beach Investment II, Inc., a California corporation ("Palm
Beach II"), NBC Universal, Inc., a Delaware corporation ("NBCU," and together
with Palm Beach II, the "NBCU Entities"), and CIG Media LLC ("CM"), a Delaware
limited liability company controlled by Citadel Limited Partnership, an Illinois
limited partnership ("CLP").

                               W I T N E S S E T H

         WHEREAS, on November 7, 2005, Mr. Lowell W. Paxson, Second Crystal
Diamond Limited Partnership, a Nevada limited partnership, Paxson Enterprises,
Inc., a Nevada corporation (collectively, the "Call Stockholders") and Palm
Beach II entered into a Call Agreement (the "Call Agreement"; capitalized terms
used herein and not otherwise defined have the meanings ascribed to such terms
in the Call Agreement), pursuant to which the Call Stockholders irrevocably
granted Palm Beach II the Call Right to purchase from the Call Stockholders all
of the Call Shares during the Call Period;

         WHEREAS, contemporaneously with the execution of the Call Agreement,
the Call Stockholders, NBCU and The Bank of New York (the "Escrow Agent")
entered into an Escrow Agreement (the "Escrow Agreement"), pursuant to which the
Call Stockholders deposited 15,455,062 shares of Class A Common Stock owned by
the Call Stockholders and NBCU deposited cash in the amount of $3,863,765.50
(the "Escrow Deposit") with the Escrow Agent;

         WHEREAS, contemporaneously with the execution of the Call Agreement and
the Escrow Agreement, Mr. Lowell W. Paxson, NBCU and ION Media Networks, Inc.
(f/k/a Paxson Communications Corporation), a Delaware corporation (the
"Company"), entered into a Paxson Consulting and Noncompetition Agreement (the
"Paxson Noncompete Agreement") and Mr. Dean M. Goodman and NBCU entered into a
Goodman Noncompetition Agreement (the "Goodman Noncompete Agreement," and
together with the Paxson Noncompete Agreement, the "Noncompete Agreements"),
pursuant to which NBCU agreed to make certain payments to the Company, Mr.
Lowell W. Paxson and Mr. Dean M. Goodman under the terms and condition set forth
therein;

         WHEREAS, in connection with a potential restructuring (the
"Transaction") of the Company's ownership and capital structure proposed by CLP
and NBCU in a letter to the Company, dated January 17, 2007, including a term
sheet attached thereto (as the same may be amended, restated, supplemented or
otherwise modified from time to time), the NBCU Entities wish to assign all of
their rights and obligations under the Call Agreement, the Escrow Agreement and
the Noncompete Agreements to CM, and CM wishes to assume all of the rights and
obligations of the NBCU Entities under the Call Agreement, Escrow Agreement and
the Noncompete Agreements, pursuant to Section 5.6 of the Call Agreement,
Section 11 of the Escrow Agreement, Section 8 of the Paxson Noncompete Agreement
and Section 7 of the Goodman Noncompete Agreement, respectively;



         WHEREAS, on February 16, 2007 the Board of Directors approved CM as the
Permitted Transferee of the Call Right pursuant to Section 2.5 of the Call
Agreement; and

         WHEREAS, effective upon CM's acquisition of Class B Common Stock
included in the Call Shares at the Call Closing, that certain PMC Management and
Proxy Agreement, dated November 7, 2005, among the Company, Paxson Management
Corporation, a Nevada corporation ("PMC"), Mr. Lowell W. Paxson and certain of
the Company's subsidiaries (collectively, the "Station Subsidiaries") listed on
the signature page thereto, and the voting control of PMC over the Station
Subsidiaries shall terminate.

         NOW THEREFORE, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:


                                    ARTICLE I

                                  DEFINED TERMS

         Section 1.1 Definitions. As used in this Agreement, the following terms
shall have the meanings set forth below:

          "Action" means any claim, demand, action, suit, arbitration,
     proceeding or investigation by or before any Governmental Authority.

          "Agreement" has the meaning assigned to it in the Preamble.

          "Assignment Closing" has the meaning assigned to it in Section 2.3
     hereof.

          "Assignment Date" has the meaning assigned to it in Section 2.3
     hereof.

          "Call Agreement" has the meaning assigned to it in the Recitals.

          "Call Stockholders" has the meaning assigned to it in the Recitals.

          "CLP" has the meaning assigned to it in the Preamble.

          "CM" has the meaning assigned to it in the Preamble.

          "Company" has the meaning assigned to it in the Recitals.

          "Definitive Documentation" means the agreements to be executed in
     connection with the Transaction by the Company, any of the parties hereto
     or their respective Affiliates at or prior to the Assignment Date, in each
     case in form and substance reasonably satisfactory to such parties.

          "Escrow Agent" has the meaning assigned to it in the Recitals.


                                       2


          "Escrow Agreement" has the meaning assigned to it in the Recitals.

          "Escrow Deposit" has the meaning assigned to it in the Recitals.

          "Goodman Noncompete Agreement" has the meaning assigned to it in the
     Recitals.

          "Law" means any federal, state, provincial, local, foreign or similar
     statute, law, ordinance, regulation, rule, code (having the force of law),
     requirement or interpretation or rule of law of any Governmental Authority
     or any Order.

          "Material Adverse Effect" means any event, change, circumstance or
     effect that, individually or when taken together with all other such
     events, changes, circumstances or effects, is or would reasonably be
     expected to be materially adverse to the business, assets, liabilities,
     results of operations or financial condition of the Company and its
     Subsidiaries, taken as a whole; provided, however, that none of the
     following shall be considered in determining whether there has been a
     Material Adverse Effect (except to the extent disproportionately affecting
     the Company and its Subsidiaries relative to other companies in the
     television broadcasting industry): (i) general economic condition or (ii)
     events, changes, circumstances or effects affecting the television
     broadcasting industry generally.

          "NBCU" has the meaning assigned to it in the Preamble.

          "NBCU Entities" has the meaning assigned to it in the Preamble.

          "Noncompete Agreements" has the meaning assigned to it in the
     Recitals.

          "Order" means any decree, injunction, judgment, order, ruling,
     assessment or writ issued by a Governmental Authority.

          "Palm Beach II" has the meaning assigned to it in the Preamble.

          "Paxson Noncompete Agreement" has the meaning assigned to it in the
     Recitals.

          "PMC" has the meaning assigned to it in the Recitals.

          "SEC" means the United States Securities and Exchange Commission.

          "SEC Filings" has the meaning assigned to it in Section 4.1(a) hereof.

          "Station Subsidiaries" has the meaning assigned to it in the Recitals.

          "Subsidiary" means, with respect to the Company, a corporation,
     partnership, limited liability company, joint venture, or other entity of
     which at least a majority of the securities or ownership interests having
     by their terms ordinary voting power to elect a majority of the board of
     directors or other persons performing similar functions is owned or
     controlled, directly or indirectly, by the Company and/or one or more of
     its respective Subsidiaries.

          "Transaction" has the meaning assigned to it in the Recitals.


                                       3



                                   ARTICLE II

                            ASSIGNMENT AND ASSUMPTION

         Section 2.1 Assignment of Call Agreement, Escrow Agreement and
Obligations under Noncompete Agreements by NBCU Entities. On the terms and
subject to the conditions set forth in this Agreement, effective as of the
Assignment Date, (i) Palm Beach II shall assign all of its rights and
obligations under the Call Agreement (including the Call Right), and (ii) NBCU
shall assign all of its rights and obligations under the Escrow Agreement
(including the right to the proceeds of the Escrow Deposit) and the Noncompete
Agreements (including the payment obligations to the Company, Mr. Lowell W.
Paxson and Mr. Dean M. Goodman thereunder), to CM. The parties hereto hereby
agree that, following the Assignment Closing, the NBCU Entities shall not have
any rights or obligations under the Call Agreement, the Escrow Agreement or the
Noncompete Agreements.

         Section 2.2 Assumption of Call Agreement, Escrow Agreement and
Obligations under Noncompete Agreements by CM. On the terms and subject to the
conditions set forth in this Agreement, effective as of the Assignment Date, CM
shall assume and accept the assignment of (i) all of the rights and obligations
of Palm Beach II under the Call Agreement and (ii) all of the rights and
obligations of NBCU under the Escrow Agreement and the Noncompete Agreements,
and in each case, agree to be bound by all of the terms and conditions thereof
in the same way as such terms obligate the NBCU Entities.

         Section 2.3 Effective Date of Assignment. (a) Subject to the terms and
conditions of this Agreement, the assignment by the NBCU Entities of the Call
Agreement, the Escrow Agreement and the Noncompete Agreements, and the
assumption by CM of the Call Agreement, Escrow Agreement and the Noncompete
Agreements contemplated by this Agreement shall become effective at a closing
(the "Assignment Closing") to be held at the office of Shearman & Sterling LLP,
599 Lexington Avenue, New York, New York at 10:00 A.M., local time, on the third
Business Day following the satisfaction or waiver of all conditions specified in
Article III (other than those conditions that by their nature are to be
satisfied at the Assignment Closing, but subject to satisfaction or waiver
thereof), or at such other place or at such other time or on such other date as
the parties hereto may mutually agree upon in writing (the day on which the
Assignment Closing takes place being the "Assignment Date").

         (b) At the Assignment Closing and subject to the satisfaction or waiver
of all conditions specified in Article III (other than those conditions that by
their nature are to be satisfied at the Assignment Closing, but subject to
satisfaction or waiver thereof), each party hereto, including its respective
Affiliates, shall deliver or cause to be delivered to each of the other parties
hereto, the duly executed Definitive Documentation to which it is a party.

         (c) Immediately following the Assignment Closing, CM shall (i) deliver
a Call Notice to the Call Stockholders to exercise the Call Right pursuant to
the terms and conditions of the Call Agreement and (ii) commence a Tender Offer
pursuant to the terms and conditions of Section 3.5 of the Stockholder
Agreement. Upon exercise of the Call Right, CM shall (x) together with the Call
Stockholders, deliver a joint written notice to the Escrow Agent pursuant to
Section 4(a) of the Escrow Agreement and (y) pay Mr. Dean M. Goodman $2,250,000
by wire transfer of immediately available funds to such an account or accounts
specified in writing by him.


                                       4





                                   ARTICLE III

                        CONDITIONS TO ASSIGNMENT CLOSING

         Section 3.1 Conditions to Assignment Closing of CM. The obligations of
CM to effect the Assignment Closing shall be subject to the satisfaction or
waiver by CM, on the Assignment Date, of each of the following conditions:

         (a) Representations and Warranties. The representations and warranties
of the NBCU Entities set forth in this Agreement shall be true and correct in
all material respects as of the date hereof and as of the Assignment Date as if
made on and as of the Assignment Date.

         (b) Board Approval. The Board of Directors shall have approved the
Transaction.

         (c) Governmental Filings and Third Party Approvals. CM shall have made
all governmental filings required to be made to consummate the Transaction under
the applicable law, including the HSR Act, and any waiting period (and any
extension thereof) under the HSR Act shall have expired or been terminated and
all material permits and approvals required to be obtained from any Governmental
Authority or any other Person to consummate the Transaction or the transactions
contemplated hereby shall have been received or obtained.

         (d) FCC Application. CM shall have filed the FCC Application in
accordance with Section 2.2(b) of the Call Agreement.

         (e) FCC Approval. The FCC shall have granted the FCC Application by a
Final Order approving the acquisition of the Call Shares by CM from the Paxson
Stockholders; provided that if a Final Order has not been received by May 6,
2007, this condition shall be deemed waived.

         (f) Absence of Material Adverse Effect. No event, change, circumstance
or effect shall have occurred which, individually or in the aggregate, has had
or would reasonably be expected to have a Material Adverse Effect.

         (g) No Action. No Action involving the Company or any of its directors,
officers, employees, stockholders or debtholders shall be pending before any
Governmental Authority that would prevent or materially delay the consummation
of the Transaction or, if successful, would require the parties hereto or the
Company to materially alter the Transaction.


                                       5



         (h) No Orders; Law. No Law or Order shall have been enacted, entered,
issued, promulgated or enforced by any Governmental Authority that has the
effect of making the transactions contemplated by this Agreement or the
Definitive Documentation illegal or otherwise prohibiting or restraining the
consummation of the transactions contemplated hereby or thereby.

         (i) Definitive Documentation. Each of the Company and the NBCU Entities
shall have executed and delivered to CM the Definitive Documentation to which it
is a party, and CM shall be reasonably satisfied as to the form and substance of
such Definitive Documentation.

         (j) Performance of Covenants. Each of the NBCU Entities shall have
performed in all respects the covenants specified in Sections 4.5 and 4.7 of
this Agreement and in all material respects all other covenants and agreements
required to be performed by it under this Agreement.

         (k) Performance of Covenants under Other Agreements. Each of the NBCU
Entities shall have performed in all material respects all covenants and
agreements required to be performed by it under each of the Call Agreement, the
Escrow Agreement or the Noncompete Agreements to which it is a party.

         Section 3.2 Conditions to Assignment Closing of NBCU Entities. The
obligations of the NBCU Entities to effect the Assignment Closing shall be
subject to the satisfaction or waiver by the NBCU Entities, on the Assignment
Date, of each of the following conditions:

         (a) Representations and Warranties. The representations and warranties
of CM set forth in this Agreement shall be true and correct in all material
respects as of the date hereof and as of the Assignment Date as if made on and
as of the Assignment Date.

         (b) Board Approval. The Board of Directors shall have approved the
Transaction.

         (c) Governmental Filings and Third Party Approvals. CM shall have made
all governmental filings required to be made to consummate the Transaction under
the applicable law, including the HSR Act, and any waiting period (and any
extension thereof) under the HSR Act shall have expired or been terminated and
all material permits and approvals required to be obtained from any Governmental
Authority or any other Person to consummate the Transaction or the transactions
contemplated hereby shall have been received or obtained.

         (d) FCC Application. CM shall have filed the FCC Application in
accordance with Section 2.2(b) of the Call Agreement.

         (e) FCC Approval. The FCC shall have granted the FCC Application by a
Final Order approving the acquisition of the Call Shares by CM from the Paxson
Stockholders; provided that if a Final Order has not been received by May 6,
2007, this condition shall be deemed waived.


                                       6



         (f) Absence of Material Adverse Effect. No event, change, circumstance
or effect shall have occurred which, individually or in the aggregate, has had
or would reasonably be expected to have a Material Adverse Effect.

         (g) No Action. No Action involving the Company or any of its directors,
officers, employees, stockholders or debtholders shall be pending before any
Governmental Authority that would prevent or materially delay the consummation
of the Transaction or, if successful, would require the parties hereto or the
Company to materially alter the Transaction.

         (h) No Orders; Law. No Law or Order shall have been enacted, entered,
issued, promulgated or enforced by any Governmental Authority that has the
effect of making the transactions contemplated by this Agreement or the
Definitive Documentation illegal or otherwise prohibiting or restraining the
consummation of the transactions contemplated hereby or thereby.

         (i) Definitive Documentation. Each of the Company and CM shall have
executed and delivered to the NBCU Entities the Definitive Documentation to
which it is a party, and the NBCU Entities shall be reasonably satisfied as to
the form and substance of such Definitive Documentation.

         (j) Performance of Covenants. CM shall have performed in all material
respects all covenants and agreements required to be performed by it under this
Agreement.


                                   ARTICLE IV

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

         Section 4.1 Representations and Warranties of NBCU Entities. Each NBCU
Entity hereby represents and warrants to CM as follows:

            (a)   Existence; Compliance with Law. Each NBCU Entity is duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its organization and has all necessary power and authority to
enter into this Agreement, to carry out its obligations hereunder and to
consummate the transactions contemplated hereby. Each NBCU Entity is duly
licensed or qualified to do business and is in good standing in each
jurisdiction in which the properties owned or leased by it or the operation
of its business makes such licensing or qualification necessary, except to
the extent that the failure to be so licensed or qualified and in good
standing would not adversely affect the ability of such NBCU Entity to carry
out its obligations hereunder and to consummate the transactions contemplated
hereby. The execution and delivery by each NBCU Entity of this Agreement, the
performance by each NBCU Entity of its obligations hereunder and the
consummation by each NBCU Entity of the transactions contemplated hereby have
been duly authorized by all requisite action on the part of such NBCU Entity.
This Agreement has been duly executed and delivered by each NBCU Entity, and
(assuming due authorization, execution and delivery by CM) this Agreement
constitutes legal, valid and binding obligations of each NBCU Entity,
enforceable against each NBCU Entity in accordance with its terms, subject to
the effect of any applicable bankruptcy, insolvency (including all laws relating


                                       7


to fraudulent transfers), reorganization,moratorium or similar laws affecting
creditors' rights generally and subject to the effect of general principles of
equity (regardless of whether considered in a proceeding at law or in equity).
Each of the Call Agreement, the Escrow Agreement and the Noncompete Agreements
is in full force and effect and constitutes the legally valid and binding
obligation of the NBCU Entities that entered into such agreement and, to the
knowledge of each of the NBCU Entities, each of the other parties thereto.
Except as disclosed in (i) the Current Report on Form 8-K filed by the Company
with the SEC on November 7, 2005 or (ii) Amendment No. 2 to the Schedule 13D/A
filed by NBCU with the SEC on November 9, 2005 (together, the "SEC Filings"),
there are no side letters or agreements which relate to any of the Call
Agreement, the Escrow Agreement or the Noncompete Agreements. True copies of
each of the Call Agreement, the Escrow Agreement and the Noncompete Agreements,
as amended to date, have been filed with the SEC in the SEC Filings or provided
to CLP by NBCU.

         (b) Authorization; Enforceable Obligations. Assuming that all consents,
approvals, authorizations and other actions described in Section 4.1(c) hereof
have been obtained, all filings and notifications have been made and any
applicable waiting period has expired or been terminated, and except as may
result from any facts or circumstances relating solely to CM or its Affiliates,
the execution, delivery and performance of this Agreement does not and will not
(i) violate, conflict with or result in the breach of the certificate of
incorporation or by laws (or similar organizational documents) of such NBCU
Entity, (ii) conflict with or violate any law or Governmental Order applicable
to such NBCU Entity or (iii) conflict with, result in any breach of, constitute
a default (or event which with the giving of notice or lapse of time, or both,
would become a default) under, require any consent under, or give to others any
rights of termination, acceleration or cancellation of, any note, bond, mortgage
or indenture, contract, agreement, lease, sublease, license, permit, franchise
or other instrument or arrangement to which such NBCU Entity or any of its
Affiliates is a party, except, in the case of clauses (ii) and (iii), as would
not materially and adversely affect the ability of such NBCU Entity to carry out
its obligations hereunder and to consummate the transactions contemplated
hereby. Each of the Call Agreement, the Escrow Agreement and the Noncompete
Agreements is assignable by the NBCU Entity that is a party thereto and, except
as described in Section 4.1(c) of this Agreement, such assignment does not
require the consent of any Person.

         (c) Governmental Consents. The execution, delivery and performance by
each NBCU Entity of this Agreement do not and will not require any consent,
approval, authorization or other order of, action by, filing with or
notification to, any Governmental Authority, except (i) filings with the SEC
pursuant to Sections 13(d) and 16 of the Exchange Act by the NBCU Entities, (ii)
where failure to obtain such consent, approval, authorization or action, or to
make such filing or notification, would not prevent or materially delay the
consummation by such NBCU Entity of the transactions contemplated by this
Agreement or (iii) as may be necessary as a result of any facts or circumstances
relating solely to the Company or CM or any of their respective Affiliates.


                                       8



         Section 4.2 Representations and Warranties of CM. CM hereby represents
and warrants to the NBCU Entities as follows:

         (a) Existence; Compliance with Law. CM is duly organized, validly
existing and in good standing under the laws of Delaware and has all necessary
power and authority to enter into this Agreement, to carry out its obligations
hereunder and to consummate the transactions contemplated hereby. CM is duly
licensed or qualified to do business and is in good standing in each
jurisdiction in which the properties owned or leased by it or the operation of
its business makes such licensing or qualification necessary, except to the
extent that the failure to be so licensed or qualified and in good standing
would not adversely affect the ability of CM to carry out its obligations
hereunder and to consummate the transactions contemplated hereby. The execution
and delivery by CM of this Agreement, the performance by CM of its obligations
hereunder and the consummation by CM of the transactions contemplated hereby
have been duly authorized by all requisite action on the part of CM. This
Agreement has been duly executed and delivered by CM, and (assuming due
authorization, execution and delivery by each NBCU Entity) this Agreement
constitutes legal, valid and binding obligations of CM, enforceable against CM
in accordance with its terms, subject to the effect of any applicable
bankruptcy, insolvency (including all laws relating to fraudulent transfers),
reorganization, moratorium or similar laws affecting creditors' rights generally
and subject to the effect of general principles of equity (regardless of whether
considered in a proceeding at law or in equity).

         (b) Authorization; Enforceable Obligations. Assuming that all consents,
approvals, authorizations and other actions described in Section 4.2(c) hereof
have been obtained, all filings and notifications have been made and any
applicable waiting period has expired or been terminated, and except as may
result from any facts or circumstances relating solely to the NBCU Entities, the
execution, delivery and performance of this Agreement does not and will not (i)
violate, conflict with or result in the breach of the certificate of
incorporation or by laws (or similar organizational documents) of CM, (ii)
conflict with or violate any law or Governmental Order applicable to CM or (iii)
conflict with, result in any breach of, constitute a default (or event which
with the giving of notice or lapse of time, or both, would become a default)
under, require any consent under, or give to others any rights of termination,
acceleration or cancellation of, any note, bond, mortgage or indenture,
contract, agreement, lease, sublease, license, permit, franchise or other
instrument or arrangement to which CM or any of its Affiliates is a party,
except, in the case of clauses (ii) and (iii), as would not materially and
adversely affect the ability of CM to carry out its obligations hereunder and to
consummate the transactions contemplated hereby.

         (c) Governmental Consents. The execution, delivery and performance by
CM of this Agreement do not and will not require any consent, approval,
authorization or other order of, action by, filing with or notification to, any
Governmental Authority, except (i) filing of the FCC Application with the FCC,
(ii) filings with the SEC (A) pursuant to Sections 13(d) and 16 of the Exchange
Act by CM, and such other compliance with the Exchange Act as may be required in
connection with this Agreement and the transactions contemplated by this
Agreement, or (B) a tender offer statement on Schedule TO or such other
documents otherwise required in connection with the transactions contemplated by
this Agreement, (iii) the pre-merger notification and waiting period
requirements of the HSR Act in connection with the commencement of the Tender
Offer, (iv) the grant of the FCC Application by a Final Order of


                                       9


the FCC in connection with the acquisition of the Call Shares by CM from the
Paxson Stockholders, (v) where failure to obtain such consent, approval,
authorization or action, or to make such filing or notification, would not
prevent or materially delay the consummation by CM of the transactions
contemplated by this Agreement, (vi) such filings and approvals as may be
required by any applicable state securities or "blue sky" laws, or (vii) as may
be necessary as a result of any facts or circumstances relating solely to the
Company or the NBCU Entities or any of their respective Affiliates.

         Section 4.3 FCC Application; Inconsistent Actions; Final Order. As
promptly as practicable following the date hereof, CM shall cooperate with the
Company to file the FCC Application in accordance with Section 2.2(b) of the
Call Agreement. Neither the NBCU Entities nor CM shall take any action that
would reasonably be expected to delay or hinder the grant of the FCC
Application. The NBCU Entities hereby agree that they will not, and they shall
not permit their Affiliates, to file a petition to deny or otherwise object to
or oppose the grant of the FCC Application.

         Section 4.4 Reasonable Best Efforts. Subject to the terms and
conditions of this Agreement, each party hereto shall use reasonable best
efforts to take, or cause to be taken, all actions and to do, or cause to be
done, and to assist and cooperate with the other parties in doing, all things
necessary, proper or advisable to perform the obligations of such party under
this Agreement and to consummate the transactions contemplated hereby.

         Section 4.5 Amendment of Agreements. No NBCU Entity shall amend or
waive (other than immaterial waivers) any of the provisions of the Call
Agreement, the Escrow Agreement or the Noncompete Agreements to which it is a
party without the prior written consent of CM. NBCU shall provide CM prompt
written notice of any immaterial waivers granted by NBCU under such agreements.

         Section 4.6 No Performance until Assignment Closing. Each of the NBCU
Entities acknowledges that the execution and delivery of this Agreement does not
and will not create or impose any obligations on CM to perform any of the
obligations or transactions contemplated to be performed by a permitted
transferee under any of the Call Agreement, the Escrow Agreement or the
Noncompete Agreements until the consummation of the Assignment Closing.

         Section 4.7 Restrictions on Assignment. So long as this Agreement is in
effect and has not been terminated in accordance with its terms, each of the
NBCU Entities shall not, without the prior written consent of CM, Transfer or
attempt to Transfer the Call Right to any other Person.


                                       10



                                    ARTICLE V

                                  MISCELLANEOUS

         Section 5.1 Termination. (a) This Agreement shall terminate in its
entirety on the earlier to occur of the following: (i) the date on which the
Company notifies any party hereto or publicly announces that it has determined
to cease to participate in discussions, conversations, negotiations or other
communications with CLP, NBCU or their respective Affiliates and representatives
with respect to the Transaction, or (ii) on May 7, 2007 if any of the conditions
in Sections 3.1 and 3.2 of this Agreement (other than the conditions in Sections
3.1(e) and 3.2(e)) has not been satisfied or waived as of May 7, 2007; provided,
that in the event the Board of Directors does not approve the Transaction on or
prior to March 31, 2007, NBCU shall have the right to terminate this Agreement.

         (b) In the event this Agreement is terminated pursuant to Section
5.1(a) hereof, it shall become void and of no further effect and no party hereto
(or any of its Affiliates, directors, officers, representatives or agents) shall
have any liability or further obligation to any other party to this Agreement,
except that the termination of this Agreement shall not relieve any party of any
liability arising out of or resulting from any knowing, willful or intentional
breach of this Agreement by such party prior to such termination.

         Section 5.2 Notices. All notices and other communications hereunder
shall be in writing and shall be deemed to have been duly given, if delivered
personally, by fax or sent by overnight courier as follows:

         (a)   If to the NBCU Entities, to:

               NBC Universal, Inc.
               30 Rockefeller Plaza
               New York, New York  10112
               Attention:  General Counsel
               Tel:  212-646-7024
               Fax:  212-646-4733

               with a copy to:

               Shearman & Sterling LLP
               599 Lexington Avenue
               New York, New York  10022
               Attention:  John A. Marzulli, Jr.
               Tel:  212-848-8590
               Fax:  646-848-8590

         (b)   If to CM, to:

               CIG Media LLC
               131 S. Dearborn Street, 32nd Floor
               Chicago, Illinois  60603
               Attention:  Matthew B. Hinerfeld
               Tel:  312-395-3167
               Fax:  312-267-7628


                                       11



               with a copy to:

               Fried, Frank, Harris, Shriver & Jacobson LLP
               One New York Plaza
               New York, NY  10004
               Attention:  Robert Schwenkel
                           Steven Steinman
               Tel:  212-859-8000
               Fax:  212-859-4000

or to such other address or addresses as shall be designated in writing. All
notices shall be effective when received.

         Section 5.3 Entire Agreement; Amendment. This Agreement, the Definitive
Documentation, the Letter of Intent, dated as of January 17, 2007, between NBCU
and CLP and any other documents described therein or attached or delivered
pursuant thereto set forth the entire agreement between the parties hereto with
respect to the transactions contemplated by this Agreement. Any provision of
this Agreement may be amended or modified in whole or in part at any time only
by an agreement in writing signed by all of the parties hereto. No failure on
the part of any party to exercise, and no delay in exercising, any right shall
operate as a waiver thereof nor shall any single or partial exercise by any
party of any right preclude any other or future exercise thereof or the exercise
of any other right.

         Section 5.4 Successors and Assigns; Third Party Beneficiaries. No party
hereto may assign any of its rights or delegate any of its obligations under
this Agreement without the prior written consent of each of the other parties
hereto. Any purported assignment in violation of this Section 5.4 shall be null
and void. Nothing expressed or mentioned in this Agreement is intended or shall
be construed to give any Person, other than the parties hereto and their
respective successors, any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision herein contained. This Agreement and
all conditions and provisions hereof are intended to be for the sole and
exclusive benefit of the parties hereto and their respective successors, and for
the benefit of no other Person.

         Section 5.5 Other Provisions. The provisions of Sections 5.3
(Severability), 5.4 (Counterparts), 5.5 (Governing Law; Jurisdiction; Waiver of
Jury Trial), 5.7 (Remedies), 5.8 (Further Assurances) and 5.9 (Headings,
Captions and Table of Contents) of the Call Agreement are incorporated herein by
reference and shall apply to the terms and conditions of this Agreement and the
parties hereto mutatis mutandis.


                                       12








         IN WITNESS WHEREOF, this Agreement has been executed by the parties
hereto or by their respective duly authorized representative all as of the date
first above stated.


                                    NBC PALM BEACH INVESTMENT II, INC.


                                    By: /s/ Richard Cotton
                                    ----------------------------------
                                       Name:  Richard Cotton
                                       Title: Executive Vice President and
                                              General Counsel


                                    NBC UNIVERSAL, INC.


                                    By: /s/ Richard Cotton
                                    ----------------------------------
                                       Name:  Richard Cotton
                                       Title: Executive Vice President and
                                              General Counsel


                                    CIG MEDIA LLC

                                    By:   Citadel Limited Partnership,
                                               its Manager

                                    By:   Citadel Investment Group, L.L.C.,
                                              its General Partner


                                    By: /s/ Matthew B. Hinerfeld
                                    ----------------------------------
                                       Name:  Matthew B. Hinerfeld
                                       Title: Managing Director and
                                              Deputy General Counsel







February 22, 2007


The Board of Directors
ION Media Networks, Inc.
601 Clearwater Park Road
West Palm Beach, Florida 33401

Ladies and Gentlemen:

      Citadel Limited Partnership ("CLP") and NBC Universal, Inc. and its
wholly-owned subsidiary, NBC Palm Beach Investment II, Inc. (together, "NBCU"),
are pleased that the Board of Directors (the "Board") of ION Media Networks,
Inc. (the "Company") approved CIG Media LLC ("CIG Media"), as a permitted
transferee of NBCU, for purposes of Section 3.10 of the Amended and Restated
Stockholder Agreement, dated November 7, 2005, by and among the Company, NBCU,
and Lowell W. Paxson and certain affiliates of Lowell W. Paxson (collectively,
the "Call Stockholders"). We appreciate your valuable time and efforts in
approving CIG Media as the permitted transferee.

      CLP and NBCU wish to emphasize that we and our advisors are committed to
continue working with the Company to consummate the Proposed Transaction (as
defined below) in an expeditious manner. We are comfortable in our belief that
the Board will come to view the Proposed Transaction as the best path forward
for the Company and its various stakeholders.

      We are pleased to advise the Board that NBCU and CIG Media have entered
into a Call Right Transfer Agreement (the "Call Right Transfer Agreement"),
pursuant to which, among other matters, NBCU agreed to assign to CIG Media, and
CIG Media agreed to assume, all of the rights and obligations of NBCU under the
Call Agreement (the "Call Agreement"), dated November 7, 2005, by and among the
Call Stockholders and NBC Palm Beach Investment II, Inc. As set forth in the
Call Right Transfer Agreement, the effectiveness of the transfer and
assignment of the Call Right to CIG Media is subject to the satisfaction or
waiver of various conditions precedent, including the approval by the Board of
the Proposed Transaction. Accordingly, CIG Media does not have any obligations
under the Call Agreement until such time, if any, when the transfer and
assignment of the Call Right occurs. A copy of the executed Call Right Transfer
Agreement is enclosed with this letter.

      Now that NBCU and CIG Media have entered into the Call Right Transfer
Agreement, an application with the FCC requesting, among other things, that the
FCC consent to the transfer of the shares of common stock of the Company
beneficially owned by the Call Stockholders to CIG Media can be filed. In order
to expedite the consummation of the Proposed Transaction and the delivery of the
benefits to the Company's various stakeholders, CIG Media and its advisers will
promptly complete all materials necessary to file such FCC application and would
like to file such application as soon as practicable with the assistance of the
Company's affiliates and their respective advisors. The filing of an FCC
application in connection with the Proposed Transaction does not in any way
prejudice the right of Board to subsequently approve or disapprove the Proposed
Transaction.





      Based on discussions held between January 23, 2007 and February 20, 2007
with you and your advisors, we are hereby modifying our January 17, 2007
proposal regarding a potential restructuring of the Company's ownership and
capital structure (the "Proposed Transaction") and the non-binding term sheet
(the "Term Sheet") enclosed therewith to further enhance the benefits of the
Proposed Transaction to the Company and its various stakeholders. The following
is a summary of the changes to the Term Sheet and the Proposed Transaction
(capitalized terms used herein and not otherwise defined shall have the meanings
ascribed to such terms in the Term Sheet) proposed by CLP and NBCU:

     o    The Company is no longer required to conduct the Company Tender Offer
          for shares of Class A Common Stock and CIG Media will retain any
          shares of Class A Common Stock acquired in the tender offer it
          conducts as set forth in the Term Sheet.

     o    The Company is no longer required to seek consent from its senior
          lenders with respect to an amendment to increase the Restricted
          Payment basket from $50,000,000 to $70,000,000. However, the Company
          will be required to obtain confirmation from its senior lenders that
          their "change of control" put right will not be triggered by the
          Proposed Transaction.

     o    CIG Media would participate in the Exchange Offer and exchange all CLP
          14-1/4% Preferred and CLP 9-3/4% Preferred for an aggregate principal
          amount of $66.8 million of Subordinated Debt in the Exchange Offer.

     o    NBC Palm Beach Investment I, Inc. ("Palm Beach I"), a wholly-owned
          subsidiary of NBCU, will exchange with the Company $210,000,000 in
          face amount of Series B Preferred Stock for $210,000,000 in face
          amount of Series D Non-Convertible Preferred and will transfer to CIG
          Media all of such Series D Non-Convertible Preferred.

     o    CIG Media will exchange with the Company $98,000,000 in face amount of
          Series D Non-Convertible Preferred for $98,000,000 in face amount of
          Series A Convertible Preferred and $112,000,000 in face amount of
          Series D Non-Convertible Preferred for $200,000,000 in face amount of
          Series C-2 Convertible Preferred. The conversion price of each share
          of Series C-2 Convertible Preferred will be approximately $0.89 per
          share of Class A Common Stock.

     o    Palm Beach I will exchange with the Company $21,070,000 in face amount
          of Series B Preferred Stock for $31,070,000 in face amount of Series
          C-1 Convertible Preferred. The conversion price of each share of
          Series C-1 Convertible Preferred will be $0.75 per share of Class A
          Common Stock.


                                       2





      We and our advisors stand ready to meet with you, the Company's management
and your respective advisors at any time and discuss with you or them any issue
with respect to the Proposed Transaction, the Term Sheet and this letter. In the
meantime, we and our respective advisors will commence to work on definitive
documentation with respect to the Proposed Transaction and look forward to
discussing such documentation with you and your advisors at the appropriate
time.

      This letter is not intended to be, nor shall it be, a binding contract
between us, but is intended only as a formal indication of our proposal as of
this date, and the parties will be jointly bound only in accordance with the
terms and conditions to be negotiated and contained in mutually executed
definitive documentation.


      Very truly yours,


CITADEL LIMITED PARTNERSHIP                  NBC UNIVERSAL, INC.
By: Citadel Investment Group, LLC,
    its General Partner


By: /s/ Matthew Hinerfeld                    By: /s/ Bruce Campbell
   ---------------------------------            -----------------------------
   Name:  Matthew Hinerfeld                     Name:  Bruce Campbell
   Title: Managing Director and                 Title: Executive Vice President,
          Deputy General Counsel                       Business Development



                                       3