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  <TITLE> ION Media Networks, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	July 27, 2006
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  	ION Media Networks, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	1-13452
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  	59-3212788
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
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  ______________<BR>
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	601 Clearwater Park Road, West Palm Beach, Florida
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  	33401
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  _________________________________<BR>
  	(Address of principal executive offices)
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	561-659-4122
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  	Paxson Communications Corporation
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  R. Brandon Burgess, Dean M. Goodman, Stephen L. Appel, Richard Garcia and Adam K. Weinstein, executive officers of the Registrant, each has an agreement in place with the Registrant that provides that up to 65% (50% in the case of Mr. Appel) of his annual bonus opportunity will be determined based on the extent to which the Registrant meets certain financial performance goals established by the Compensation Committee of the Board of Directors of the Registrant (the "Committee").<br><br>On July 27, 2006, the Committee determined that the financial performance goals that will be used to determine each of the aforementioned executive officers' entitlement to the Registrant performance component of his bonus for 2006 will be the target amounts of adjusted earnings before interest, taxes, depreciation and amortization.
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	ION Media Networks, Inc.
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  <I>
  	August 23, 2006
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  	By:
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  <I>
  	Adam K. Weinstein
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  	Name: Adam K. Weinstein
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  	Title: Senior Vice President, Secretary and Chief Legal Officer
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_14596.htm", "description": "LIVE FILING", "secsgml_size_bytes": 9107}]
metadata_filer: {"company-data": {"conformed-name": "ION MEDIA NETWORKS INC.", "cik": "0000923877", "assigned-sic": "4832", "irs-number": "593212788", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13452", "film-number": "061051027"}, "business-address": {"street1": "601 CLEARWATER PK RD", "city": "WEST PALM BEACH", "state": "FL", "zip": "33401", "phone": "5616594122"}, "mail-address": {"street1": "601 CLEARWATER PK RD", "city": "WEST PALM BEACH", "state": "FL", "zip": "33401"}, "former-company": {"former-conformed-name": "PAXSON COMMUNICATIONS CORP", "date-changed": "19940525"}}
text: ION Media Networks, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  July 27, 2006
  ION Media Networks, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  1-13452
  59-3212788
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  601 Clearwater Park Road, West Palm Beach, Florida
  33401
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  561-659-4122
  Paxson Communications Corporation
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  R. Brandon Burgess, Dean M. Goodman, Stephen L. Appel, Richard Garcia and Adam K. Weinstein, executive officers of the Registrant, each has an agreement in place with the Registrant that provides that up to 65% (50% in the case of Mr. Appel) of his annual bonus opportunity will be determined based on the extent to which the Registrant meets certain financial performance goals established by the Compensation Committee of the Board of Directors of the Registrant (the "Committee").
  On July 27, 2006, the Committee determined that the financial performance goals that will be used to determine each of the aforementioned executive officers' entitlement to the Registrant performance component of his bonus for 2006 will be the target amounts of adjusted earnings before interest, taxes, depreciation and amortization.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  ION Media Networks, Inc.
  August 23, 2006
  By:
  Adam K. Weinstein
  Name: Adam K. Weinstein
  Title: Senior Vice President, Secretary and Chief Legal Officer