<PAGE>   1
                                                               EXHIBIT 10.212


                        EMPLOYMENT SEPARATION AGREEMENT

         This EMPLOYMENT SEPARATION AGREEMENT made as of this 2nd day of
September, 1999, (this "Agreement") by and between Paxson Communications
Corporation, with its principal place of business at 601 Clearwater Park Road,
West Palm Beach, Florida 33401-6233, and its subsidiaries, divisions and
affiliated entities (collectively, "Paxson") and James B. Bocock, an
individual, currently residing at the address set forth under such individual's
signature below (collectively including any entity to which he may assign his
rights under this Agreement or his estate, "Bocock" and collectively with
Paxson referred to herein as the "Parties").

         WHEREAS, Paxson and Bocock are parties to (i) that certain Employment
Agreement dated as of June 11, 1998 (the "Employment Agreement"); (ii) that
certain Supplemental Executive Retirement Plan (the "SERP Agreement") and Split
Dollar Agreement (together with the SERP Agreement, the "Deferred Compensation
Agreements") each dated as of July 15, 1996; and (iii) that certain Promissory
Note (the "Note") and Pledge Agreement (the "Pledge Agreement" and together
with the Note, the "Loan Documents"), each dated December 16, 1998 and issued
by Employee to Paxson; and

         WHEREAS, Paxson and Bocock desire to end Bocock's employment
relationship with Paxson on or about September 10, 1999, in accordance with the
terms of this Agreement and provide for a settlement and termination of their
respective obligations under the Employment Agreement, the Deferred
Compensation Agreements, and the Loan Documents.

         NOW THEREFORE, for value received and in consideration of the mutual
agreements and waivers contained herein, the Parties agree as follows:

1.       SEPARATION. Bocock agrees that his employment with Paxson will end on
         September 10, 1999 (the "Termination Date"). Bocock agrees that on the
         Termination Date he will immediately return to Paxson all property
         (including keys, access cards, etc.) and documents (including all
         copies of documents) which Bocock obtained from Paxson or from any of
         its customers or employees.

2.       OBLIGATIONS OF THE PARTIES. In full settlement of Paxson's obligations
         to Bocock under the Employment Agreement and the Deferred Compensation
         Agreements and Bocock's obligations to Paxson under the Loan
         Documents, and in consideration of the agreements and waivers under
         Sections 3 and 4 hereof, Paxson and Bocock agree as follows:

         1.       Paxson shall continue to pay Bocock his current base salary
                  until September 30, 1999 in


<PAGE>   2

                  the manner customary to which Paxson has been making payments
                  to Bocock during the course of his employment.

         2.       Paxson shall pay Bocock a lump sum payment of those monies
                  owed Bocock pursuant to the SERP Agreement no later than
                  October 31, 1999.

         3.       As soon as permissible pursuant to the Company's policies
                  regarding insider trading, Bocock shall satisfy those
                  obligations to Paxson set forth under the Loan documents by
                  selling the shares of Paxson stock underlying the Loan;
                  provided, however, should Bocock determine to satisfy the
                  loan without disposing of the underlying collateral the
                  obligations to Paxson under the Loan documents must be
                  satisfied no later than September 30, 1999. In connection
                  therewith, Paxson shall return the Note to Bocock marked
                  "canceled/paid in full."

         4.       Paxson hereby agrees that, effective on the Termination Date,
                  Bocock shall, automatically and without any further action
                  required by Paxson or Bocock, be vested in those 90,000
                  unvested stock options (prior to the date hereof) which were
                  issued to Bocock under the Paxson Communications Corporation
                  1996 Plan, which options have an exercise price of
                  $3.42/share.

         5.       Paxson hereby agrees that, effective upon the expiration of
                  the Age Discrimination Waiver Effective Date, Bocock shall,
                  automatically and without any further action required by
                  Paxson or Bocock, be vested in 30,000 of the remaining
                  180,000 unvested stock options issued to Bocock under the
                  Paxson Communications Corporation 1998 Plan, which options
                  have an exercise price of $7.25/share. The remaining 150,000
                  unvested options, after giving effect to the foregoing
                  sentence, shall lapse and no longer be eligible for vesting
                  to Bocock.

         6.       Paxson hereby agrees that notwithstanding anything to the
                  contrary contained in any of the plans governing, or
                  agreements evidencing, the options granted to Bocock by the
                  Company, each of the vested options held by Bocock, including
                  those vested after giving effect to paragraphs 2d and 2e
                  hereof, may be exercised by Bocock on or before December 31,
                  2001.

         7.       Each of the parties agree that, the Employment Agreement,
                  Deferred Compensation Agreements and Loan Documents shall be
                  terminated and of no further force and effect on and after
                  the Termination Date, except that, notwithstanding the
                  foregoing, Bocock's right to indemnification as an officer
                  and/or director of the Company, under the terms of any
                  agreement between Paxson and Bocock, the organizational
                  documents of Paxson or applicable law, shall continue and
                  survive hereunder to the same extent as if Bocock remained an
                  officer or director of the Company.

         8.       Bocock hereby agrees to the assignment of all of his right,
                  title and interest in the Policy



<PAGE>   3

                  under the Split Dollar Agreement to Paxson as of the
                  Termination Date.

         9.       Bocock hereby agrees to execute and distribute the
                  Resignation Letter attached hereto as Exhibit A.

3.       WAIVER AND RELEASE BY PAXSON. Paxson agrees that, in exchange for
         Bocock's performance of its obligations under the Agreement, Paxson
         hereby completely releases and discharges Bocock from any and all
         claims, charges, actions and causes of action of any kind or nature
         that Paxson once had or now has whether arising out of the employment
         or separation of employment with Bocock, and whether such claims are
         now known or unknown to Paxson. Paxson further agrees that it will not
         bring any such charges, claims or actions against Bocock in the future
         arising from events occurring prior to the date hereof.

4.       WAIVER AND RELEASE BY BOCOCK. Bocock agrees that, in exchange for
         Paxson's performance of its obligations under the Agreement:

         1.       Bocock's release/waiver of claims. Bocock (on his own behalf
                  and on behalf of his heirs or personal representatives or any
                  other person who may be entitled to make a claim on Bocock's
                  behalf or through him) hereby completely releases and
                  discharges Paxson from any and all claims, charges, actions
                  and causes of action of any kind or nature that Bocock once
                  had or now has whether arising out of his employment or
                  separation of employment with Paxson, and whether such claims
                  are now known or unknown to Bocock; provided, however,
                  nothing herein shall limit Bocock's right to indemnification
                  as an officer and/or director of the Company.

         2.       Bocock's release of all claims. Paxson and Bocock realize
                  that there are many laws and regulations relating to
                  employment relationships, including Title VII of the Civil
                  Rights Act of 1964, as amended; the Age Discrimination in
                  Employment Act of 1967, as amended; the Americans with
                  Disabilities Act of 1990; the National Labor Relations Act,
                  as amended; the Civil Rights Act of 1866, as amended; the
                  Employee Retirement and Income Security Act; and various
                  state constitution provisions and human rights laws as well
                  as the laws of contract and tort. BOCOCK INTENDS BY SIGNING
                  THIS AGREEMENT TO RELEASE ANY AND ALL OTHER RIGHTS AND CLAIMS
                  THAT HE MAY HAVE AGAINST PAXSON UNDER ALL SUCH LAWS OR
                  REGULATIONS.

         3.       Waiver of Age Discrimination Claims. Notwithstanding anything
                  to the contrary contained herein, Bocock's waiver and release
                  under the Age Discrimination in Employment Act of 1967, shall
                  only be effected as follows:

                  (1)      Bocock shall deliver to Paxson a fully executed
                           waiver letter substantially in the form of Exhibit B
                           annexed hereto (the "Age Discrimination Waiver
                           Letter") no



<PAGE>   4

                           sooner than 21 days after the date hereof and no
                           later than 25 days after the date hereof.

                  (2)      The Age Discrimination Waiver Letter shall be
                           revocable by Bocock for seven days (the "Revocation
                           Period") following his delivery thereof to Paxson in
                           accordance with Section 4c(i) hereof and such
                           revocation shall be made by Bocock by sending a
                           written letter of revocation by certified mail,
                           return receipt requested, to Anthony L. Morrison,
                           General Counsel, c/o Paxson Communications
                           Corporation, 601 Clearwater Park Road, West Palm
                           Beach, Florida 33401.

                  (3)      If Bocock does not revoke the Age Discrimination
                           Waiver Letter in accordance with the terms of
                           Section 4c(ii) hereof on or before the expiration of
                           the Revocation Period, then the Age Discrimination
                           Waiver Letter shall, automatically and without any
                           further act by Bocock, become final and binding upon
                           Bocock and Paxson on the first day succeeding the
                           expiration of the Revocation Period (such date
                           referred to herein as the "Age Discrimination Waiver
                           Effective Date"). In delivering the Age
                           Discrimination Waiver Letter, it is the express
                           intent of Bocock to waive his rights under, and in
                           accordance with the requirements of, the Age
                           Discrimination in Employment Act of 1967 and that in
                           the event of any failure or ineffectiveness of such
                           waiver, Paxson shall not have received the benefits
                           intended to be conferred upon it by Bocock in
                           exchange for the benefits conferred by Paxson to
                           Bocock under Section 2 hereof. Accordingly, Bocock
                           agrees that in the event the Age Discrimination
                           Waiver Letter is deemed ineffective or unenforceable
                           arising out of any action or inaction by Bocock,
                           then the Age Discrimination Waiver Effective Date
                           shall be deemed not to have occurred and the
                           benefits conferred upon Bocock under Section 2
                           hereof shall be forfeited and, in addition to any
                           other remedies Paxson may have at law or in equity
                           with respect thereto, Paxson may, in order to effect
                           such forfeiture, reduce the number of vested but
                           unexercised options held by Bocock at the time of
                           any such forfeiture.

5.       INFORMED, VOLUNTARY SIGNATURE.

         1.       Bocock agrees that he has had a full and fair opportunity to
                  review this Agreement and signs it knowingly, voluntarily,
                  and without duress or coercion. Further, in executing this
                  agreement, Bocock agrees that he has not relied on any
                  representation or statement not set forth in this document.

         2.       Bocock agrees that he was given a copy of the Agreement and,
                  before signing it, he had an opportunity to consult an
                  attorney of his own choosing, in fact, he did consult with
                  his own attorney before signing it.



<PAGE>   5

         3.       This Agreement shall become effective and the agreements of
                  the Parties hereto enforceable in accordance with the terms
                  hereof until each Party has signed and delivered to the other
                  Party a fully executed copy of this Agreement.

6.       NO ADMISSION. The parties agree that this Agreement does not
         constitute any admission by Bocock or by Paxson of any (i) violation
         of any statute, law, regulation, order or other applicable authority,
         or (ii) breach of contract, actual or implied.

7.       CONFIDENTIALITY. The Parties agree that they will not at any time or
         in any manner talk about, write about, disclose or otherwise publicize
         (except as required by applicable law): (a) the terms or existence of
         this Agreement or its negotiation, execution or implementation; or (b)
         Paxson's proprietary and trade secret information.

8.       MISCELLANEOUS.

         1.       This agreement shall be interpreted and enforced in
                  accordance with the laws of the United States of America and
                  the State of Florida.

         2.       This Agreement and its attachments represent the sole and
                  entire agreement between the Parties and supersedes any and
                  all prior agreements, negotiations and discussions between
                  the parties and/or their respective counsel with respect to
                  the subject matters covered in this Agreement.

         3.       Each party will bear its own attorneys' fees and costs
                  incurred in connection with Bocock's separation from Paxson.

         4.       In the event any of the Paxson contact persons identified in
                  this Agreement are not available contact shall be made
                  directly to Lowell W. Paxson. Bocock acknowledges and agrees
                  that contacts with Paxson representatives other than as
                  provided for herein shall be ineffective and shall not be
                  deemed, constructive or actual notice of any kind.

         5.       If one or more paragraph(s) of this Agreement are ruled
                  invalid or unenforceable, such invalidity or unenforceability
                  shall not affect any other provision of the Agreement, which
                  shall remain in full force and effect.

         6.       As used in this agreement, the term "Paxson" shall mean
                  Paxson Communications Corporation as well as its
                  subsidiaries, divisions, and affiliated organizations as well
                  as their respective successors and assigns together with
                  their directors, officers, employees, agents, attorneys,
                  representatives, shareholders and their respective heirs and
                  personal representatives.

         7.       This agreement may not be modified orally but only by a
                  writing signed by both parties to



<PAGE>   6

                  this Agreement.

         IN WITNESS WHEREOF, this Agreement has been executed and delivered by
the parties as of the first date written above.

                        PAXSON COMMUNICATIONS CORPORATION


                        By:
                           -----------------------------------------------
                        Name:
                             ---------------------------------------------
                        Title:
                              --------------------------------------------