ION Media Networks, Inc. Comments on Court Ruling in Support of Confirmation of Plan of Reorganization

Company Anticipates Plan Confirmation in Coming Weeks
NEW YORK--(Business Wire)--
ION Media Networks, Inc. ("ION"), owner and operator of the ION Television
network, today commented on statements made by the judge overseeing its Chapter
11 case in the United States Bankruptcy Court for the Southern District of New
York. The Court indicated today that it will confirm ION`s Chapter 11 plan of
reorganization ("Plan") and issue a written ruling and confirmation order to
that effect in the coming weeks. ION expects to emerge from Chapter 11 shortly
thereafter.

"Today`s ruling by the Court in favor of ION on all issues necessary for
confirmation of our Plan is a major milestone," said Brandon Burgess, ION`s
Chairman and Chief Executive Officer. "This sets the stage for allowing ION`s
emergence from Chapter 11 as a competitive debt-free company with access to
growth funding. We appreciate the support of our stakeholders and employees
during our short time in Chapter 11 and look forward to continuing our positive
momentum in the coming weeks and beyond."

As previously reported, the Plan extinguishes over $2.7 billion in legacy
indebtedness and converts ION`s $150 million DIP loan into permanent equity
capital to fund growth.

Kirkland & Ellis LLP is serving as legal counsel to ION and Moelis & Company LLC
is serving as financial advisor in connection with the restructuring.

About ION Media Networks

ION Media Networks, Inc. owns and operates the nation`s largest broadcast
television station group and ION Television, which reaches over 96 million U.S.
television households via its nationwide broadcast television, cable and
satellite distribution systems, and features popular TV series and movies from
the award-winning libraries of CBS Television, NBC Universal, Sony Pictures
Television, Twentieth Television and Warner Bros., among others. Using its
digital multicasting capability, the Company has launched several digital TV
brands, including ION Life, a channel dedicated to active living and personal
growth. It also has launched Open Mobile Ventures Corporation, a business unit
focused on the research and development of portable, mobile and out-of-home
transmission technology using over-the-air digital television spectrum. For more
information, visit www.ionmedia.com.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are subject to the safe
harbor provisions created by that Act. In addition, forward-looking statements
may be made orally in the future by or on behalf of the Company. Forward-looking
statements can be identified by the use of terms such as "expects," "should,"
"may," "believes," "anticipates," "will," and other future tense and
forward-looking terminology. There can be no assurance as to the actual results
of the undertakings described herein. These forward-looking statements are made
only as of the date of this report, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new information,
future events or otherwise.

Abernathy MacGregor
Lex Suvanto / Adam Miller
212-371-5999
lex@abmac.com
alm@abmac.com

Copyright Business Wire 2009