The deal is with distributor Litton Entertainment, and the show comes from rights-holder FremantleMedia North America.
The series launches on ION Monday, March 3 and will follow an hour of "The Drew Carey Show" (which launched New Year's Eve).
"This is another fun example of our strategy to offer upbeat, mainstream programming to our viewers," said Ion chief Brandon Burgess. "This iconic series is a multi-generational TV staple, and 'America's Got Talent' and 'Borat' have made ('Baywatch' stars) David Hasselhoff and Pam Anderson as hip and relevant as ever."
Hasselhoff has been a judge on NBC's modest summer hit, the "American Idol" knock-off "America's Got Talent," while Anderson appeared in the hit film "Borat."
"Baywatch" became one of the world's most popular and a highly-lucrative show during its run in syndication from 1991 to 2001.