This
Amendment No. 18 to Schedule 13D (“Amendment No. 18”) amends and supplements the
Schedule 13D filed with the Securities and Exchange Commission on
January 26,
2007 (the “Original Schedule 13D”), as amended by Amendment No. 1 filed on
February 23, 2007 (“Amendment No. 1”), Amendment No. 2 filed on March 15, 2007
(“Amendment No. 2”), Amendment No. 3 filed on March 30, 2007 (“Amendment No.
3”), Amendment No. 4 filed on April 10, 2007 (“Amendment No. 4”), and Amendment
No. 5 filed on April 12, 2007 (“Amendment No. 5”), Amendment No. 6 filed on
April 30, 2007 (“Amendment No. 6”), Amendment No. 7 filed under cover of
Schedule TO on May 8, 2007 (“Amendment No. 7”), Amendment No. 8 filed under
cover of Schedule TO on May 10, 2007 (“Amendment No. 8”), Amendment No. 9 filed
under cover of Schedule TO on May 14, 2007 (“Amendment No. 9”), Amendment No. 10
filed under cover of Schedule TO on June 5, 2007 (“Amendment No. 10”), Amendment
No. 11 filed under cover of Schedule TO on June 8, 2007 (“Amendment No. 11”),
Amendment No. 12 filed under cover of Schedule TO on June 18, 2007
(“Amendment
No. 12”), Amendment No. 13 filed on June 22, 2007 (“Amendment No. 13”),
Amendment No. 14 filed on July 31, 2007 (“Amendment No. 14”), Amendment No. 15
filed on August 23, 2007 (“Amendment No. 15”), Amendment No. 16 filed on January
4, 2008 (“Amendment No. 16”), and Amendment No. 17 filed on January 10, 2008
(“Amendment No. 17” and, together with the Original Schedule 13D, Amendment No.
1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No.
5, Amendment
No. 6, Amendment No. 7, Amendment No. 8, Amendment No. 9, Amendment
No. 10,
Amendment No. 11, Amendment No. 12, Amendment No. 13, Amendment No.
14,
Amendment No. 15 and Amendment No. 16, the “Schedule 13D”), by CIG
Media LLC, a Delaware limited liability company (“CM”), Citadel Limited
Partnership, a Delaware limited partnership (“CLP”), Citadel Investment Group,
L.L.C., a Delaware limited liability company (“CIG”), and Kenneth Griffin, a
natural person (“Griffin” and, together with CM, CLP and CIG, the “Reporting
Persons”), with respect to shares of Class A common stock, par value $0.001
per
share (“Class A Common Stock”), of ION Media Networks, Inc., a Delaware
corporation (the “Issuer”). Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in
the Schedule
13D. As specifically amended and supplemented by this Amendment No.
18, the Schedule 13D shall remain in full force and
effect.