Schedule 13D

SCHEDULE 13D

CUSIP No. 46205A103

1) NAME OF REPORTING PERSON

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Kinney Hill Credit Opportunities Fund, Ltd.

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2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) o

(b) x

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3) SEC USE ONLY

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4) SOURCE OF FUNDS WC

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5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO

ITEMS 2(d) OR 2(e) o

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6) CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands

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7) SOLE VOTING POWER

NUMBER OF none

SHARES ____________________________________________________________

BENEFICIALLY 8) SHARED VOTING POWER

OWNED BY 61,875*

EACH ____________________________________________________________

REPORTING 9) SOLE DISPOSITIVE POWER

PERSON none

WITH ____________________________________________________________

10) SHARED DISPOSITIVE POWER

61,875*

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11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

61,875*

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12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o

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13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

0.1%

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14) TYPE OF REPORTING PERSON

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^* Represents shares issuable upon conversion of 9 ¾% Series A Convertible Preferred Stock.

(a) - (c) This Statement on Schedule 13D is being filed on behalf of Contrarian Capital Management, L.L.C. (“Contrarian Capital Management”), Contrarian Capital Fund I, L.P. (“Contrarian Capital Fund I”), Contrarian Equity Fund, L.P. (“Contrarian Equity Fund”), Contrarian Long Short, L.P. (“Contrarian Long Short”), Litespeed Management LLC (“Litespeed Management”), Litespeed Master Fund, Ltd. (“Litespeed Master Fund”), Ore Hill Partners LLC (“Ore Hill Partners”), Ore Hill Hub Fund Ltd. (“Ore Hill Hub Fund”) and Kinney Hill Credit Opportunities Fund, Ltd. ("Kinney Hill Fund") (collectively, the “Reporting Persons”).

Contrarian Capital Management, a Delaware limited liability company and a registered investment adviser engaged in the management of institutional client accounts, serves as investment manager to, and has voting and investment discretion over, certain investment vehicles and managed accounts. Specifically, Contrarian Capital Management serves as the general partner of Contrarian Capital Fund I, Contrarian Equity Fund and Contrarian Long Short, each a Delaware limited partnership that invests and trades in securities and financial instruments. The principal business address of Contrarian Capital Management, Contrarian Capital Fund I, Contrarian Equity Fund, and Contrarian Long Short is 411 West Putnam Avenue, Suite 225, Greenwich, Connecticut 06830. Jon R. Bauer is the managing member of Contrarian Capital Management.

Litespeed Management, a Delaware limited liability company and a registered investment adviser, serves as investment manager to, and has voting and investment discretion over, certain investment vehicles and managed accounts. Specifically, Litespeed Management serves as investment manager of Litespeed Master Fund, a Cayman Islands registered company that invests and trades in securities and financial instruments. The principal business address of Litespeed Management is 237 Park Avenue, Suite 900, New York, New York 10016, and the principal business address of Litespeed Master Fund is Litespeed Master Fund, Ltd. c/o BNY Alternative Investment Services Ltd., 18 Church Street, Skandia House Hamilton HM 11 Bermuda. Jamie Zimmerman is the managing member of Litespeed Management.

Ore Hill Partners, a Delaware limited liability company and a registered investment adviser, serves as investment manager to, and has voting and investment discretion over, certain investment vehicles and managed accounts. Specifically, Ore Hill Partners serves as investment manager of Ore Hill Hub Fund and Kinney Hill Fund, both Cayman Islands registered companies that invest and trade in securities and financial instruments. The principal business address of Ore Hill Partners is 650 Fifth Avenue, 9th Floor, New York, New York 10019, the principal business address of Ore Hill Hub Fund is c/o BISYS Hedge Fund Services (Cayman) Limited, 27 Hospital Road, P.O. Box 1748GT, Cayman Corporate Centre, George Town, Grand Cayman, Cayman Islands, BW, and the principal business address of Kinney Hill Fund is c/o Maples Finance Limited, P.O. Box 1093GT, Queensgate House, South Church Street, George Town, Grand Cayman, Cayman Islands, BWI. Benjamin Nickoll and Frederick Wahl are the managing members of Ore Hill Partners.

(d) - (e) During the last five years, none of the Reporting Persons or any other person identified in response to this Item 2 was convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) or was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

On May 1, 2007, the Reporting Persons formed an ad hoc committee of holders of the 9 ¾% Preferred Stock, and presented to the Board of Directors of the Company a capital restructuring proposal. A copy of this proposal is filed as an Exhibit 2 to this Schedule 13D and is hereby incorporated by reference. On May 4, 2007, the Company issued a joint press release with Citadel Investment Group, L.L.C. ("Citadel") and NBC Universal, Inc. ("NBC Universal"), announcing that the Company and affiliates of Citadel and NBC Universal have entered into an agreement for a comprehensive recapitalization of the Company. The Reporting Persons are currently re-evaluating their respective positions in light of the announcement and actions taken by the Company in furtherance thereof.

		SCHEDULE I

Transactions in shares of Common Stock and 9 ¾% Preferred Stock by the Reporting Persons within the past 60 days.^{1, 2}

Ore Hill Hub Fund Common Stock
Date of Trade	Number of Shares	Price Per Share	Total Amount³
CS⁴ 3/12/2007	50,000	$ 1.31	$ 67,000
CS⁴ 3/14/2007	50,000	1.30	66,500
CS⁴ 3/16/2007	50,000	1.31	67,000
CS⁴ 3/26/2007	7,500	1.30	9,975
CS⁴ 3/29/2007	50,000	1.30	66,500
CS⁴ 3/30/2007	100,000	1.30	132,000
S 4/2/2007	(1,390)	1.30	(1,765)


Contrarian Capital Management – Managed Accounts	$ 2,017,650

Contrarian Capital Fund I	$ 8,121,650

Contrarian Capital Equity	$ 1,677,550

Contrarian Long Short	$ 1,806,575

Litespeed Master Fund	$ 9,812,395

Ore Hill Hub Fund*	$12,137,627

Kinney Hill Fund	$ 326,700

	Shares of 9 3/4 % Preferred Stock	Common Stock Issuable on Conversion¹	Percentage of Outstanding Shares²

Contrarian Capital Management -- Managed Accounts	465	290,625	0.4%

Contrarian Capital Fund I	2,039	1,274,375	2.0%

Contrarian Capital Equity	432	270,000	0.4%

Contrarian Long Short	456	285,000	0.4%

	Shares of Common Stock	Shares of 9/34% Preffered Stock	Common Stock Issuable on Conversion¹	Total Common Stock	Percentage of Outstanding Shares²

Ore Hill Hub Fund	4,410	2,335	1,459,375	1,463,785	2.2%

Kinney Hill Fund	0	99	61,875	61,875	0.1%

99.1	Agreement of Joint Filing among the Reporting Persons, dated May 11, 2007.

99.2	Capital Restructuring Proposal for Ion Media Networks, Inc., Presented by the Ad Hoc Committee of Holders of the 9 ¾% Series A Convertible Preferred Stock of Ion Media Networks, Inc.

9 ¾% PreferredStock
Date of Trade	Number of Shares	Price Per Share	Total Amount³
P 3/15/2007	341	$ 4,300	$ 1,466,300
P 4/27/2007	545	3,250	1,829,186
P 5/11/2007	400	4,275	1,710,000

Kinney Hill Fund 9 ¾% PreferredStock
Date of Trade	Number of Shares	Price Per Share	Total Amount³


Litespeed Master Fund 9 ¾%Preferred Stock
Date of Trade	Number of Shares	Price Per Share	Total Amount³
S 5/10/2007	100	$ 4,800	$ 479,978

¹ Does not include shares of 9 ¾% Preferred Stock issued as a quarterly dividend payable as of March 31, 2007.
² Transactions in the Common Stock were effected on the American Stock Exchange. Transactions in the 9 ¾% Preferred Stock were effected in the over-the-counter market.
³ Includes commissions and other execution-related costs.
⁴ Covering a short position.

Term		Description

Structure		The recapitalization will be accomplished through non-coercive offers of tender or exchange, to the extent that securities are proposed to be substituted or replaced.

Treatment of Securities Generally		Term Loans and Senior Secured Floating Rate Notes: To remain outstanding with no change, with change-of-control provisions to be addressed either consensually or through refinancing. 14 ¼% Preferred Stock: An offer to exchange for each $10,000 in accreted value of the 14 ¼% Preferred Stock one share of 12 ¼% Senior Preferred Stock (described on Schedule A). If all holders of 14 ¼% Preferred Stock participate in the exchange, the holders will receive an estimated total of $664 million in value of 12 ¼% Senior Preferred Stock, assuming a closing at June 30, 2007. 9 ¾% Preferred Stock: An offer to exchange for each $10,000 in accreted value of 9 ¾% Preferred Stock (a) 0.78 of a share of 12 ¼% Senior Preferred Stock, and (b) 0.22 of a share of 12 ¼% Junior Preferred Stock (described on Schedule B). If all holders of 9 ¾% Preferred Stock participate in the exchange, the holders will receive an estimated total of $140 million in value of 12 ¼% Senior Preferred Stock, and $39 million in value of 12 ¼% Junior Preferred Stock, assuming a closing at June 30, 2007. 11% Preferred Stock: To remain outstanding with no change. Class A Common Stock: An offer to purchase for cash Class A common stock, at an offer price equal to higher of (i) $1.45 and (ii) the price provided under the Amended and Restated Stockholder Agreement among the Company, the Paxson interests and NBCU.

Term		Description

Rights Offering		Holders of the 14 ¼% Preferred Stock and the 9 ¾% Preferred Stock will have the pro rata right to subscribe for an aggregate of an additional (i) $100 million in value of 12 ¼% Senior Preferred Stock, and (ii) $75 million principal amount of 12 ¼% Senior Subordinated Notes (described on Schedule C). The rights offering will be back-stopped by certain holders of the 14 ¼% Preferred Stock and 9 ¾% Preferred Stock.

Conditions		The recapitalization will be conditioned upon— · receipt of all necessary regulatory approvals; · satisfactory arrangements with respect to the change-of- control provisions of the term loans and senior secured floating rate notes. · requisite waivers under the term loans and senior secured floating rate notes for issuance of the 12 ¼% Senior Subordinated Notes. · expiration without exercise of the option under the Call Agreement between the Paxson interests and NBCU. · the retirement of all Class B common stock; · exit consents from a majority of the holders of each of the 9 ¾% Preferred Stock and the 14 ¼% Preferred Stock approving the issuance of the 12 ¼% Senior Preferred Stock; · if desired (but not required), exit consents from a majority of the holders of each of the 14 ¼% Preferred Stock, the 9 ¾% Preferred Stock and the Class A Common Stock approving the necessary amendments to the 14 ¼% Preferred Stock and 9 ¾% Preferred Stock, limiting each such series to two directors for all defaults in existence immediately following the recapitalization.

Management Participation		To be discussed.

Public Company Registration		To be discussed, depending on the response to the Class A common stock tender offer.

Board of Directors		To be reconstituted upon closing of the offers, subject to the right of any series of preferred stock to class representation on the board.

Fees and Expenses		Customary reimbursement.

Term		Description

Denomination		12 ¼% Senior Mandatorily Redeemable Convertible Preferred Stock, liquidation value $10,000 per share

Ranking		Pari passu with the 14 ¼% Preferred Stock

Mandatory Redemption		June 2010

Dividends		Cash pay at the rate of 12 ¼% per annum or, at the election of the Company, PIK at the rate of 14 ¼% per annum.

Conversion Price		Same as tender offer price for the common stock in the recapitalization, subject to customary anti-dilution protections.

Voting Rights		General: With the common stock as a single class on an “as converted basis” (including for election of directors). Class Vote: Merger, sale of substantially all assets and similar business combination transactions.

Covenants		Anti-layering, restricted payments, affiliate transactions, debt incurrence, change of control.

Remedies		Contract remedies for breach and default, subject where appropriate to prescribed cure periods.

Amendment and Waiver		By vote of a majority of the outstanding shares of the 12 ¼% Senior Preferred Stock, without the vote of any other class or series.