ION Media Networks, Scholastic, NBC Universal, Corus Entertainment, and Classic Media/Big Idea Unite to Launch Groundbreaking Multi-Platform Network for Children

Business Wire, May 8, 2006

NEW YORK, LOS ANGELES, TORONTO, & WEST PALM BEACH, Fla. -- ION Media Networks (AMEX:ION), Scholastic (NASDAQ:SCHL), NBC Universal, Corus Entertainment Inc. (NYSE:CJR), Classic Media/Big Idea:

--Partners to create "Smart Place for Kids" across multiple distribution platforms, including blocks on three national broadcast networks -- ION Media Networks, NBC and Telemundo -- a 24/7 digital broadcast kids channel, video on demand services and a branded website

--September 2006 launch features bilingual programming for all children

In an unprecedented combination of distribution and content players in children's television, Scholastic, NBC Universal, Corus Entertainment and Classic Media/Big Idea are joining forces with the national TV distribution systems of ION Media Networks, NBC and Telemundo to form a unique new children's network featuring bilingual content for all children.

The partners will combine content and distribution assets to create an unparalleled multi-platform children's network powered by ION's national footprint of 60 broadcast stations, the NBC and Telemundo broadcast networks, the market-leading education, literacy, and creative franchise of Scholastic, as well as the combined content libraries and production capabilities of Classic Media/Big Idea, Corus Entertainment's subsidiary Nelvana, and NBC Universal.

Uniting behind a common mission, championing literacy and values in the children's television category, the partners will launch a "Smart Place for Kids" as a consistently branded destination accessible across multiple media platforms, as well as provide dual-language options to serve both English- and Spanish-speaking children and families.

Platforms for the new network, scheduled to launch the first Saturday in September, with the support of a concerted advertising and marketing campaign, will include: ION Media Network's nationally distributed analog television network, which will incorporate certain blocks of the partnership's children's content into its schedule; NBC, which will dedicate its Saturday morning time periods to the new network, and Telemundo, which does the same starting in October and then adds Sunday mornings in January; an all new, dedicated 24/7 digital broadcast television children's network that will utilize the digital multicasting capacity of the ION Media Network's group of television stations; a branded website and VOD services.

ION Media Networks, whose drive for new programming and partnership approaches led to this coalition, will be the 51% owner of the new network, with the content partners having equal equity interests in the remaining 49%. The venture will be managed by a board consisting of all partners.

The partners will draw on a large portfolio of library and custom-produced programming to jointly develop a compelling cross-platform brand identity for the new network. Multi-platform distribution will provide a unique vehicle for sponsors interested in a high quality, value-enhancing environment for their messages - one that is kid-empowering and parent-friendly.

"We saw an opportunity in the kids category for a strong coalition of committed partners with a vision of making television a trusted destination for children and families," said ION's CEO Brandon Burgess. "As an independent broadcaster, we want to step out in front to make television a better place and be a multi-platform leader. We are fortunate that this vision, backed by our nationwide television network and digital spectrum, has attracted such a high caliber group of partners to make the plan a reality."

"We are excited to be creating a bilingual program service that is centered on literacy and values, and that meets the needs of ALL children. With Scholastic's expertise in education and literacy, we are confident that we can deliver on this promise," stated Deborah Forte, president of Scholastic Media, a division of Scholastic Inc.

"By joining with ION, Scholastic, Classic and Corus Entertainment in this new children's programming venture, NBC Universal has accomplished the dual goals of getting back into the business of supplying children's television programming and ensuring that the NBC and Telemundo children's programming blocks are populated with shows that are educational, informative and at the same time entertaining," said Jeff Zucker, Chief Executive Officer, NBC Universal Television Group. "We look forward to working with our partners to create and distribute quality kids and parent-friendly programming that focuses on literacy and values."

"Kids and families are at the core of our business, and we constantly seek innovative ways to provide compelling entertainment experiences for them," said John Cassaday, President and CEO of Corus Entertainment Inc., parent company of Nelvana. "This venture both complements and expands our existing U.S. business while advancing our mission to be everywhere that kids are in the new multi-platform universe."

"This is a milestone for kids and families on commercial television," said Eric Ellenbogen, CEO of Classic Media. "At last there is a network that will deliver Big Idea's hilarious brand of values-based entertainment that teaches timeless lessons like self-esteem and sharing, along with Classic's trusted library of beloved animation and live-action favorites."