FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

PAXSON LOWELL W 		2. Issuer Name and Ticker or Trading Symbol

ION MEDIA NETWORKS INC. [ ION ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

C/O HOLLAND & KNIGHT, 222 LAKEVIEW AVENUE, S. 1000 		3. Date of Earliest Transaction (MM/DD/YYYY)

1/8/2008
(Street)

WEST PALM BEACH, FL 33401
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock   1/8/2008     X (1) (2) (3)    15455062   (4) D $0.25   0   I   By Paxson Enterprises, Inc. and Second Crystal Diamond, LP  
Class B Common Stock   1/8/2008     X (1) (2) (3)    8311639   (5) D $0.29   0   I   By Paxson Enterprises, Inc. and Second Crystal Diamond, LP  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Call Options (obligation to sell)   $0.25   1/8/2008     X  (1) (2) (3)       15455062   (4)   11/7/2005   5/7/2007   Class A Common Stock   15455062   (4) $0.00   0   I   By Paxson Enterprises, Inc. and Second Crystal Diamond, LP  
Call Options (obligation to sell)   $0.29   1/8/2008     X  (1) (2) (3)       8311639   (5)   11/7/2005   5/7/2007   Class B Common Stock   8311639   (5) $0.00   0   I   By Paxson Enterprises, Inc. and Second Crystal Diamond, LP  

Explanation of Responses:
( 1)  On November 7, 2005, the reporting person, Second Crystal Diamond Limited Partnership and Paxson Enterprises, Inc. (collectively, the "Paxson Stockholders") and NBC Palm Beach Investment II, Inc. ("NBC Palm Beach II") entered into a Call Agreement (the "Call Agreement"). Pursuant to the Call Agreement, the Paxson Stockholders granted NBC Palm Beach II (or its permitted transferee) the right to purchase (the "Call Right") 15,455,062 shares of Class A Common Stock and 8,311,639 shares of Class B Common Stock (the "Call Shares"). Pursuant to the Master Transaction Agreement among ION Media Networks, Inc. ("ION"), NBCU, NBC Palm Beach Investment I, Inc., NBC Palm Beach II and CIG Media, L.L.C. ("CIG Media"), dated as of May 3, 2007 (the "Master Transaction Agreement"), NBC Palm Beach II transferred the Call Agreement to CIG Media on May 4, 2007.
( 2)  The Master Transaction Agreement required CIG Media to exercise the Call Right concurrently with the assignment of the Call Agreement, which was done on May 4, 2007. However, pursuant to the Call Agreement, the obligation of the Paxson Stockholders to deliver the Call Shares to CIG Media was conditioned on certain material conditions, including Federal Communications Commission (the "FCC") approval, which approval shall have become a final order, of the purchase of the Call Shares by CIG Media and other conditions contained in the Call Agreement. On December 31, 2007, the FCC released an order, which became effective on January 2, 2008, approving the transfer of control of ION from Lowell W. Paxson and Paxson Management Corporation to CIG Media. However, the FCC order is not a final order and is subject to reconsideration or judicial review.
( 3)  If neither reconsideration nor judicial review is initiated, the FCC order will become a final order 40 days from the date it became effective. Under the Call Agreement, the requirement of a final order from the FCC may be waived, and CIG Media, by closing on the purchase of the Call Shares, has waived that condition. This Form 4 is being filed by the reporting person to report the exercise of the Call Right by CIG Media as well as the disposition of shares of Class A Common Stock and Class B Common Stock in connection with the closing of the Call Right on January 8, 2008.
( 4)  Mr. Paxson is the beneficial owner of all Class A Common Stock, other than 100 shares of Class A Common Stock, through his control of Second Crystal Diamond, Limited Partnership and Paxson Enterprises, Inc.
( 5)  Mr. Paxson is the beneficial owner of all Class B Common Stock through his control of Second Crystal Diamond, Limited Partnership and Paxson Enterprises, Inc.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
PAXSON LOWELL W
C/O HOLLAND & KNIGHT
222 LAKEVIEW AVENUE, S. 1000
WEST PALM BEACH, FL 33401
X


Signatures
/s/ Lowell W. Paxson, Reporting Person (Individually and as President of Paxson Enterprises, Inc., in its capacity as sole General Partner of Second Crystal Diamond, Limited Partnership), executed by attorney-in-fact, Adam K. Weinstein 1/10/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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