Thermoplastic interpenetrating polymer networks (IPN) are mixtures of two physically crosslinked polymers. Thermoplastic IPNs were prepared by blending an SBS triblock elastomer with a 1,2-polybutadiene that was ionically-terminated at both ends. The morphologies of these IPNs were studied using differential scanning calorimetry and dynamic mechanical thermal analysis. It was concluded that the ionomer was incompatible with the SBS elastomer, since the T(g)s of both the 1,2-polybutadiene from the ionomer and the essentially 1,4-polybutadiene from the SBS component were observable at temperatures that were close to those of the individual components. The addition of the polybutadiene material had, however, an influence on the relaxation processes of the polystyrene blocks. The polystyrene glass transition in the pure SBS copolymer is broadened by the interfacial region between polystyrene and polybutadiene. The low temperature shoulder was much more pronounced when the ion-terminated polybutadiene was present, indicating it has a preference to be located in these interfacial regions.