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Exhibit 10.1

EQUITY MARKETING, INC.
FIRST AMENDMENT
TO CREDIT AGREEMENT

    This FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is dated as of
November 14, 2001 by and among EQUITY MARKETING, INC., a Delaware corporation
("Borrower"), the financial institutions party to the Amended Agreement (as
defined below) from time to time ("Lenders"), and BANK OF AMERICA, N.A., as
Administrative Agent, Swing Line Lender and Issuing Lender and is made with
reference to that certain Credit Agreement dated as of April 24, 2001 (the
"Credit Agreement"), by and among Borrower, Lenders, Administrative Agent, Swing
Line Lender and Issuing Lender. Capitalized terms used herein without definition
shall have the same meanings herein as set forth in the Credit Agreement.

RECITAL

    WHEREAS, Borrower and Lenders desire to amend the Credit Agreement as set
forth below;

    NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

2.  AMENDMENTS TO THE CREDIT AGREEMENT

(a)Amendments to Section 1.01.

1.The definition for "Consolidated Fixed Charges" is hereby amended and restated
as follows:

"Consolidated Fixed Charges" means, for any period, (without duplication) the
sum of (a) Consolidated Interest Charges payable in cash during such period,
(b) scheduled principal payments during such period on Indebtedness (not
including scheduled principal payments or reductions of Commitments under this
Agreement), (c) the Applicable Average Commitment Amount, and (d) the aggregate
amount of Restricted Payments (excluding any stock purchased to be held as
treasury stock) made by Borrower during such period, all for Borrower and its
Subsidiaries on a consolidated basis determined in accordance with GAAP."

2.The definition for "Applicable Average Commitment Amount" is hereby amended
and restated as follows":

"Applicable Average Commitment Amount" means for the Fiscal Quarter ending on
December 31, 2001 and each Fiscal Quarter thereafter, 15% of the Average
Commitment Amount."

(b)Amendments to Section 7.01.

    Section 7.01 is hereby amended by (1) deleting the "and" at the end of
clause (g), (2) deleting the "." at the end of clause (h) and inserting "; and"
in its place, and (3) adding the following clause (i):

    "(i) Indebtedness of Borrower to any of its Subsidiaries permitted under
Section 7.05(d) not exceeding $1,000,000 in the aggregate at any time
outstanding."

(c)Amendment to Section 7.05.

    Section 7.05 is hereby amended and restated in its entirety as follows:

    "7.05 Investments; Acquisitions.  Make or commit to make any Investments or
Acquisitions, except:

(a)Investments existing on the date hereof;

(b)Ordinary Course Investments;

(c)Investments permitted by Section 7.03;

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(d)other Investments of Borrower or any Subsidiary of Borrower not exceeding
$1,000,000 in the aggregate at any time; and

(e)so long as no Trigger Event has occurred or would occur after giving pro
forma effect thereto, Permitted Acquisitions."

(d)Amendment to Section 7.06.

    Section 7.06 is hereby amended by (1) deleting "." at the end of clause (b)
and inserting ";" in its place, and (2) inserting the following proviso at the
end of the entire section:

"provided, however, immediately after any Restricted Payment expressly relating
to treasury stock is made and after giving pro forma effect thereto, Borrower's
cash and cash equivalents plus the unused and available Borrowing Base shall be
equal to or exceed $28,000,000."

(e)Amendment to Section 7.12(a).

    Section 7.12(a) is hereby amended and restated in its entirety as follows:

    "(a) Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage Ratio as
of the last day of any Fiscal Quarter set forth below to be less than the
correlative ratio set forth below:

Fiscal Quarter Ending On

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  Fixed Charge Coverage Ratio

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December 31, 2001   1.30:1.00 March 31, 2002   1.30:1.00 June 30, 2002  
1.30:1.00 September 30, 2002   1.30:1.00 December 31, 2002 and each Fiscal
Quarter thereafter   1.50:1.00"

3.  BORROWER'S REPRESENTATIONS AND WARRANTIES

    In order to induce Lenders to enter into this Amendment and thereby amend
the Credit Agreement in the manner provided herein, Borrower represents and
warrants to each Lender that the following statements are true, correct and
complete:

    (a)  Corporate Power and Authority.  Borrower has all requisite corporate
power and authority to enter into this Amendment and to carry out the
transactions contemplated by, and perform its obligations under, the Credit
Agreement as amended by this Amendment (the "Amended Agreement").

    (b)  Authorization of Agreements.  The execution and delivery of this
Amendment and the performance of the Amended Agreement have been duly authorized
by all necessary corporate action on the part of Borrower.

    (c)  Binding Obligation.  This Amendment and the Amended Agreement are the
legal, valid and binding obligation of Borrower, enforceable against it in
accordance with their terms, except as enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors' rights generally or by equitable principles, and any instrument or
agreement required hereunder or by the Amended Agreement, in each case, when
executed and delivered, will be similarly valid, binding and enforceable.

    (d)  Incorporation of Representations and Warranties From Credit
Agreement.  The representations and warranties contained in Section 5 of the
Credit Agreement are true, correct and complete in all material respects, except
to the extent such representations and warranties specifically relate to an
earlier date, in which case they were true, correct and complete in all material
respects on and as of such earlier date.

    (e)  Absence of Default.  No event has occurred and is continuing or will
result from the consummation of this Amendment that would constitute an Event of
Default or a Default.

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4.  MISCELLANEOUS

    (a)  Reference to and Effect on the Credit Agreement and the Other Loan
Documents.  

    1.  On and after the Effective Date, each reference in the Credit Agreement
to "this Agreement", "hereunder", "hereof", "herein" or words of like import
referring to the Credit Agreement, and each reference in the other documents
entered pursuant to the Credit Agreement to the "Credit Agreement",
"thereunder", "thereof" or words of like import referring to the Credit
Agreement shall mean and be a reference to the Amended Agreement.

    2.  Except as specifically amended by this Amendment, the Credit Agreement
and the other documents entered pursuant to the Credit Agreement shall remain in
full force and effect and are hereby ratified and confirmed.

    3.  The execution, delivery and performance of this Amendment shall not,
except as expressly provided herein, constitute a waiver of any provision of, or
operate as a waiver of any right, power or remedy of Administrative Agent or any
Lender under the Credit Agreement or any of the other Loan Documents.

    (b)  Headings.  Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.

    (c)  California Law.  This Agreement shall be governed by, and shall be
construed and enforced in accordance with, the internal laws of the State of
California, without regard to conflicts of laws principles.

    (d)  Counterparts; Effectiveness.  This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed an original, but
all such counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document. This Amendment shall become effective as of September 30,
2001 (the "Effective Date") upon the execution of a counterpart hereof by
Borrower and Required Lenders and receipt by Borrower and Administrative Agent
of written or telephonic notification of such execution and authorization of
delivery thereof.

    [Remainder of page intentionally left blank]

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    IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to
Credit Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above.

    EQUITY MARKETING, INC.
as Borrower
 
 
By:
 
/s/ KENT R. CRANDALL   

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Name: Kent R. Crandall
Title: Treasurer
 
 
BANK OF AMERICA, N.A.
as Administrative Agent
 
 
By:
 
/s/ KEN PURO   

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Name: Ken Puro
Title: Vice President
 
 
BANK OF AMERICA, N.A.
as Lender, Issuing Lender and Swine Line Lender
 
 
By:
 
/s/ DAVID J. STASSEL   

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Name: David J. Stassel
Title: Vice President

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EQUITY MARKETING, INC. FIRST AMENDMENT TO CREDIT AGREEMENT
RECITAL