Document:

EX-10.1

EXHIBIT 10.1

2ND AMENDMENT TO

MASTER AGREEMENT

August 21, 2007

ION Media Networks, Inc.

601 Clearwater Park Road

West Palm Beach, FL 33401-6233

Attention: General Counsel

Tel: 561-659-4122

Fax: 561-655-9424

CIG Media LLC

131 S. Dearborn Street, 32nd Floor

Chicago, Illinois 60603

Attention: Matthew B. Hinerfeld

Tel: 312-395-3167

Fax: 312-267-7628

Ladies and Gentlemen:

Reference is hereby made to the Master Transaction Agreement, dated as of May 3, 2007, by and
among ION Media Networks, Inc., a Delaware corporation (the “Company”), NBC Universal,
Inc., a Delaware corporation (“NBCU”), NBC Palm Beach Investment I, Inc., a California
corporation (“NBC Palm Beach I”), NBC Palm Beach Investment II, Inc., a California
corporation (“NBC Palm Beach II” and, together with NBCU and NBC Palm Beach I, the
“NBCU Entities”), and CIG Media LLC, a Delaware limited liability company (“CIG
Media”), as amended by the Amendment to the Master Agreement dated June 8, 2007 (together, the
“Master Agreement”). All capitalized terms used but not otherwise defined herein shall
have the meanings given to them in the Master Agreement.

The parties to the Master Agreement wish to amend the Master Agreement as set forth in this
letter (this “Amendment”). Pursuant to Section 2.01(b) and Section 12.05
of the Master Agreement, the Company, the NBCU Entities and CIG Media hereby amend the Master
Agreement as follows:

1. Section 1.01 of the Master Agreement is hereby amended by deleting the definition
of “Transaction Agreements” in its entirety and replacing it with the following:

“Transaction Agreements” means, collectively, this Agreement, the
Registration Rights Agreement for New Securities, the Registration Rights Agreement
for Series B Convertible Subordinated Debt, the Series A Convertible Subordinated
Debt Indenture, the Series B Convertible Subordinated Debt Indenture, NBCU Option I,
NBCU Option II, the New Preferred Stock Certificates of Designation, the New
Stockholders’ Agreement, the Put/Call Agreement, the Series B Put/Call Agreement and
the Warrant.

2. Section 10.10 of the Master Agreement is hereby amended by deleting it in its
entirety and replacing it with the following:

SECTION 10.10. Exchange of NBCU Series B Preferred. 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 B Preferred it holds (after giving effect to
Sections 2.05 and 5.04), and all accrued but unpaid dividends on the NBCU Series B
Preferred shall be cancelled, in exchange for (i) $31,070,000 aggregate stated
liquidation preference of Series E-1 Convertible Preferred, (ii) the NBCU Option II
and (iii) Series 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 B Preferred surrendered by NBC Palm Beach I pursuant to
this Section 10.10. Immediately following receipt of the certificates representing
the respective aggregate stated liquidation preference of NBCU Series B Preferred
surrendered by NBC Palm Beach I pursuant to this Section 10.10, the Company shall
cancel such certificates and issue to NBC Palm Beach I certificates representing
such aggregate stated liquidation preference of Series E-1 Convertible Preferred and
Series D Convertible Preferred, respectively, as shall be determined pursuant to the
preceding sentence.

3. The Master Agreement is hereby amended by adding the following at the end of Article V.

SECTION 10.26. Series B Put/Call Agreement: 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 Y attached hereto (the
“Series B Put/Call Agreement”).

4. 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.

5. Except as otherwise set forth in this Amendment, the Master Agreement shall remain in full
force and effect.

[Signatures on Next Page]

1

Please acknowledge your agreement to and acceptance of the terms of this 2nd
Amendment by countersigning and returning the enclosed copy of this letter.

Very truly yours,

NBC UNIVERSAL, INC.

	 	 	 
	By:

	 	/s/ Lynn Calpeter
	
 
	 	 
	
 
	 	Name: Lynn Calpeter

Title: Executive Vice President, Chief Financial Officer and Treasurer

NBC PALM BEACH INVESTMENT I, INC.

	 	 	 
	By:

	 	/s/ Lynn Calpeter
	
 
	 	 
	
 
	 	Name: Lynn Calpeter

Title: Vice President and Treasurer

NBC PALM BEACH INVESTMENT II, INC.

	 	 	 
	By:

	 	/s/ Lynn Calpeter
	
 
	 	 
	
 
	 	Name: Lynn Calpeter

Title: Vice President and Treasurer

Agreed to and accepted as of August 21, 2007:

ION MEDIA NETWORKS, INC.

	 	 	 
	By:

	 	/s/ Richard Garcia
	
 
	 	 
	
 
	 	Name: Richard Garcia

Title: Chief Financial Officer

CIG MEDIA LLC

By: Citadel Limited Partnership, its Manager

By: Citadel Investment Group, L.L.C., its General Partner

By: /s/ Matthew Hinerfeld

Name: Matthew Hinerfeld

Title: Managing Director

2EX-10.2

EXHIBIT 10.2

PUT/CALL AGREEMENT

PUT/CALL AGREEMENT (this “Agreement”) made and entered into as of August 21, 2007 by
and between ION Media Networks Inc., a Delaware corporation (the “Company”), CIG Media LLC,
a Delaware liability company (“CIG”), and NBC Universal, Inc., a Delaware corporation
(“NBCU”).

W  I  T  N  E  S  S  E  T  
us>H

WHEREAS, on May 3, 2007, the Company, NBCU, NBC Palm Beach Investment I, Inc., a California
corporation (“NBC Palm Beach I”), NBC Palm Beach Investment II, Inc., a California
corporation (“NBC Palm Beach II”), and CIG entered into a Master Transaction Agreement, as
amended (the “Master Agreement”), which provides for the restructuring of the Company’s
ownership and capital structure;

WHEREAS, on the date hereof, the parties to the Master Agreement have entered into an
amendment to the Master Agreement in order to provide that, in accordance with Section 2.01(b) of
the Master Agreement, an Affiliate of NBCU shall retain NBCU Series B Preferred with an aggregate
liquidation preference of $250,000,000; and

WHEREAS, the Company and NBCU desire to enter into this Agreement pursuant to which the
Company grants to NBCU a put option and NBCU grants to the Company a call option on the Subject
Securities (as defined below) on the terms and conditions specified herein.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and
valuable consideration, receipt of which are hereby acknowledged, the parties hereto agree as
follows:

SECTION 1. Definitions. Terms not otherwise defined herein shall have the meaning set
forth in the Master Agreement.

(a) As used herein, the following terms shall have the following meanings:

“Exercise Date” means the Business Day following the earliest of the date on which (i)
all of the Senior Debt has been refinanced or replaced, (ii) the Company has entered into
arrangements reasonably satisfactory to CIG providing for a third party to purchase any and all of
the Company’s outstanding Senior Debt as to which the holders thereof elect to exercise any right
they may have to require the Company to repurchase such Senior Debt as a result of NBCU or one of
its Affiliates no longer owning at least $250 million aggregate liquidation preference of Subject
Securities, or (iii) the receipt by the Company of a waiver, in form and substance satisfactory to
the parties hereto, from the holders of at least a majority in aggregate principal amount of each
class of the Senior Debt outstanding at the time of waiver, of any such right described in clause
(ii).

“Exercise Price” means (i) if the Exercise Date occurs on or prior to the second
anniversary of the date hereof, 25,000 shares of Series D Convertible Preferred (as adjusted by
stock splits, reverse splits, stock dividends, combinations, conversions, reclassifications,
reorganizations, stock dividends, and similar events), and (ii) if the Exercise Date occurs after
the second anniversary of the date hereof, 25,000 shares of Series G Convertible Preferred (as
adjusted by stock splits, reverse splits, stock dividends, combinations, conversions,
reclassifications, reorganizations, stock dividends, and similar events).

“Lien” means any mortgage, pledge, hypothecation, assignment, encumbrance, lien
(statutory or other) or security agreement of any kind or nature whatsoever (including, without
limitation, any conditional sale or other title retention agreement or any financing lease having
substantially the same effect as any of the foregoing).

“Permitted Liens” means (i) mechanics’, carriers’, repairmen’s or other like Liens
arising or incurred in the ordinary course of business, (ii) Liens arising under original purchase
price conditioned sales contracts and equipment leases with third parties entered into in the
ordinary course of business consistent with past practice, (iii) statutory Liens for Taxes not yet
due and payable, (iv) Liens arising under federal or state securities laws and (v) Liens arising
under the New Stockholders’ Agreement.

“Sell” means to sell, transfer, convey, assign or otherwise dispose of (but excluding
any Sale to an Affiliate), either directly or indirectly, voluntarily or involuntarily, or by
merger, sale, consolidation or otherwise; and the terms “Sale” and “Sold” shall have meanings
correlative to the foregoing.

“Series G Convertible Preferred” means the Series G Mandatorily Convertible Preferred
Stock due 2013, par value $0.001 per share, of the Company, with a liquidation preference of
$10,000 per share, to be issued by the Company under the Series G Convertible Preferred Certificate
of Designation if necessary pursuant to this Agreement.

“Series G Convertible Preferred Certificate of Designation” means the Certificate of
Designation of Series G Convertible Preferred to be executed and filed with the Secretary of State
of the State of Delaware if necessary, in the form of Exhibit A attached hereto.

“Subject Securities” means 25,000 shares of Series B Convertible Preferred (as
adjusted by stock splits, reverse splits, stock dividends, combinations, conversions,
reclassifications, reorganizations, stock dividends, and similar events).

(b) The following terms have the meanings set forth in the Sections set forth below:

	 	 	 	 	 
	Definition	 	Section
	“Agreement”
	 	Preamble
	 
	 	 	 	 
	“Call Exercise Notice”
	 	 	2.2	(b)
	 
	 	 	 	 
	“Call Exercise Period”
	 	 	2.2	(a)
	 
	 	 	 	 
	“Call Right”
	 	 	2.2	(a)
	 
	 	 	 	 
	“Call Right Closing”
	 	 	3	(b)(i)
	 
	 	 	 	 
	“CIG”
	 	Preamble
	 
	 	 	 	 
	“Company”
	 	Recitals
	 
	 	 	 	 
	“Master Agreement”
	 	Recitals
	 
	 	 	 	 
	“NBC Palm Beach I”
	 	Recitals
	 
	 	 	 	 
	“NBC Palm Beach II”
	 	Recitals
	 
	 	 	 	 
	“NBCU Option I”
	 	Recitals
	 
	 	 	 	 
	“NBCU Option II”
	 	Recitals
	 
	 	 	 	 
	“NBCU”
	 	Preamble
	 
	 	 	 	 
	“Put Exercise Notice”
	 	 	2.1	(b)
	 
	 	 	 	 
	“Put Exercise Period”
	 	 	2.1	(a)
	 
	 	 	 	 
	“Put Right”
	 	 	2.1	(a)
	 
	 	 	 	 
	“Put Right Closing”
	 	 	3	(a)(i)
	 
	 	 	 	 
	“Renewed Call Exercise Period”
	 	 	2.3	 
	 
	 	 	 	 
	“Renewed Put Exercise Period”.
	 	 	2.3	 
	 
	 	 	 	 
	“Transferee”
	 	 	8	 
	 
	 	 	 	 

SECTION 2. Put/Call Right.

2.1 Put Right of NBCU. (a) At any time after the Exercise Date, NBCU shall have the
right, upon the terms and subject to the conditions set forth in this Agreement, to require the
Company to purchase all but not less than all of the Subject Securities at the Exercise Price (the
“Put Right”).

(b) NBCU may exercise the Put Right at any time after the Exercise Date by delivery to the
Company of a written notice given in the manner specified in Section 8 hereof (the “Put
Exercise Notice”) stating that NBCU (or such Affiliate of NBCU as NBCU may designate) is
exercising the Put Right.

2.2 Call Right of the Company. (a) At any time after the Exercise Date, the Company
shall have the right, upon the terms and subject to the conditions set forth in this Agreement, to
require NBCU (or such Affiliate of NBCU as NBCU may designate) to sell all but not less than all of
the Subject Securities at the Exercise Price (the “Call Right”).

(b) The Company may exercise the Call Right at any time after the Exercise Date by delivery to
NBCU of a written notice given in the manner specified in Section 8 hereof (the “Call Exercise
Notice”) stating that the Company is exercising the Call Right.

SECTION 3. Closing.

(a) Put Right Closing. (i) The closing of the exercise of the Put Right (the
“Put Right Closing”) shall take place no later than three (3) Business Days following
delivery of the Put Exercise Notice and shall occur at the place designated in the Put Exercise
Notice.

(ii) At the Put Right Closing, (x) NBCU shall cause NBC Palm Beach I to deliver to the
Company certificates representing all of the Subject Securities, duly endorsed in blank or
accompanied by stock or similar powers duly executed in blank, with all necessary stock transfer
stamps or similar instruments, as applicable, affixed thereto, free and clear of all Liens other
than Permitted Liens, and (y) the Company shall deliver to NBCU (or such Affiliate of NBCU as NBCU
may designate) certificates for shares of Series D Convertible Preferred or Series G Convertible
Preferred, as the case may be, equal to the Exercise Price in such denominations set forth in the
Put Exercise Notice; provided, however, in the event that on or prior to the Put
Right Closing, a Mandatory Conversion Event (as defined in the Series D Convertible Preferred Stock
Certificate of Designation or the Series G Convertible Preferred Stock Certificate of Designation,
as the case may be) has occurred, the Company shall deliver to NBCU (or such Affiliate of NBCU as
NBCU may designate) certificates for such number of shares of such other security of the Company
that NBCU would have received as a result of the Mandatory Conversion Event if NBCU had exercised
the Put Right immediately prior to the occurrence of the Mandatory Conversion Event.

(b) Call Right Closing. (i) The closing of the exercise of the Call Right (the
“Call Right Closing”) shall take place no later than three (3) Business Days following
delivery of the Call Exercise Notice and shall occur at the place designated in the Call Exercise
Notice.

(ii) At the Call Right Closing, (x) NBCU shall cause NBC Palm Beach I to deliver to the
Company certificates representing all of the Subject Securities, duly endorsed in blank or
accompanied by stock or similar powers duly executed in blank, with all necessary stock transfer
stamps or similar instruments, as applicable, affixed thereto, free and clear of all Liens other
than Permitted Liens, and (y) the Company shall deliver to NBCU (or such Affiliate of NBCU as NBCU
may designate) certificates for shares of Series D Convertible Preferred or Series G Convertible
Preferred, as the case may be, equal to the Exercise Price in such denominations set forth in the
Call Exercise Notice; provided, however, in the event that on or prior to the Call
Right Closing, a Mandatory Conversion Event (as defined in the Series D Convertible Preferred Stock
Certificate of Designation or the Series G Convertible Preferred Stock Certificate of Designation,
as the case may be) has occurred, the Company shall deliver to NBCU (or such Affiliate of NBCU as
NBCU may designate) certificates for such number of shares of such other security of the Company
that NBCU would have received as a result of the Mandatory Conversion Event if the Company had
exercised the Call Right immediately prior to the occurrence of the Mandatory Conversion Event.

SECTION 4. Representations and Warranties. Each party hereto represents and warrants
to the other parties hereto as follows:

(a) Such party has been duly organized and is validly existing and in good standing under the
laws of its jurisdiction of organization and has all requisite power and authority to carry on its
business as presently conducted and proposed to be conducted.

(b) Such party has full power and authority to execute and deliver this Agreement and perform
its obligations hereunder.

(c) This Agreement has been duly and validly authorized, executed and delivered by such party,
and constitutes a valid and binding obligation of such party, enforceable against such party in
accordance with its terms.

(d) The execution, delivery and performance of this Agreement by such party does not and will
not (A) violate, conflict with, or constitute a breach of or default under such party’s
organizational documents or (B) violate any Law applicable to such party.

(e) The execution, delivery and performance of this Agreement by it does not and will not (A)
require it to obtain any consent, approval, authorization or other order of, or to make any filing,
registration or qualification with any court, regulatory body, administrative agency or other
governmental body (except where failure to obtain such consent, approval, authorization or action,
or to make such filing or notification, would not prevent or materially delay the consummation by
such party or its designated Affiliate of the transactions contemplated by this Agreement) or (B)
violate, conflict with, constitute a breach or default under, or result in the imposition of a Lien
on any of such party’s material properties pursuant to, any agreement, arrangement, commitment or
undertaking to which such party is a party or by which such party is bound and which would
adversely affect such party’s ability to perform its obligations hereunder.

(f) Such party is not a party to any agreement which is inconsistent with the rights of any
party hereunder or otherwise conflicts with the provisions hereof.

SECTION 5. Additional Agreements

(a) Waiver. The Company shall use its reasonable best efforts to enter into
arrangements reasonably satisfactory to CIG providing for a third party to purchase any and all of
the Company’s outstanding Senior Debt as to which the holders thereof elect to exercise any right
they may have to require the Company to repurchase such Senior Debt if NBCU or one of its
Affiliates were to no longer own at least $250 million aggregate principal amount of Subject
Securities or obtain a waiver, in form and substance satisfactory to the parties hereto, from the
holders of at least a majority in aggregate principal amount of each class of the Senior Debt
outstanding at the time of waiver, of any such right.

(b) Conversion. NBCU agrees that it shall not convert any shares of the Subject
Securities prior to the Exercise Date.

(c) Issue Date. The parties hereto agree that the Issue Date (as defined in the
Series D Convertible Preferred Certificate of Designation or the Series G Convertible Preferred
Certificate of Designation, as the case may be) of the shares of Series D Convertible Preferred or
Series G Convertible Preferred, as the case may be, issued at the Put Right Closing or the Call
Right Closing, as applicable, shall be the date hereof.

(d) Subordination. The parties hereto agree that the Subject Securities shall, in all
respects with respect to dividends and distributions upon liquidation, winding up or dissolution of
the Company, rank (i) on a parity with the Series D Convertible Preferred and all other Parity
Securities (as defined in the Series D Convertible Preferred Stock Certificate of Designation),
(ii) senior to the Junior Securities (as defined in the Series D Convertible Preferred Stock
Certificate of Designation) as to dividends and distributions upon liquidation, winding up or
dissolution of the Company and (iii) junior to the Senior Securities (as defined in the Series D
Convertible Preferred Stock Certificate of Designation) to dividends and distributions upon
liquidation, winding up or dissolution of the Company.

(e) Legends. NBCU agrees to, and shall request the Company to cause, the imprinting,
for so long as appropriate, of substantially the following legends on certificates representing any
of the Securities issued to NBCU (or such Affiliate of NBCU as NBCU may designate) at the Put Right
Closing or Call Right Closing, as applicable:

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A STOCKHOLDERS’
AGREEMENT, DATED AS OF MAY 4, 2007, AMONG ION MEDIA NETWORKS, INC., CIG MEDIA LLC AND NBC
UNIVERSAL, INC.

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933 AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933 OR AN EXEMPTION THEREFROM AND, IN EACH
CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS.

(f) Stockholders’ Agreement and Put/Call Agreement. The parties hereto agree that the
Subject Securities shall, in all respects, be deemed to be subject to the Stockholders’ Agreement
by and among the Company, CIG and NBCU dated as of May 4, 2007. The parties hereto agree that the
Subject Securities shall, in all respects, be deemed to be “NBCU Securities” for purposes of the
Put/Call Agreement between CIG and NBCU dated as of May 4, 2007.

SECTION 8. Notices. All notices, requests, demands and other communications hereunder
shall be in writing and shall be given when (and shall be deemed to have been duly given upon
receipt) by delivery in person, by overnight courier, by facsimile or by registered or certified
mail (postage prepaid, return receipt requested), to the respective parties at the following
addresses (or such other address for a party as shall be specified in a notice given in accordance
with this Section 8):

If to NBCU:

NBC Universal, Inc.

30 Rockefeller Plaza

New York, New York 10112

Attention: General Counsel

Tel: 212-646-7024

Fax: 212-646-4733

With a copy to:

Shearman & Sterling LLP

599 Lexington Avenue

New York, New York 10022

Attention: John A. Marzulli, Jr.

Tel: 212-848-8590

Fax: 646-848-8590

If to CIG:

CIG Media LLC

131 S. Dearborn Street, 32nd Floor

Chicago, Illinois 60603

Attention: Matthew B. Hinerfeld

Tel: 312-395-3167

Fax: 312-267-7628

with a copy to:

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, NY 10004

Attention: Robert Schwenkel

Steven Steinman

Tel: 212-859-8000

Fax: 212-859-4000

	 	 	 	 	 
	If to the Company:
	 	 	 	 
	ION Media Networks, Inc.
601 Clearwater Park Road
	 	 	 	 
	West Palm Beach, FL 33401-6233

	Attention: General Counsel
Tel: 561-659-4122
Fax: 561-655-9424
With a copy to:
	 	 	 	 
	Holland & Knight LLP
	 	 	 	 
	222 Lakeview Avenue, Suite 1000

	West Palm Beach, Florida 33401

	Attention: David L. Perry
Tel: 561-650-8314
Fax: 561-650-8399
SECTION 9.
	 	Transferability of Subject Securities and Put/Call Right.
	 
	 	 	 	 

(a) NBCU hereby agrees that from the date hereof until the Exercise Date, it will not, and it
will cause its Affiliates not to, assign, pledge, offer, sell or otherwise transfer or dispose of
any of the Subject Securities or any interests in the Subject Securities.

(b) Any party hereto may assign all or any of its rights and obligations hereunder to its
Affiliates, provided that no such assignment shall relieve the assigning party of its
obligations hereunder. NBCU may assign its rights and obligations hereunder to any party to which
it transfers the Subject Securities in compliance with the terms of the Transaction Agreements,
provided, further, that it shall be a condition of such transfer that the
transferee of the Subject Securities agrees in writing to assume all of the obligations of NBCU
under this Agreement and that the Subject Securities continue to be subject to the Call Right in
accordance with the terms and conditions of this Agreement.

SECTION 10. Miscellaneous. (a) This Agreement and the Transaction Agreements and the
documents described therein or attached or delivered pursuant thereto set forth the entire
agreement between the parties thereto with respect to the transactions contemplated by such
agreements. Any provision of this Agreement may be amended or modified in whole or in part at any
time only by an agreement in writing signed by all of the parties. No failure on the part of any
party to exercise, and no delay in exercising, any right shall operate as a waiver thereof nor
shall any single or partial exercise by any party of any right preclude any other or future
exercise thereof or the exercise of any other right.

(b) If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced by Law or public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal substance is not
affected in any manner materially adverse to any party. Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties
as closely as possible in a mutually acceptable manner in order that the transactions contemplated
by this Agreement be consummated as originally contemplated to the fullest extent possible.

(c) This Agreement 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.

(d) No right, power or remedy conferred upon any party in this Agreement shall be exclusive,
and each such right, power or remedy shall be cumulative and in addition to every other right,
power or remedy whether conferred in this Agreement or now or hereafter available at law or in
equity or by statute or otherwise. The parties hereto agree that irreparable damage would occur in
the event any provision of this Agreement was not performed in accordance with the terms hereof and
that the parties shall be entitled to an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the terms and provisions of this Agreement in addition to any
other remedy to which they are entitled at law or in equity.

(e) Each party shall execute and deliver such additional instruments and other documents and
shall take such further actions as may be necessary or appropriate to effectuate, carry out and
comply with all of the terms of this Agreement and the transactions contemplated hereby.

(f) The section headings, captions and table of contents contained in this Agreement are for
reference purposes only, are not part of this Agreement and shall not affect the meaning or
interpretation of this Agreement.

(g) This Agreement shall be binding upon and shall inure to the benefit of the parties, and
their respective successors and permitted assigns.

(h) All costs and expenses incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the party incurring such expense.

(i) This agreement shall terminate and become of no further force and effect on the earlier to
occur of (i) immediately after the Put Right Closing or the Call Right Closing, as the case may be,
and (ii) the written consent of the parties hereto.

(j) This Agreement shall be governed by, and construed in accordance with, the Laws of the
State of New York applicable to contracts executed in and to be performed in that State. All
actions and proceedings arising out of or relating to this Agreement shall be heard and determined
exclusively in any New York state or federal court sitting in the Borough of Manhattan of The City
of New York. The parties hereto hereby (a) submit to the exclusive jurisdiction of any state or
federal court sitting in the Borough of Manhattan of The City of New York for the purpose of any
Action arising out of or relating to this Agreement brought by any party hereto, and (b)
irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such
Action, any claim that it is not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that the Action is brought in
an inconvenient forum, that the venue of the Action is improper, or that this Agreement may not be
enforced in or by any of the above-named courts.

(k) Each of the parties hereto hereby waives to the fullest extent permitted by applicable Law
any right it may have to a trial by jury with respect to any litigation directly or indirectly
arising out of, under or in connection with this Agreement. Each of the parties hereto (a)
certifies that no representative, agent or attorney of any other party has represented, expressly
or otherwise, that such other party would not, in the event of litigation, seek to enforce that
foregoing waiver and (b) acknowledges that it and the other hereto have been induced to enter into
this Agreement, as applicable, by, among other things, the mutual waivers and certifications in
this Section 10(k).

[Signature Page to Follow]

IN WITNESS WHEREOF, the Company, CIG and NBCU have caused this Agreement to be executed by their
respective representatives on the date first above written.

ION MEDIA NETWORKS, INC.

By:/s/ Richard Garcia

Name: Richard Garcia

Title: Chief Financial Officer

CIG MEDIA LLC

By: Citadel Limited Partnership,

its Manager

By: Citadel Investment Group, L.L.C.,

its General Partner

By:/s/ Matthew Hinerfeld

Name: Matthew Hinerfeld

Title: Managing Director

NBC UNIVERSAL, INC.

By: /s/ Lynn Calpeter

Name: Lynn Calpeter

Title: Executive Vice President, Chief

 Financial Officer and Treasurer

1

Exhibit A

Series G Convertible Preferred Certificate of Designation

CERTIFICATE OF DESIGNATION OF THE POWERS,

PREFERENCES AND RELATIVE, PARTICIPATING,

OPTIONAL AND OTHER SPECIAL RIGHTS OF 

SERIES G MANDATORILY CONVERTIBLE PREFERRED STOCK

AND QUALIFICATIONS, LIMITATIONS AND RESTRICTIONS THEREOF

Pursuant to Section 151 of the

General Corporation Law of the State of Delaware

ION Media Networks, Inc. (the “Corporation”), a corporation organized and existing
under the General Corporation Law of the State of Delaware, does hereby certify that, pursuant to
the authority conferred upon the board of directors of the Corporation (the “Board of
Directors”) by the Certificate of Incorporation of the Corporation, as amended (hereinafter
referred to as the “Certificate of Incorporation”), and pursuant to the provisions of
Section 151 of the General Corporation Law of the State of Delaware, the Board of Directors, on
     , duly approved and adopted the following resolution:

RESOLVED, that, pursuant to the authority vested in the Board of Directors by the
Certificate of Incorporation, the Board of Directors does hereby create, authorize
and provide for the issuance of Series G Mandatorily Convertible Preferred Stock,
par value $.001 per share, with a liquidation preference of $10,000 per share,
consisting of 25,000 shares, having the designations, preferences, relative,
participating, optional and other special rights and the qualifications,
limitations and restrictions thereof that are set forth in the Certificate of
Incorporation and in this resolution as follows:

Designation. There is hereby created out of the authorized and unissued shares of
Preferred Stock of the Corporation a series of Preferred Stock designated as the “Series G
Mandatorily Convertible Preferred Stock.” The number of shares constituting such series shall be
25,000 and are referred to as the “Series G Convertible Preferred.” The liquidation preference of
the Series G Convertible Preferred shall be $10,000.00 per share (the “Liquidation
Preference”).

Rank. The Series G Convertible Preferred shall, with respect to dividends and
distributions upon liquidation, winding up or dissolution of the Corporation, rank (i) senior to
the Junior Preferred Stock, to all classes of Common Stock of the Corporation and to each other
class of Capital Stock of the Corporation or series of Preferred Stock of the Corporation hereafter
created, the terms of which do not expressly provide that it ranks senior to, or on a parity with,
the Series G Convertible Preferred as to dividends and distributions upon liquidation, winding up
or dissolution of the Corporation (collectively referred to, together with all classes of Common
Stock of the Corporation, as “Junior Securities”); (ii) on a parity with the 8% Series D
Mandatorily Convertible Preferred Stock and any other class of Capital Stock of the Corporation or
series of Preferred Stock of the Corporation hereafter created the terms of which expressly provide
that such class or series will rank on a parity with the Series G Convertible Preferred as to
dividends and distributions upon liquidation, winding up or dissolution of the Corporation
(collectively referred to as “Parity Securities”), provided that any such Parity Securities
not issued in accordance with the requirements of paragraph (f)(i) hereof shall be deemed to be
Junior Securities and not Parity Securities; and (iii) junior to the Senior Preferred Stock and to
each other class of Capital Stock of the Corporation or series of Preferred Stock of the
Corporation hereafter created the terms of which expressly provide that such class or series will
rank senior to the Series G Convertible Preferred as to dividends and distributions upon
liquidation, winding up or dissolution of the Corporation (collectively referred to as “Senior
Securities”), provided that any such Senior Securities not issued in accordance with the
requirements of paragraph (f)(i) hereof shall be deemed to be Junior Securities and not Senior
Securities.

Dividends.

Beginning on the Issue Date, the Holders shall be entitled to receive, when, as and if
declared by the Board of Directors, out of funds legally available therefor, dividends on each
share of Series G Convertible Preferred at the higher of (x) (A) from the Issue Date until the
second anniversary of the Issue Date, a rate per annum equal to 8% of the Issue Price, and (B)
after the second anniversary of the Issue Date, a rate per annum equal to 11% of the Issue Price
and (y) the aggregate cash dividends per share paid on the Class A Common Stock from (A) the later
of the Issue Date or the date of the last payment of a cash dividend on the Class A Common Stock to
(B) the date of such determination, multiplied by the number of shares of Class A Common Stock into
which each share of Series G Convertible Preferred is convertible. All dividends shall accrue and
be cumulative, whether or not earned or declared, on a quarterly basis, in arrears, from the Issue
Date, even if the Series G Convertible Preferred are issued on a date subsequent to the Issue Date,
but shall be payable only at such time or times as may be fixed by the Board of Directors or as
otherwise provided herein and shall not compound. Dividends shall cease to accrue and accumulate
in respect of shares of the Series G Convertible Preferred on the date of conversion of such shares
or the date of the redemption of such shares unless the Corporation shall have failed to pay or
make available for payment the relevant redemption price on the date fixed for redemption.

All dividends paid with respect to shares of the Series G Convertible Preferred pursuant to
paragraph (c)(i) shall be paid in cash pro rata to the Holders entitled thereto.

Liquidation.

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the
affairs of the Corporation, each Holder shall be entitled to be paid, out of the assets of the
Corporation available for distribution to its stockholders and before any distribution shall be
made or any assets distributed to the holders of any of the Junior Securities, including, without
limitation, the Common Stock of the Corporation, an amount in cash equal to the greater of (A) the
Liquidation Preference for each outstanding share of Series G Convertible Preferred, plus, without
duplication, an amount in cash equal to accumulated and unpaid dividends thereon to the date fixed
for such liquidation, dissolution or winding up, and (B) the amount per share which would have been
payable upon such liquidation, dissolution or winding up to the holders of shares of Class A Common
Stock or such other class or series of stock into which the Series G Convertible Preferred is then
convertible (assuming the conversion of each share of then convertible Series G Convertible
Preferred and without deduction for the Liquidation Preference otherwise payable pursuant to clause
(A) hereof), multiplied by the number of shares of Class A Common Stock into which such shares of
Series G Convertible Preferred are then convertible. Except as provided in the preceding sentence,
Holders of Series G Convertible Preferred shall not be entitled to any distribution in the event of
any liquidation, dissolution or winding up of the affairs of the Corporation. If the assets of the
Corporation are not sufficient to pay in full the liquidation payments payable to the Holders and
to any holders of all other Parity Securities, then such assets shall be distributed among the
Holders and any holders of such other Parity Securities ratably in accordance with the respective
amounts that would be payable on such shares of Series G Convertible Preferred and any such shares
of other Parity Securities if all amounts payable thereon were paid in full.

For the purposes of this paragraph (d), neither the sale, conveyance, exchange or transfer
(for cash, shares of stock, securities or other consideration) of all or substantially all of the
property or assets of the Corporation nor the consolidation or merger of the Corporation with or
into one or more entities shall be deemed to be a liquidation, dissolution or winding up of the
affairs of the Corporation.

Redemption.

Mandatory Redemption. The Corporation shall redeem, in the manner provided for in
paragraph (e)(ii) hereof, and out of funds legally available therefor all of the outstanding shares
of Series G Convertible Preferred for cash on August 31, 2013 (the “Redemption Date”), at a
price per share equal to the Redemption Price.

Procedures for Redemption. 1.1.1. At least 90 days prior to the Redemption
Date, written notice (the “Redemption Notice”) shall be given by first class mail, postage
prepaid, to each Holder who is a Holder on the date such notice is given at such Holder’s address
as it appears on the stock books of the Corporation, provided that no failure to give such notice
nor any deficiency therein shall affect the validity of the procedure for the redemption of any
shares of Series G Convertible Preferred as to the Holder or Holders to whom the Corporation has
failed to give said notice or to whom such notice was defective. The Redemption Notice shall
state:

the Redemption Price;

that the Holder is to surrender to the Corporation, in the manner, at the place or
places and at the price designated, its certificate or certificates representing the shares
of Series G Convertible Preferred; and

that dividends on the shares of the Series G Convertible Preferred shall cease to
accumulate on such Redemption Date unless the Corporation defaults in the payment of the
Redemption Price.

Each Holder shall surrender the certificate or certificates representing all shares of Series
G Convertible Preferred held by such Holder to the Corporation, duly endorsed (or otherwise in
proper form for transfer, as determined by the Corporation), in the manner and at the place or
places designated in the Redemption Notice, and on the Redemption Date the full Redemption Price
for such shares shall be payable in cash to the Person whose name appears on such certificate or
certificates as the owner thereof, and each surrendered certificate shall be canceled and retired.

On and after the Redemption Date, unless the Corporation defaults in the payment in full of
the Redemption Price, dividends on the Series G Convertible Preferred shall cease to accumulate on
the Redemption Date, and all rights of the Holders shall terminate with respect to the Series G
Convertible Preferred on the Redemption Date, other than the right to receive the Redemption Price,
without interest; provided, however, that if the Redemption Notice shall have been
given and the funds necessary for redemption (including an amount in respect of all dividends that
will accrue to the Redemption Date) shall have been segregated and irrevocably deposited in trust
for the equal and ratable benefit of the Holders, then, at the close of business on the day on
which such funds are segregated and set aside, the Holders shall cease to be stockholders of the
Corporation and shall be entitled only to receive the Redemption Price.

Voting Rights. Holders shall have no voting rights, except as required by the General
Corporation Law of the State of Delaware, and as expressly provided in this Certificate of
Designation.

1.1.1.1.1. So long as any shares of the Series G Convertible Preferred are
outstanding, the Corporation may not issue any additional shares of Series G Convertible Preferred
or any new class of Parity Securities or Senior Securities (or amend the provisions of any existing
class of Capital Stock to make such class of Capital Stock Parity Securities or Senior Securities)
without the approval of Holders holding at least a majority of the then outstanding shares of
Series G Convertible Preferred, voting or consenting, as the case may be, together as one class
given in person or by proxy, either in writing or by resolution adopted at an annual or special
meeting; provided, however, that the Corporation may, without the approval of such
Holders issue additional shares of Parity Securities or Senior Securities (including shares issued
in payment of dividends thereon in accordance with their respective certificates of designation)
and which Senior Securities or Parity Securities do not require the Corporation to pay dividends
thereon on a current basis in cash, or require cash dividends to be paid at a rate not in excess of
three percentage points greater than the dividend rate borne by any series of Senior Securities and
which do not prohibit the payment of dividends other than in cash on the Series G  Convertible
Preferred or prohibit the redemption by the Corporation of the Series G Convertible Preferred
pursuant to paragraph (e)(i) above, in an amount sufficient to Refinance any series of Senior
Securities, in whole or in part, with such shares being issued no sooner than the date the
Corporation Refinances such series of Senior Securities.

So long as any shares of the Series G Convertible Preferred are outstanding, the Corporation
shall not amend this Certificate of Designation so as to affect materially and adversely the
rights, preferences or privileges of Holders without the affirmative vote or consent of Holders
holding at least a majority of the then outstanding shares of Series G Convertible Preferred,
voting or consenting, as the case may be, as one class, given in person or by proxy, either in
writing or by resolution adopted at an annual or special meeting.

Except as set forth in paragraph (f)(i)(A) above, the creation, authorization or issuance of
any shares of any Junior Securities, Parity Securities or Senior Securities or the increase or
decrease in the amount of authorized Capital Stock of any class, including Preferred Stock, shall
not require the consent of Holders and shall not be deemed to affect adversely the rights,
preferences or privileges of such Holders.

Without the affirmative vote or consent of Holders holding at least a majority of the then
outstanding shares of Series G Convertible Preferred, voting or consenting, as the case may be, as
a separate class, given in person or by proxy, either in writing or by resolution adopted at an
annual or special meeting, the Corporation shall not, in a single transaction or series of related
transactions, consolidate or merge with or into, or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of the Corporation’s assets (as an entirety or
substantially as an entirety in one transaction or series of related transactions) to, another
Person (other than a Wholly-Owned Subsidiary with, into or to another Wholly-Owned Subsidiary) or
adopt a plan of liquidation unless (A) either (I) the Corporation is the surviving or continuing
Person or (II) the Person (if other than the Corporation) formed by such consolidation or into
which the Corporation is merged or the Person that acquires by conveyance, transfer or lease the
properties and assets of the Corporation substantially as an entirety or, in the case of a plan of
liquidation, the Person to which assets of the Corporation have been transferred shall be organized
and existing under the laws of the United States or any State thereof or the District of Columbia;
(B) the Series G Convertible Preferred shall be converted into or exchanged for and shall become
shares of such successor, transferee or resulting Person with the same powers, preferences and
relative, participating, optional or other special rights and the qualifications, limitations or
restrictions thereon, that the Series G Convertible Preferred had immediately prior to such
transaction; (C) immediately after giving effect to such transactions, no Voting Rights Triggering
Event shall have occurred or shall have occurred after the Issue Date and be continuing; and (D)
the Corporation has delivered to the transfer agent for the Series G Convertible Preferred prior to
the consummation of the proposed transaction an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger or transfer complies with the terms hereof and that
all conditions precedent herein relating to such transaction have been satisfied. For purposes of
the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or
series of related transactions) of all or substantially all of the properties and assets of one or
more Subsidiaries of the Corporation, the Capital Stock of which constitutes all or substantially
all of the properties and assets of the Corporation shall be deemed to be the transfer of all or
substantially all of the properties and assets of the Corporation.

1.1.1.1.1. If the Corporation fails to discharge any redemption or conversion
obligation with respect to the Series G Convertible Preferred (such failure being a “Voting
Rights Triggering Event”), then, subject to paragraph (f)(iii)(E) below, Holders of at least a
majority of the then outstanding shares of Series G Convertible Preferred, voting separately and as
one class, shall have the exclusive right to elect the lesser of two directors and that number of
directors constituting 25% of the members of the Board of Directors, at a meeting called for such
purpose following the occurrence of such Voting Rights Triggering Event, and at every subsequent
meeting at which the terms of office of the directors so elected by the Holders expire (other than
as described in (f)(iii)(B) below), and the number of directors constituting the Board of Directors
shall be increased by the number of directors so elected by the Holders. The voting rights
provided herein shall be the exclusive remedy at law or in equity of the Holders for any Voting
Rights Triggering Event.

The right of the Holders voting together as a separate class to elect members of the Board of
Directors as set forth in paragraph (f)(iii)(A) above shall continue until such time as in all
other cases, the failure, breach or default giving rise to such Voting Rights Triggering Event is
remedied, cured or waived by Holders of at least a majority of the then outstanding shares of
Series G Convertible Preferred that are entitled to vote thereon, at which time (I) the special
right of the Holders so to vote as a class for the election of directors and (II) the term of
office of the directors elected by the Holders shall each terminate and such persons shall cease to
be members of the Board of Directors. At any time after voting power to elect directors shall have
become vested and be continuing in the Holders pursuant to paragraph (f)(iii) hereof, or if
vacancies shall exist in the offices of directors elected by such Holders, a proper officer of the
Corporation may, and upon the written request of Holders of at least 25% of the then outstanding
shares of Series G Convertible Preferred addressed to the secretary of the Corporation shall, call
a special meeting of the Holders, for the purpose of electing the directors which the Holders are
entitled to elect. If such meeting shall not be called by a proper officer of the Corporation
within 20 days after personal service of said written request upon the secretary of the
Corporation, or within 20 days after mailing the same within the United States by certified mail,
addressed to the secretary of the Corporation at its principal executive offices, then Holders of
at least 25% of the then outstanding shares of Series G Convertible Preferred may designate in
writing one of their number to call such meeting at the reasonable expense of the Corporation, and
such meeting may be called by the Holder so designated upon the notice required for the annual
meetings of stockholders of the Corporation and shall be held at the place for holding the annual
meetings of stockholders. Any Holder of Series G Convertible Preferred so designated shall have,
and the Corporation shall provide, access to the lists of stockholders to be called pursuant to the
provisions hereof.

At any meeting held for the purpose of electing directors at which the Holders shall have the
right, voting together as a separate class, to elect directors as aforesaid, the presence in person
or by proxy of Holders of at least a majority of the then outstanding shares of Series G
Convertible Preferred shall be required to constitute a quorum of such Series G Convertible
Preferred.

Any vacancy occurring in the office of a director elected by the Holders may be filled by the
remaining director (if any) elected by the Holders unless and until such vacancy shall be filled by
the Holders.

The provisions of this paragraph (f)(iii) shall apply only to those Holders, if any, that
would be permitted to vote in the election of directors of the Corporation pursuant to applicable
laws and regulations of the FCC, with such Holders together being treated as the class of Holders
entitled to exercise such rights. The determination as to whether any Holder would not be
permitted to exercise such voting rights shall be made jointly by any such Holder(s) and the
Corporation.

In any case in which the Holders shall be entitled to vote pursuant to this paragraph (f) or
pursuant to the General Corporation Law of the State of Delaware, each Holder entitled to vote with
respect to such matter shall be entitled to one vote for each then outstanding share of Series G
Convertible Preferred so held.

Conversion.

Optional Conversion. Each share of the Series G Convertible Preferred is convertible
at the option of the Holder thereof, at any time and from time to time, into (A) a number of
Conversion Shares equal to the Issue Price of the shares of Series G Convertible Preferred
surrendered for conversion plus accrued and unpaid dividends thereon, divided by (B) the Conversion
Price then in effect, except that if shares of Series G Convertible Preferred are called for
redemption the conversion right will terminate at the close of business on the Redemption Date. No
fractional shares or securities representing fractional shares will be issued upon conversion; in
lieu of fractional shares the Corporation will pay a cash adjustment based upon the Common Stock
Value as of the close of business on the first Business Day preceding the date of conversion. The
Series G Convertible Preferred shall be converted by the holder thereof by surrendering the
certificate or certificates representing the shares of Series G Convertible Preferred to be
converted, appropriately completed, to the transfer agent for the Common Stock. The transfer agent
shall issue one or more certificates representing the Conversion Shares in the name or names
requested by such Holder. The transfer agent will deliver to such Holder a new certificate
representing the shares of Series G Convertible Preferred in excess of those being surrendered for
conversion. The conversion rights stated herein are subject to compliance by the Holder with all
applicable laws and regulations, including, without limitation, the Communications Act, and as a
condition precedent to the Corporation’s obligation to issue Conversion Shares to a Holder or its
designee(s), the Corporation may require that such Holder deliver to the Corporation an opinion of
legal counsel reasonably acceptable to the Corporation to the effect that the issuance of
Conversion Shares to such Holder or its designee(s) upon conversion will not violate or conflict
with the Communications Act.

Mandatory Conversion. Upon the occurrence of a Mandatory Conversion Event, including
a Mandatory Conversion Event that occurs after the Redemption Date to the extent any share of
Series G Convertible Preferred remains outstanding after the Redemption Date, unless previously
converted at the option of Holders in accordance with the provisions hereof, each outstanding share
of Series G Convertible Preferred shall, without notice to Holders, convert automatically (the
“Mandatory Conversion”) into (A) a number of Conversion Shares equal to the Issue Price of
the shares of Series G Convertible Preferred so converted plus accrued and unpaid dividends
thereon, divided by the (B) Conversion Price then in effect. No fractional shares or securities
representing fractional shares will be issued upon conversion; in lieu of fractional shares the
Corporation will pay a cash adjustment based upon the Common Stock Value as of the close of
business on the first Business Day preceding the date of the occurrence of such Mandatory
Conversion Event. Promptly following a Mandatory Conversion Event, written notice (the
“Mandatory Conversion Notice”) shall be given by first class mail, postage prepaid, to each
Holder who is a Holder on the date such notice is given at such Holder’s address as it appears on
the stock books of the Corporation, provided that no failure to give such notice or any deficiency
therein shall affect the validity of the procedures for the Mandatory Conversion as to the Holder
or Holders to whom the Corporation has failed to give said notice or to whom such notice was
effected. Each Holder shall surrender the certificate or certificates representing all shares of
Series G Convertible Preferred held by such Holder to the Corporation, duly endorsed (or otherwise
in proper form for transfer, as determined by the Corporation) and the Corporation shall issue to
such Holder that number of shares of Class A Common Stock to which such Holder is entitled, as
calculated in accordance with this paragraph; provided, however, that if a Holder
shall notify the Corporation within five (5) Business Days of receipt of the Mandatory Conversion
Notice that it wishes to receive Class C Common Stock in accordance with this paragraph, the
Corporation shall issue such Holder an equal number of shares of Class C Common Stock to which such
Holder is entitled as calculated in accordance with this paragraph.

(A) In case the Corporation shall (I) pay a dividend or distribution in shares of Class A
Common Stock on its shares of Class A Common Stock, (II) subdivide its outstanding shares of Class
A Common Stock into a greater number of shares, (III) combine its outstanding shares of Class A
Common Stock into a smaller number of shares, or (IV) issue, by reclassification of its shares of
Class A Common Stock, any shares of its Capital Stock (each such transaction being called a
“Stock Transaction”), then and in each such case, the Conversion Price in effect
immediately prior thereto shall be adjusted so that the Holder of a share of Series G Convertible
Preferred surrendered for conversion after the record date fixing stockholders to be affected by
such Stock Transaction shall be entitled to receive upon conversion the number of Conversion Shares
which such Holder would have been entitled to receive after the happening of such event had such
share of Series G Convertible Preferred been converted immediately prior to such record date. Such
adjustment shall be made whenever any Stock Transaction occurs, but shall also be effective
retroactively as to shares of Series G Convertible Preferred converted between such record date and
the date of the happening of any such Stock Transaction.

If the Corporation shall, at any time or from time to time while any shares of Series G
Convertible Preferred are outstanding, issue or sell any right or warrant to purchase, acquire or
subscribe for shares of Class A Common Stock (including a right or warrant with respect to any
security convertible into or exchangeable for shares of Class A Common Stock) generally to holders
of its Common Stock (including by way of a reclassification of shares or a recapitalization of the
Corporation), for a consideration on the date of such issuance or sale less than the Common Stock
Value of the shares of Class A Common Stock underlying such rights or warrants on the date of such
issuance or sale, then and in each such case, the Conversion Price shall be adjusted by multiplying
such Conversion Price by a fraction, the numerator of which shall be the sum of (I) the Common
Stock Value per share of Class A Common Stock on the first Business Day after the date of the
public announcement of the actual terms (including the price terms) of such issuance or sale
multiplied by the number of shares of Class A Common Stock outstanding immediately prior to such
issuance or sale plus (II) the aggregate Fair Market Value of the consideration to be received by
the Corporation in connection with the issuance or sale of the rights or warrants plus the
aggregate consideration to be received in respect of the purchase of the shares of Class A Common
Stock underlying such rights or warrants, and the denominator of which shall be the Common Stock
Value per share of Class A Common Stock on the Business Day immediately preceding the public
announcement of the actual terms (including the price terms) of such issuance or sale multiplied by
the aggregate number of shares of Class A Common Stock (I) outstanding immediately prior to such
issuance or sale plus (II) underlying such rights or warrants at the time of such issuance or sale.
For the purposes of the preceding sentence, the aggregate consideration receivable by the
Corporation in connection with the issuance or sale of any such right or warrant shall be deemed to
be equal to the sum of the aggregate offering price (before deduction of reasonable underwriting
discounts or commissions and expenses) of all such rights or warrants. No adjustment to the
Conversion Price pursuant to this paragraph (B) shall be made if, in conjunction with any such
issuance or sale by the Corporation generally to holders of its Common Stock, the Corporation
issues or offers to sell to the Holders such rights or warrants on the same basis as the Holders
would have received had their shares of Series G Convertible Preferred been converted into shares
of Class A Common Stock (or Class C Common Stock, as the case may be) immediately prior to the such
issuance or sale. Upon the expiration or termination of any such rights or warrants without the
exercise of such rights or warrants, the Conversion Price then in effect shall be adjusted
immediately to the Conversion Price which would have been in effect at the time of such expiration
or termination had such rights or warrants, to the extent outstanding immediately prior to such
expiration or termination, never been issued, although such adjustment shall not effect previously
converted shares.

In the event the Corporation shall at any time or from time to time while any shares of Series
G Convertible Preferred are outstanding declare, order, pay or make a dividend or other
distribution generally to holders of its Common Stock in stock or other securities or rights or
warrants to subscribe for securities of the Corporation or any of its subsidiaries or evidences of
Indebtedness of the Corporation or any other person or pay any Extraordinary Cash Dividend (other
than any dividend or distribution on the Class A Common Stock (I) referred to in paragraphs (A) or
(B) above or (II) if in conjunction therewith the Corporation declares and pays or makes a dividend
or distribution on each share of Series G Convertible Preferred which is the same as the dividend
or distribution that would have been made or paid with respect to such share of Series G
Convertible Preferred had such share been converted into shares of Class A Common Stock immediately
prior to the record date for any such dividend or distribution on the Class A Common Stock), then,
and in each such case, an appropriate adjustment to the Conversion Price shall be made so that the
Holder of each share of Series G Convertible Preferred shall be entitled to receive, upon the
conversion thereof, the number of shares of Class A Common Stock determined by multiplying (x) the
number of shares of Class A Common Stock into which such share was convertible on the day
immediately prior to the record date fixed for the determination of stockholders entitled to
receive such dividend or distribution by (y) a fraction, the numerator of which shall be the Common
Stock Value per share of Class A Common Stock as of such record date, and the denominator of which
shall be such Common Stock Value per share of Class A Common Stock less the Fair Market Value per
share of Class A Common Stock of such dividend or distribution (as determined in good faith by the
Board of Directors, as evidenced by a Board Resolution mailed to each holder of Series G
Convertible Preferred). An adjustment made pursuant to this paragraph (C) shall be made upon the
opening of business on the next Business Day following the date on which any such dividend or
distribution is made and shall be effective retroactively to the close of business on the record
date fixed for the determination of stockholders entitled to receive such dividend or distribution.

(D) In the event the Company shall, at any time or from time to time while any shares of
Series G Convertible Preferred are outstanding, repurchase (a “Repurchase”) any portion of
the Class A Common Stock from holders generally at a premium over the Common Stock Value thereof on
the next trading day immediately preceding the consummation of such Repurchase, then and in the
case of each Repurchase the Conversion Price in effect immediately prior thereto shall be adjusted
by multiplying such Conversion Price by the fraction the numerator of which is (I) the product of
(x) the number of shares of Class A Common Stock outstanding immediately before such Repurchase
multiplied by (y) the Common Stock Value per share of Class A Common Stock on the next trading day
immediately following the consummation of such Repurchase minus (II) the aggregate purchase price
of the Repurchase and the denominator of which shall be the product of (x) the number of shares of
Class A Common Stock outstanding immediately before such Repurchase minus the number of shares of
Class A Common Stock Repurchased by the Company multiplied by (y) the Common Stock Value per share
of Class A Common Stock on the next trading day immediately following the consummation of such
Repurchase. Such adjustment shall be made whenever any such Repurchase occurs, but shall also be
effective retroactively as to shares of Series G Convertible Preferred converted between such
record date and the date of the happening of any such Repurchase.

No adjustment in the Conversion Price will be required to be made in any case until cumulative
adjustments amount to 1% or more of the Conversion Price, but any such adjustment that would
otherwise be required to be made shall be carried forward and taken into account in any subsequent
adjustment.

In the event of any capital reorganization (other than a capital reorganization covered by
paragraph (ii)(C) above) or reclassification of outstanding shares of Common Stock of the
Corporation (other than a reclassification covered by paragraph (ii)(A) above), or in case of any
merger, consolidation or other corporate combination of the Corporation with or into another
corporation, or in case of any sale or conveyance to another corporation of the property of the
Corporation as an entirety or substantially as an entirety (each of the foregoing being referred to
as a “Transaction”), each share of Series G Convertible Preferred shall continue to remain
outstanding if the Corporation is the Surviving Person (as defined below) of such Transaction, and
shall be subject to all the provisions hereof, as in effect prior to such Transaction, or if the
Corporation is not the Surviving Person, each share of Series G Convertible Preferred shall be
exchanged in such Transaction for a new series of convertible preferred stock of the Surviving
Person, or in the case of a Surviving Person other than a corporation, comparable securities of
such Surviving Person, in either case having economic terms as nearly equivalent as possible to,
and with the same voting and other rights as, the Series G Convertible Preferred, including
entitling the holder thereof to receive, upon presentation of the certificate therefor to the
Surviving Person subsequent to the consummation of such Transaction, the kind and amount of shares
of stock and other securities and property receivable (including cash) upon the consummation of
such Transaction by a holder of that number of shares of Class A Common Stock into which one share
of Series G Convertible Preferred was convertible immediately prior to such Transaction. In case
securities or property other than Common Stock shall be issuable or deliverable upon conversion as
aforesaid, then all references in this paragraph (v) shall be deemed to apply, so far as
appropriate and as nearly as may be, to such other securities or property. If the holders of Class
A Common Stock have the opportunity to elect the form of consideration to be received by them in
such Transaction, then from and after the effective date of such Transaction, the Series G
Convertible Preferred shall be convertible into the consideration that a majority of the holders of
the Class A Common Stock who made such election received in such Transaction.

Notwithstanding anything contained herein to the contrary, the Corporation will not effect any
Transaction unless, prior to the consummation thereof, proper provision is made to ensure that the
holders of shares of Series G Convertible Preferred will be entitled to receive the benefits
afforded by this paragraph (v).

For purposes of this paragraph (v), “Surviving Person” shall mean the continuing or
surviving Person of a merger, consolidation or other corporate combination, the Person receiving a
transfer of all or substantially all of the properties and assets of the Corporation, or the Person
consolidating with or merging into the Corporation in a merger, consolidation or other corporate
combination in which the Corporation is the continuing or surviving Person, but in connection with
which the Series G Convertible Preferred or Common Stock of the Corporation is exchanged, converted
or reclassified into the securities of any other Person or cash or any other property.

The conversion price shall initially equal $0.75 per share, and shall increase from and after
the Issue Date at a rate equal to the dividend rate on the Series G Convertible Preferred as set
forth in paragraph (c)(i) (the “Conversion Price”). The Conversion Price shall be subject
to adjustment as provided in this paragraph (g).

From and after an Initial Public Offering, the Corporation shall cause the shares of Class A
Common Stock issuable upon conversion of the Series G Convertible Preferred (or in the case of a
Holder’s election to convert into Class C Common Stock, upon conversion of such Class C Common
Stock) to be approved for listing on the principal securities exchange on which the Class A Common
Stock may at the time be listed for trading, subject to official notification of issuance, prior to
the date of issuance thereof. Notwithstanding anything in this Certificate of Designation to the
contrary, no Holders shall be entitled to exercise the conversion rights set forth in this
paragraph (g) until such time as any conditions for listing the Class A Common Stock issuable upon
conversion of the Series G Convertible Preferred on the principal securities exchange on which the
Class A Common Stock may be listed for trading, if any and if applicable, have been satisfied.

Notwithstanding anything to the contrary contained in this paragraph (g), there shall be no
adjustment to the Conversion Price in connection with any issuance of additional shares of Series G
Convertible Preferred or any other securities that are or may be or become issued or issuable in
connection with the transactions contemplated by the Master Transaction Agreement.

Reissuance of Series G Convertible Preferred. Shares of Series G Convertible
Preferred that have been issued and reacquired in any manner, including shares purchased or
redeemed or exchanged, shall (upon compliance with any applicable provisions of the General
Corporation Law of the State of Delaware) have the status of authorized and unissued shares of
Preferred Stock undesignated as to series and may be redesignated and reissued as part of any
series of Preferred Stock; provided that any issuance of such shares as Series G
Convertible Preferred must be in compliance with the terms hereof.

Business Day. If any payment or redemption shall be required by the terms hereof to
be made on a day that is not a Business Day, such payment or redemption shall be made on the
immediately succeeding Business Day.

Reports. If the Corporation is no longer required to file annual or quarterly reports
with the Commission pursuant to the Exchange Act, the Corporation will provide to the Holders such
annual and quarterly financial statements as the Corporation would have been required to file with
the Commission pursuant to Sections 13 and 15(d) of the Exchange Act had it been so subject without
cost to the Holders.

Definitions. As used in this Certificate of Designation, the following terms shall
have the following meanings (with terms defined in the singular having comparable meanings when
used in the plural and vice versa), unless the context otherwise requires:

“8% Series D Mandatorily Convertible Preferred Stock” means the 8% Series D
Mandatorily Convertible Preferred Stock due 2013, par value $0.001 per share, of the
Company, with a liquidation preference of $10,000 per share, as filed with the Secretary of
State of the State of Delaware on May 4, 2007, and as thereafter amended.

“Affiliate” means, with respect to any Person, any other Person that, directly
or indirectly, controls, is controlled by, or is under common control with, such Person.
As used in this definition, “control” (including its correlative meanings, “controlled by”
and “under common control with”) means the possession, directly or indirectly, of power to
direct or cause the direction of management or policies (whether through ownership of
securities or partnership or other ownership interests, by contract or otherwise).

“Board of Directors” has the meaning ascribed to it in the first paragraph of
this Certificate of Designation.

“Board Resolution” means a copy of a resolution certified pursuant to an
Officers’ Certificate to have been duly adopted by the Board of Directors and to be in full
force and effect.

“Business Day” means any day except a Saturday, a Sunday, or any day on which
banking institutions in New York, New York are required or authorized by law or other
governmental action to be closed.

“Capital Stock” means (i) with respect to any Person that is a corporation,
any and all shares, interests, participations or other equivalents (however designated) of
capital stock, including each class of common stock and preferred stock of such Person and
(ii) with respect to any Person that is not a corporation, any and all partnership,
membership or other equity interests of such Person.

“Capitalized Lease Obligation” means, as to any Person, the obligation of such
Person to pay rent or other amounts under a lease to which such Person is a party that is
required to be classified and accounted for as capital lease obligations under GAAP and,
for purposes of this definition, the amount of such obligations at any date shall be the
capitalized amount of such obligations at such date, determined in accordance with GAAP.

“Certificate of Incorporation” has the meaning ascribed to it in the first
paragraph of this Certificate of Designation.

“Class A Common Stock” means the Class A Common Stock, par value $.001 per
share, of the Corporation.

“Class C Common Stock” means the Class C Non-Voting Common Stock, par value
$.001 per share, of the Corporation.

“Class D Common Stock” means the Class D Non-Voting Common Stock, par value
$.001 per share, of the Corporation.

“Commission” means the Securities and Exchange Commission.

“Common Stock” of any Person means any and all shares, interests or other
participations in, and other equivalents (however designated and whether voting or
non-voting) of, such Person’s common stock, whether outstanding on the Issue Date or issued
after the Issue Date, and includes, without limitation, all series and classes of such
common stock.

“Common Stock Value” on any date means, with respect to the Class A Common
Stock or the Class D Common Stock, the last sale price for the Class A Common Stock or the
Class D Common Stock, regular way, or, in case no such sale takes place on such date, the
average of the closing bid and asked prices, regular way, for the Class A Common Stock or
the Class D Common Stock, in either case as reported in the principal consolidated
transaction reporting system with respect to the principal national securities exchange on
which the Class A Common Stock or the Class D Common Stock is listed or admitted to trading
or, if neither the Class A Common Stock nor the Class D Common Stock is listed or admitted
to trading on any national securities exchange, the last quoted price, or, if not so
quoted, the average of the high bid and low asked prices in the over-the-counter market, as
reported by the principal automated quotation system that may then be in use or, if neither
the Class A Common Stock nor the Class D Common Stock is quoted by any such organization,
the average of the closing bid and asked prices as furnished by a professional market maker
making a market in the Class A Common Stock or the Class D Common Stock selected by the
Board of Directors or, in the event that no trading price is available for the Class A
Common Stock or the Class D Common Stock, the fair market value of the Class A Common
Stock, as determined in good faith by the Board of Directors.

“Communications Act” means the Communications Act of 1934, as amended
(including, without limitation, the Cable Communications Policy Act of 1984 and the Cable
Television Consumer Protection and Competition Act of 1992) and all rules and regulations
of the FCC, in each case as from time to time in effect.

“Consolidated EBITDA” means, for any Person, for any period, an amount equal
to (a) the sum of Consolidated Net Income for such period, plus, to the extent deducted
from the revenues of such Person in determining Consolidated Net Income, (i) the provision
for taxes for such period based on income or profits and any provision for taxes utilized
in computing a loss in Consolidated Net Income above, plus (ii) Consolidated Interest
Expense, net of interest income earned on cash or cash equivalents for such period
(including, for this purpose, dividends on preferred stock only to the extent that such
dividends were deducted in determining Consolidated Net Income), plus (iii) depreciation
for such period on a consolidated basis, plus (iv) amortization of intangibles and
broadcast program licenses for such period on a consolidated basis, minus (b) scheduled
payments relating to broadcast program license liabilities, except that with respect to the
Corporation each of the foregoing items shall be determined on a consolidated basis with
respect to the Corporation and its Subsidiaries only; provided, however,
that, for purposes of calculating Consolidated EBITDA during any fiscal quarter, cash
income from a particular Investment of such Person shall be included only if cash income
has been received by such Person as a result of the operation of the business in which such
Investment has been made in the ordinary course without giving effect to any extraordinary,
unusual and non-recurring gains.

“Consolidated Interest Expense” means, with respect to any Person, for any
period, the aggregate amount of interest which, in conformity with GAAP, would be set forth
opposite the caption “interest expense” or any like caption on an income statement for such
Person and its Subsidiaries on a consolidated basis, including, but not limited to, imputed
interest included in Capitalized Lease Obligations, all commissions, discounts and other
fees and charges owed with respect to letters of credit and bankers’ acceptance financing,
the net costs associated with hedging obligations, amortization of other financing fees and
expenses, the interest portion of any deferred payment obligation, amortization of discount
or premium, if any, and all other non-cash interest expense (other than interest amortized
to cost of sales) plus, without duplication, all net capitalized interest for such period
and all interest incurred or paid under any guarantee of indebtedness (including a
guarantee of principal, interest or any combination thereof) of any Person, and all time
brokerage fees relating to financing of television stations which the Corporation has an
agreement or option to acquire.

“Consolidated Net Income” means, with respect to any Person, for any period,
the aggregate of the net income (or loss) of such Person and its Subsidiaries for such
period, on a consolidated basis, determined in accordance with GAAP; provided,
however, that (a) the net income of any Person (the “other Person”) in which the
Person in question or any of its Subsidiaries has less than a 100% interest (which interest
does not cause the net income of such other Person to be consolidated into the net income
of the Person in question in accordance with GAAP) shall be included only to the extent of
the amount of dividends or distributions paid to the Person in question or to the
Subsidiary, (b) the net income of any Subsidiary of the Person in question that is subject
to any restriction or limitation on the payment of dividends or the making of other
distributions shall be excluded to the extent of such restriction or limitation, (c) (i)
the net income of any Person acquired in a pooling of interests transaction for any period
prior to the date of such acquisition and (ii) any net gain (but not loss) resulting from
an asset sale by the Person in question or any of its Subsidiaries other than in the
ordinary course of business shall be excluded, (d) extraordinary, unusual and non-recurring
gains and losses shall be excluded, (e) losses associated with discontinued and terminated
operations in an amount not to exceed $1,000,000 per annum shall be excluded and (f) all
non-cash items (including, without limitation, cumulative effects of changes in GAAP and
equity entitlements granted to employees of the Corporation and its Subsidiaries)
increasing and decreasing Consolidated Net Income and not otherwise included in the
definition of Consolidated EBITDA shall be excluded.

“Conversion Price” has the meaning ascribed to it in paragraph (g)(vi) hereof.

“Conversion Shares” means (i) the number of shares of Class A Common Stock or
(ii) with respect to any Holder, if such Holder determines, after consultation with its
outside legal counsel, that such Holder is prevented under the Communications Act from
holding shares of Class A Common Stock issuable upon conversion of such Holder’s shares of
Series G Convertible Preferred, an equal number of shares of Class C Common Stock of the
Corporation (such Class C Common Stock shall, (1) upon disposition by such Holder to any
other Person that such Holder determines is not prevented under the Communications Act from
holding shares of Class A Common Stock or (2) upon the determination by such Holder that
the Communications Act no longer prohibits such Holder from holding shares of Class A
Common Stock, in either case, after consultation by such Person with outside legal counsel
and, if required by the Corporation, delivery by such Person to the Corporation an Opinion
of Counsel reasonably acceptable to the Corporation to the effect that the Conversion of
such Class C Common Stock to Class A Common Stock will not violate or conflict with the
Communications Act, automatically be converted into an equal number of shares of Class A
Common Stock), into which the Series G Convertible Preferred is from time to time
convertible.

“Corporation” has the meaning ascribed to it in the first paragraph of this
Certificate of Designation.

“Designated Investment Bank” means an investment bank selected by the
Purchasing Party from a list of three internationally recognized investment banks provided
to the Purchasing Party by the Company pursuant to Section 2.07 of the Master Transaction
Agreement.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder.

“Extraordinary Cash Dividend” means cash dividends with respect to the Class A
Common Stock the aggregate amount of which in any fiscal year exceeds 10% of Consolidated
EBITDA of the Corporation and its subsidiaries for the fiscal year immediately preceding
the payment of such dividend.

“Fair Market Value” of any consideration other than cash or of any securities
shall mean the amount which a willing buyer would pay to a willing seller in an
arm’s-length transaction as determined by an independent investment banking or appraisal
firm experienced in the valuation of such securities or property selected in good faith by
the Board of Directors or a committee thereof.

“FCC” means the Federal Communications Commission and any successor
governmental entity performing functions similar to those performed by the Federal
Communications Commission on the Issue Date.

“GAAP” means generally accepted accounting principles consistently applied as
in effect in the United States from time to time.

“Holder” means a holder of then outstanding shares of Series G Convertible
Preferred as reflected in the stock books of the Corporation.

“Initial Public Offering” means the initial underwritten sale of equity
securities of the Corporation occurring after the Issue Date pursuant to an effective
registration statement under the Securities Act.

“Issue Date” means August 21, 2007.

“Issue Price” means $10,000 per share of Series G Convertible Preferred.

“Junior Preferred Stock” means, collectively, (i) Series E-1 Convertible
Preferred, (ii) Series E-2 Convertible Preferred and (iii) Series F Non-Convertible
Preferred, in each case as defined in the Master Transaction Agreement.

“Junior Securities” has the meaning ascribed to it in paragraph (b) hereof.

“Liquidation Preference” has the meaning ascribed to it in paragraph (a)
hereof.

“Mandatory Conversion” has the meaning ascribed to it in paragraph (g)(ii)
hereof.

“Mandatory Conversion Event” means the earlier to occur of: (i) the date on
which the last sale price for the Class A Common Stock or Class D Common Stock, regular
way, or, in case no such sale takes place on such date, the average of the closing bid and
asked prices, regular way, for the Class A Common Stock or Class D Common Stock, in either
case as reported in the principal consolidated transaction reporting system with respect to
the principal national securities exchange on which the Class A Common Stock or Class D
Common Stock is listed or admitted to trading, or, if neither Class A Common Stock nor
Class D Common Stock is listed or admitted to trading on any national securities exchange,
the last quoted price, or, if not so quoted, the average of the high bid and low asked
prices in the over-the-counter market, as reported by the principal automated quotation
system that may then be in use, for the Class A Common Stock or Class D Common Stock for
fifteen (15) consecutive trading days is equal to or greater than the Mandatory Conversion
Trigger Price as then in effect; and (ii) the issuance by the Corporation of Common Stock
at an issue price per share not less than the Mandatory Conversion Trigger Price as then in
effect for aggregate gross proceeds (before deduction of underwriting commissions and other
expenses of sale) of not less than $75,000,000, provided that if such issuance is made to a
Purchasing Party, the Designated Investment Bank shall have provided an opinion in
customary form to the Company to the effect that the issue price per share of Common Stock
is at or higher than the fair market value of a share of Common Stock.

“Mandatory Conversion Notice” has the meaning ascribed to it in paragraph
(g)(ii) hereof.

“Mandatory Conversion Trigger Price” means (A) in the event the Mandatory
Conversion Event occurs on or after the first anniversary but prior to the second
anniversary of the Issue Date, 102% of the Conversion Price, (B) in the event the Mandatory
Conversion Event occurs on or after the second anniversary but prior to the third
anniversary of the Issue Date, 101% of the Conversion Price, or (C) in the event the
Mandatory Conversion Event occurs on or after the third anniversary of the Issue Date, the
Conversion Price.

“Master Transaction Agreement” means the Master Transaction Agreement dated as
of May 3, 2007 among the Corporation, NBC Universal, Inc., NBC Palm Beach Investment I,
Inc., NBC Palm Beach Investment II, Inc., and CIG Media LLC, as may be amended, modified or
restated from time to time.

“Obligations” means all obligations for principal, premium, interest,
penalties, fees, indemnifications, reimbursements, damages and other liabilities payable
under the documentation governing, or otherwise relating to, any Indebtedness.

“Officers’ Certificate” means a certificate signed by two officers or by an
officer and either an Assistant Treasurer or an Assistant Secretary of the Corporation
which certificate shall include a statement that, in the opinion of such signers all
conditions precedent to be performed by the Corporation prior to the taking of any proposed
action have been taken. In addition, such certificate shall include (i) a statement that
the signatories have read the relevant covenant or condition, (ii) a brief statement of the
nature and scope of such examination or investigation upon which the statements are based,
(iii) a statement that, in the opinion of such signatories, they have made such examination
or investigation as is reasonably necessary to express an informed opinion and (iv) a
statement as to whether or not, in the opinion of the signatories, such relevant conditions
or covenants have been complied with.

“Opinion of Counsel” means an opinion of counsel that, in such counsel’s
opinion, all conditions precedent to be performed by the Corporation prior to the taking of
any proposed action have been taken. Such opinion shall also include the statements called
for in the second sentence under “Officers’ Certificate”.

“Parity Securities” has the meaning ascribed to it in paragraph (b) hereof.

“Person” means an individual, partnership, limited liability company,
corporation, unincorporated organization, trust or joint venture, or a governmental agency
or political subdivision thereof.

“Preferred Stock” of any Person means any Capital Stock of such Person that
has preferential rights to any other Capital Stock of such Person with respect to dividends
or redemption or upon liquidation.

“Purchasing Party” means CIG Media LLC, NBC Universal, Inc. and their
respective Affiliates.

“Redemption Date” has the meaning ascribed to it in paragraph (e)(i) hereof.

“Redemption Notice” has the meaning ascribed to it in paragraph (e)(ii)
hereof.

“Redemption Price” means the Issue Price plus (as applicable) all accrued and
unpaid dividends through and including the date of redemption.

“Refinance” means, in respect of any security, to refinance, extend, renew,
refund, repay, prepay, redeem, defease or retire, or to issue a security in exchange or
replacement for, or to amend the terms of, such security, in whole or in part, for any
amount up to and including the greater of the redemption price of such security pursuant to
the terms of such security or the face value of such security on the date of any such
Refinancing, plus (without duplication) the amount of any accrued dividends on such
security, the amount of any premium required to be paid under the terms of such security
and the amount of reasonable expenses incurred by the Corporation in connection with such
Refinancing. “Refinanced” and “Refinancing” has the correlative meaning.

“Repurchase” has the meaning ascribed to it in paragraph (g)(iii)(D) hereof.

“Securities Act” means the Securities Act of 1933, as amended, and the rules
and regulations promulgated thereunder.

“Senior Preferred Stock” means collectively, (i) Series A-1 Convertible
Preferred, (ii) Series A-2 Preferred Stock, (iii) Series A-3 Convertible Preferred, (iv)
141/4% Preferred, (v) 93/4% Preferred, (vi) Series B Convertible Preferred, (vii) Series C
Preferred Stock and (viii) Series C Convertible Preferred, in each case as defined in the
Master Transaction Agreement.

“Senior Securities” has the meaning ascribed to it in paragraph (b) hereof.

“Series G Convertible Preferred” has the meaning ascribed to it in paragraph
(a) hereof.

“Subsidiary”, with respect to any Person, means (i) any corporation of which
the outstanding Capital Stock having at least a majority of the votes entitled to be cast
in the election of directors under ordinary circumstances shall at the time be owned,
directly or indirectly, by such Person or (ii) any other Person of which at least a
majority of the voting interest under ordinary circumstances is at the time, directly or
indirectly, owned by such Person.

“Stock Transaction” has the meaning ascribed to it in paragraph (g)(iii)
hereof.

“Surviving Person” has the meaning ascribed to it in paragraph (g)(v) hereof.

“Transaction” has the meaning ascribed to it in paragraph (g)(v) hereof.

“Voting Rights Triggering Event” has the meaning ascribed to it in paragraph
(f)(iii)(A) hereof.

“Wholly-Owned Subsidiary” means any Subsidiary all of the outstanding voting
securities (other than directors’ qualifying shares) of which are owned, directly or
indirectly, by the Corporation.

IN WITNESS WHEREOF, said ION Media Networks, Inc. has caused this Certificate to be signed by
its duly authorized officer this      day of      ,      .

ION MEDIA NETWORKS, INC.

By:     

Name:

Title:

2

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