ION MEDIA NETWORKS INC.
EX-10.1
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>EXHIBIT 10.1</B></FONT>



<P align="center" style="font-size: 12pt"><B>2</B><sup><B>ND</sup> AMENDMENT TO<BR>
MASTER AGREEMENT</B>



<P align="left" style="font-size: 12pt">August&nbsp;21, 2007


<P align="left" style="font-size: 12pt">ION Media Networks, Inc.
<BR>
601 Clearwater Park Road
<BR>
West Palm Beach, FL 33401-6233
<BR>
Attention: General Counsel
<BR>
Tel: 561-659-4122
<BR>
Fax: 561-655-9424


<P align="left" style="font-size: 12pt">CIG Media LLC
<BR>
131 S. Dearborn Street, 32nd Floor
<BR>
Chicago, Illinois 60603
<BR>
Attention: Matthew B. Hinerfeld
<BR>
Tel: 312-395-3167
<BR>
Fax: 312-267-7628


<P align="left" style="font-size: 12pt">Ladies and Gentlemen:


<P align="left" style="font-size: 12pt; text-indent: 4%">Reference is hereby made to the Master Transaction Agreement, dated as of May&nbsp;3, 2007, by and
among ION Media Networks, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), NBC Universal,
Inc., a Delaware corporation (&#147;<U>NBCU</U>&#148;), NBC Palm Beach Investment I, Inc., a California
corporation (&#147;<U>NBC Palm Beach I</U>&#148;), NBC Palm Beach Investment II, Inc., a California
corporation (&#147;<U>NBC Palm Beach II</U>&#148; and, together with NBCU and NBC Palm Beach I, the
&#147;<U>NBCU Entities</U>&#148;), and CIG Media LLC, a Delaware limited liability company (&#147;<U>CIG
Media</U>&#148;), as amended by the Amendment to the Master Agreement dated June&nbsp;8, 2007 (together, the
&#147;<U>Master Agreement</U>&#148;). All capitalized terms used but not otherwise defined herein shall
have the meanings given to them in the Master Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">The parties to the Master Agreement wish to amend the Master Agreement as set forth in this
letter (this &#147;<U>Amendment</U>&#148;). Pursuant to <U>Section&nbsp;2.01(b)</U> and <U>Section&nbsp;12.05</U>
of the Master Agreement, the Company, the NBCU Entities and CIG Media hereby amend the Master
Agreement as follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">1.&nbsp;<U>Section&nbsp;1.01</U> of the Master Agreement is hereby amended by deleting the definition
of &#147;Transaction Agreements&#148; in its entirety and replacing it with the following:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt">&#147;<U>Transaction Agreements</U>&#148; means, collectively, this Agreement, the
Registration Rights Agreement for New Securities, the Registration Rights Agreement
for Series&nbsp;B Convertible Subordinated Debt, the Series&nbsp;A Convertible Subordinated
Debt Indenture, the Series&nbsp;B Convertible Subordinated Debt Indenture, NBCU Option&nbsp;I,
NBCU Option&nbsp;II, the New Preferred Stock Certificates of Designation, the New
Stockholders&#146; Agreement, the Put/Call Agreement, the Series&nbsp;B Put/Call Agreement and
the Warrant.


<P align="left" style="font-size: 12pt; text-indent: 4%">2.&nbsp;<U>Section&nbsp;10.10</U> of the Master Agreement is hereby amended by deleting it in its
entirety and replacing it with the following:


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">SECTION 10.10. <U>Exchange of NBCU Series&nbsp;B Preferred</U>. Promptly
following the Exchange Offer Closing or immediately prior to the Contingent
Exchange, as applicable, NBC Palm Beach I shall surrender and deliver to the Company
one or more certificates representing all but $250,000,000 stated liquidation
preference of the remaining NBCU Series&nbsp;B Preferred it holds (after giving effect to
Sections&nbsp;2.05 and 5.04), and all accrued but unpaid dividends on the NBCU Series&nbsp;B
Preferred shall be cancelled, in exchange for (i) $31,070,000 aggregate stated
liquidation preference of Series&nbsp;E-1 Convertible Preferred, (ii)&nbsp;the NBCU Option II
and (iii)&nbsp;Series&nbsp;D Convertible Preferred with an aggregate stated liquidation
preference equal to $21,070,000 less than the total aggregate stated liquidation
preference of NBCU Series&nbsp;B Preferred surrendered by NBC Palm Beach I pursuant to
this Section&nbsp;10.10. Immediately following receipt of the certificates representing
the respective aggregate stated liquidation preference of NBCU Series&nbsp;B Preferred
surrendered by NBC Palm Beach I pursuant to this Section&nbsp;10.10, the Company shall
cancel such certificates and issue to NBC Palm Beach I certificates representing
such aggregate stated liquidation preference of Series&nbsp;E-1 Convertible Preferred and
Series&nbsp;D Convertible Preferred, respectively, as shall be determined pursuant to the
preceding sentence.


<P align="left" style="font-size: 12pt; text-indent: 4%">3.&nbsp;The Master Agreement is hereby amended by adding the following at the end of Article&nbsp;V.


<P align="left" style="margin-left:4%; margin-right:4%; font-size: 12pt; text-indent: 4%">SECTION 10.26. <U>Series&nbsp;B Put/Call Agreement</U>: Simultaneously with the
consummation of the Contingent Exchange, the Company, CIG and NBCU shall enter into
a Put/Call Agreement substantially in the form of Exhibit&nbsp;Y attached hereto (the
&#147;<U>Series&nbsp;B Put/Call Agreement</U>&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%">4.&nbsp;This Amendment shall be governed by the laws of the State of New York. This Amendment may
be executed and delivered (including by facsimile transmission) in one or more counterparts, and by
the different parties hereto in separate counterparts, each of which when executed shall be deemed
to be an original, but all of which taken together shall constitute one and the same agreement.
This Amendment may only be modified, amended or supplemented by written instrument duly executed by
the parties hereto.


<P align="left" style="font-size: 12pt; text-indent: 4%">5.&nbsp;Except as otherwise set forth in this Amendment, the Master Agreement shall remain in full
force and effect.


<P align="center" style="font-size: 12pt">&#091;Signatures on Next Page&#093;



<P align="center" style="font-size: 10pt; display: none; text-indent: 4%">1
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<P align="left" style="font-size: 12pt">Please acknowledge your agreement to and acceptance of the terms of this 2<sup>nd</sup>
Amendment by countersigning and returning the enclosed copy of this letter.


<P align="left" style="font-size: 12pt">Very truly yours,


<P align="left" style="font-size: 12pt">NBC UNIVERSAL, INC.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Lynn Calpeter</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Lynn Calpeter<BR>
Title: Executive Vice President, Chief Financial Officer and Treasurer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt">NBC PALM BEACH INVESTMENT I, INC.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Lynn Calpeter</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Lynn Calpeter<BR>
Title: Vice President and Treasurer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt">NBC PALM BEACH INVESTMENT II, INC.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Lynn Calpeter</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Lynn Calpeter<BR>
Title: Vice President and Treasurer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt">Agreed to and accepted as of August&nbsp;21, 2007:


<P align="left" style="font-size: 12pt">ION MEDIA NETWORKS, INC.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

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<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Richard Garcia</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Richard Garcia<BR>
Title: Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 12pt">CIG MEDIA LLC
<BR>
By: Citadel Limited Partnership, its Manager
<BR>
By: Citadel Investment Group, L.L.C., its General Partner


<P align="left" style="font-size: 12pt">By: <U>/s/ Matthew Hinerfeld</U><BR>
Name: Matthew Hinerfeld<BR>
Title: Managing Director<BR>



<P align="center" style="font-size: 10pt; display: none">2


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