The photoreactions of 9,10‐diphenylanthracene with two iodonium salts and a sulfonium salt in different solvents were investigated by fluorescence quenching, flash photolysis with UV/vis detection, measurements of the quantum yields of sensitizer decomposition, and photo‐CIDNP spectroscopy. Energy‐transfer sensitization is precluded by thermodynamics in these systems. In a solvent of lower polarity such as dimethoxyethane, the quenching rate constant is still about a third of the value in acetonitrile; the quantum yields of formation of radical cations and the quantum yields of sensitizer decomposition are decreased by about the same factor. In contrast, dramatic effects occur in the CIDNP spectra of the iodonium salts, which derive from two consecutive radicals pairs, the first containing the radical cation DPA± of the sensitizer and the radical On• of the onium salt, the second comprising DPA± and a phenyl radical produced by fragmentation of On•: In less polar solvents, the polarizations from the first pair are strongly reduced, and the polarizations from the second pair are larger by an order of magnitude. From a kinetic analysis, this effect was attributed to a higher rate of transformation of the first radical pair into the second in the less polar solvent. For the sulfonium salt, this transformation is faster than in the case of iodonium salts, so even in acetonitrile all polarizations stem from the second radical pair. S‐T±‐type CIDNP, which had been proposed in the literature for analogous chemical systems, could be excluded unambiguously, and all CIDNP effects could be explained by radical pair theory (S‐T0‐type CIDNP).