INVESTORS

ION Media Networks is a network television broadcasting company which owns and operates the largest broadcast television station group in the U.S., as measured by the number of television households in the markets our stations serve. We own and operate 60 broadcast television stations (including three stations we operate under time brokerage agreements), all of which carry our flagship i network programming, including stations reaching all of the top 20 U.S. markets. We provide network programming seven days a week, 24 hours per day, and reach approximately 91 million homes, or 83% of primetime television households in the U.S. through our broadcast television station group and pursuant to distribution arrangements with cable and satellite distribution systems.

With the construction of digital broadcast facilities completed for 52 of our 60 stations, we are able to provide a significant broadband platform on which to broadcast digital television, including multiple television networks, and are well positioned to take advantage of future digital broadcasting opportunities.

On February 28, 2006, we announced that we will be changing our corporate name from Paxson Communications Corporation to ION Media Networks. In connection with the name change announcement, we unveiled a new corporate logo and began doing business under the new name and identity. We will present the new corporate name to our stockholders for approval at our annual meeting on June 23, 2006.