**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

|   | **QUARTERLY                REPORT** |
|--------|-------------------------------------|

|   | **UNDER                SECTION 13 OR 15(d)** |
|--------|----------------------------------------------|

|   | **OF                THE SECURITIES EXCHANGE ACT OF                1934** |
|--------|--------------------------------------------------------------------------|

**FOR      QUARTER ENDED SEPTEMBER 30,  2007**

**       **

**SATELLITE        NEWSPAPERS CORP.**

| **Nevada****--------------------------------**                                               | **000-26607****--------------------------------** | **88-0390828****----------------------------------------------** |
|----------------------------------------------------------------------------------------------|---------------------------------------------------|------------------------------------------------------------------|
| (State                or other jurisdictionof                incorporation or organization)) | (Commission                File Number)           | (I.R.S.                Employer Identification Number)      |

**Bank      of America Building**

**980      Post Road East**

**Westport,      Connecticut      06880**

**203-222-9333**

**---------------------------------------------------------------------------**

**Check      whether the issuer (1) filed all reports required to be filed by Section 13      or      15(d) of the Securities Exchange Act during the past 12 months (or for such      shorter period that the registrant was required to file such reports), and      (2)      has been subject to such filing requirements for the past 90      days.     Yes [X]   No      [  ]**

|   | **Number                of shares of the registrant’s common stock outstanding as of November 19,                2007 was: 423,477,518** |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **Traditional                Small Business Disclosure Format:  Yes                [  ]   No                [X]** |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

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**SATELLITE      NEWSPAPAERS CORP. **

**FORM      10-QSB**

**FOR      QUARTER ENDED SEPTEMBER 30, 2007**

**TABLE      OF CONTENTS**

| **PART                I. FINANCIAL INFORMATION**                                                                                                                                                                                         |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| ITEM                1. FINANCIAL STATEMENTS                (UNAUDITED)                                                                                                                                                                   | 03     |
| Consolidated                Balance Sheet as of September 30, 2007 (Unaudited)                and December 31, 2006                                                                                                                      | 05     |
| Consolidated                Statements of Operations – For the Three Months                Ended September 30, 2007 and 2006 (Unaudited) and For The Nine Months                Ended September 30, 2007 and 2006 (Unaudited) | 06     |
| Consolidated                Statements of Cash Flows – For the Nine                Months Ended September 30, 2007 and 2006                (Unaudited)                                                                        | 07     |
| Notes                to Unaudited Condensed Consolidated Financial                Statements (Unaudited)                                                                                                                            | 08     |
| ITEM                2. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF                OPERATION                                                                                                                                    | 09     |
|                                                                                                                                                                                                                                     |   |
| **PART                II. OTHER INFORMATION**                                                                                                                                                                                            |   |
| ITEM                1. - LEGAL PROCEEDINGS                                                                                                                                                                                               | 11     |
| ITEM                2. - CHANGES IN SECURITIES AND USE OF                PROCEEDS                                                                                                                                                        | 11     |
| ITEM                3. - DEFAULTS UPON SENIOR                SECURITIES                                                                                                                                                                  | 12     |
| ITEM                4. - SUBMISSION OF MATTERS TO A VOTE OF SECURITY                HOLDERS                                                                                                                                              | 12     |
| ITEM                5. - OTHER INFORMATION                                                                                                                                                                                               | 12     |
| ITEM                6. - EXHIBITS AND REPORTS ON FORM                8-K                                                                                                                                                                 | 12     |
|                                                                                                                                                                                                                                     |   |
| **SIGNATURES**                                                                                                                                                                                                                           | 13     |

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**PART      I. FINANCIAL INFORMATION**

**ITEM      1.                      FINANCIAL STATEMENTS**

**SATELLITE      NEWSPAPERS CORP. AND SUBSIDIARY**

**FINANCIAL      STATEMENTS**

**SEPTEMBER 30,      2007 AND 2006**

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**SATELLITE      NEWSPAPERS CORP. AND SUBSIDIARY**

**INDEX      TO FINANCIAL STATEMENTS**

**SEPTEMBER 30,      2007 AND 2006**

| **FINANCIAL                STATEMENTS (UNAUDITED)**                                                                                                                                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                    |
| Consolidated                Balance Sheet as of September 30, 2007 (Unaudited) and December 31,                2006                                                                |
|                                                                                                                                                                                    |
| Consolidated                Statements of Operations (Unaudited) –                For the Three Months and Nine Months Ended September 30, 2007 and                2006 |
|                                                                                                                                                                                    |
| Consolidated                Statements of Cash Flows (Unaudited) –                For the Nine Months Ended September 30, 2007 and 2006                                      |
|                                                                                                                                                                                    |
| Notes                to Unaudited Condensed Financial Statements                (Unaudited)                                                                                             |

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|                                                                                                   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                                                                   |   |   |   |   |   |   |
| **SATELLITE                    ENTERPRISE CORP. AND SUBSIDIARIES**       |
|                                                                                                   |   |   |   |   |   |   |
| **CONSOLIDATED                    BALANCE SHEETS**                       |

|                                                                                                                                                                                                                                                                                                                                        |       | **September                          30,** | ** **  | ** ** | **December                          31,** | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|-------------|------------|-------------------------------------------|------------|
| ** **                                                                                                                                                                                                                                                                                                                                  | ** ** | **2007**                                   | ** **  | ** ** | **2006**                                  | ** ** |
| **ASSETS**                                                                                                                                                                                                                                                                                                                                  | ** ** | **(Unaudited)**                            |        |       |                                      |       |
|                                                                                                                                                                                                                                                                                                                                        |       |                                       |        |       |                                      |       |
| CURRENT                          ASSETS                                                                                                                                                                                                                                                                                                     |       |                                       |        |       |                                      |       |
| Cash                                                                                                                                                                                                                                                                                                                                        |       | $                                          | 1,009       |       |                                      | $          | 1,334 |   |
| Total                          Current Assets                                                                                                                                                                                                                                                                                               |       |                                       | 1,009       |       |                                      |       | 1,334 |   |
|                                                                                                                                                                                                                                                                                                                                        |       |                                       |        |       |                                      |       |   |   |
|           Total                          Assets                                                                                                                                                                                                                                           |       | $                                          | 1,009       |       |                                      | $          | 1,334 |   |
|                                                                                                                                                                                                                                                                                                                                        |       |                                       |        |       |                                      |       |   |   |
|                                                                                                                                                                                                                                                                                                                                        |       |                                       |        |       |                                      |       |   |   |
|                                                                                                                                                                                                                                                                                                                                        |       |                                       |        |       |                                      |       |   |   |
| **LIABILITIES                          AND STOCKHOLDERS' EQUITY (DEFICIT)**                                                                                                                                                                                                                                                                 |       |                                       |        |       |                                      |       |   |   |
|                                                                                                                                                                                                                                                                                                                                        |       |                                       |        |       |                                      |       |   |   |
| CURRENT                          LIABILITIES                                                                                                                                                                                                                                                                                                |       |                                       |        |       |                                      |       |   |   |
| Accounts                          Payable                                                                                                                                                                                                                                                                                                   |       | $                                          | 100,830     |       |                                      | $          | 1,326,620 |   |
| Accrued                          salaries and related expenses                                                                                                                                                                                                                                                                              |       |                                       | 178,767     |       |                                      |       | 213,180 |   |
| Accrues                          expenses                                                                                                                                                                                                                                                                                                   |       |                                       | 19,972      |       |                                      |       | 1,591 |   |
| Notes                          Payable to related parties                                                                                                                                                                                                                                                                                   |       |                                       | 497,000     |       |                                      |       | 461,486 |   |
| Loans                          payable                                                                                                                                                                                                                                                                                                      |       |                                       | 1,183       |       |                                      |       | 1,899,949 |   |
| Total                          Current Liablities                                                                                                                                                                                                                                                                                           |       |                                       | 797,752     |       |                                      |       | 3,902,826 |   |
|                                                                                                                                                                                                                                                                                                                                        |       |                                       |        |       |                                      |       |   |   |
| STOCKHOLDERS'                          DEFICIT                                                                                                                                                                                                                                                                                              |       |                                       |        |       |                                      |       |   |   |
| Preferred                          stock, par value $0.001 authorized 500,000,000 shares,                          2,179,533 and                          1,657,533 Class A convertible preferred shares issued and                          outstanding at                          September 30, 2007 and December 31, 2006, respectively |       |                                       | 2,180       |       |                                      |       | 1,658 |   |
| Common                          stock authorized 500,000,000 shares, par value $0.001,                          issued and                          outstanding 423,477,518 shares at September 30, 2007 and                          December 31,                          2006                                                            |       |                                       | 423,478     |       |                                      |       | 423,478 |   |
| Additional                          Paid-In Capital                                                                                                                                                                                                                                                                                         |       |                                       | 13,548,781  |       |                                      |       | 12,949,303 |   |
| Accumulated                          deficit                                                                                                                                                                                                                                                                                                |       |                                       | (14,771,182 | )          |                                      |       | (17,327,202 | ) |
| Accumulated                          other comprehensive income                                                                                                                                                                                                                                                                             |       |                                       | -      |       |                                      |       | 51,271 |   |
| Total                          Stockholders' Deficit                                                                                                                                                                                                                                                                                        |       |                                       | (796,743    | )          |                                      |       | (3,901,492 | ) |
|                                                                                                                                                                                                                                                                                                                                        |       |                                       |        |       |                                      |       |   |   |
|                                     Total Liablities and Stockholders' Deficit                                                                                                                                                                                                            |       | $                                          | 1,009       |       |                                      | $          | 1,334 |   |
|                                                                                                                                                                                                                                                                                                                                        |       |                                       |        |       |                                      |       |   |   |

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| **SATELLITE                        ENTERPRISE CORP. AND SUBSIDIARIES     ** |   |
|------------------------------------------------------------------------------------------------------|--------|
| ** **                                                                                           |   | ** ** |   |   |   |   |   |   |   |   |   |   |
| **CONSOLIDATED                        STATEMENTS OF OPERATIONS (UNAUDITED)**     |   |

|                                                                                                                                                                         |       | **Three                              Months Ended ** | ** ** | ** ** | **Nine                              Months Ended ** | ** ** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------------------------------------|------------|------------|----------------------------------------------------------|------------|
| ** **                                                                                                                                                                   | ** ** | **September                              30, **      | ** ** | ** ** | **September                              30, **     | ** ** |
| ** **                                                                                                                                                                   | ** ** | **2007**                                                  | ** ** | ** ** | **2006**                                                 | ** ** | ** ** | **2007** | ** ** | ** ** | **2006** |   |
|                                                                                                                                                                         |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |
| NET                              SALES                                                                                                                                       |       | $                                                         |       |       |                                                     | $          | 150,333 |   |   | $ |   |   |   | $ | 484,982 |   |
|                                                                                                                                                                         |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| COST                              AND EXPENSES                                                                                                                               |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| Cost                              of Services                                                                                                                                |       |                                                      |       |       |                                                     |       | 48,156 |   |   |   |   |   |   |   | 207,855 |   |
| Selling,                              General and Administrative                                                                                                             |       |                                                      | 68,867     |       |                                                     |       | 1,348,066 |   |   |   | 180,269 |   |   |   | 1,784,466 |   |
| Research                              and Development                                                                                                                        |       |                                                      |       |       |                                                     |       | 25,306 |   |   |   |   |   |   |   | 99,448 |   |
| Depreciation                              and Amortization                                                                                                                   |       |                                                      |       |       |                                                     |       | 105,811 |   |   |   |   |   |   |   | 302,510 |   |
| Total                              Costs and Expenses                                                                                                                        |       |                                                      | 68,867     |       |                                                     |       | 1,527,339 |   |   |   | 180,269 |   |   |   | 2,394,279 |   |
|                                                                                                                                                                         |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| NET                              OPERATING LOSS                                                                                                                              |       |                                                      | (68,867    | )          |                                                     |       | (1,377,006 | ) |   |   | (180,269 | ) |   |   | (1,909,297 | ) |
|                                                                                                                                                                         |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| OTHER                              INCOME (EXPENSE)                                                                                                                          |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| Currency                              Gain                                                                                                                                   |       |                                                      |       |       |                                                     |       | 7,212 |   |   |   |   |   |   |   | (29,267 | ) |
| Interest                              Expense                                                                                                                                |       |                                                      | (8,368     | )          |                                                     |       | (35,199 | ) |   |   | (18,382 | ) |   |   | (101,811 | ) |
|                                                                                                                                                                         |       |                                                      | (8,368     | )          |                                                     |       | (27,987 | ) |   |   | (18,382 | ) |   |   | (131,078 | ) |
|                                                                                                                                                                         |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| NET                              LOSS FROM CONTINUING OPERATIONS                                                                                                             |       | $                                                         | (77,235    | )          |                                                     | $          | (1,404,993 | ) |   | $ | (198,651 | ) |   | $ | (2,040,375 | ) |
|                                                                                                                                                                         |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| DISCONTINUED                              OPERATIONS                                                                                                                         |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| Loss                            from discontinued operations (less applicable income                            taxes of                            0)                       |       |                                                      |       |       |                                                     |       | (2,397,694 | ) |   |   | (788,736 | ) |   |   | (2,529,987 | ) |
| Gain                              from the disposal of discontinued operations (less                              applicable income taxes                              of 0) |       |                                                      |       |       |                                                     |       |   |   |   |   | 3,543,407 |   |   |   | 603,625 |   |
| Gain                              from discontinued operations                                                                                                               |       |                                                      | -          |       |                                                     |       | (2,397,694 | ) |   |   | 2,754,671 |   |   |   | (1,926,362 | ) |
|                                                                                                                                                                         |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| NET                              GAIN (LOSS)                                                                                                                                 |       | $                                                         | (77,235    | )          |                                                     | $          | (3,802,687 | ) |   | $ | 2,556,020 |   |   | $ | (3,966,737 | ) |
|                                                                                                                                                                         |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                         |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| NET                              GAIN (LOSS) PER COMMON SHARE (BASIC AND DILUTED)                                                                                            |       |                                                      |       |       |                                                     | $          | (0.45 | ) |   | $ | 0.01 |   |   | $ | (0.47 | ) |
|                                                                                                                                                                         |       |                                                      |       |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED                              AVERAGE COMMON SHARES OUTSTANDING                                                                                                      |       |                                                      |       |       |                                                     |       |   |   |   |   | 423,477,518 |   |   |   | 8,465,374.00 |   |

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|                                                                                       |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| **SATELLITE                    ENTERPRISE CORP. AND SUBSIDIARIES**          |   |
|                                                                                       |   |   |   |   |   |   |
| **CONSOLIDATED                    STATEMENTS OF CASH FLOWS (UNAUDITED)**    |   |

|                                                                                                                                   |   | **Nine                          Months Ended**  |       |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|------------|
|                                                                                                                                   |   | **September                          30,**      |       |
|                                                                                                                                   |   | **2007**                                             |       |   | **2006** |   |
| CASH                          FLOWS FROM OPERATING ACTIVITIES CONTINUING OPERATIONS                                                    |   |                                                 |       |   |
| Net                          loss                                                                                                      |   | $                                                    | (198,651   | ) |   | $ | (3,966,747 | ) |
|                                                                                                                                   |   |                                                 |       |   |   |   |   |   |
| Adjustments                          to reconcile net gain/(loss) to cash flows used in operating                          activities: |   |                                                 |       |   |   |
| Depreciation                                                                                                                           |   |                                                 | -          |   |   |   | 302,510 |   |
| Loss                          from Discontinued Operations                                                                             |   |                                                 |       |   |   |   | 2,397,694 |   |
| Changes                          in operating assets and liabilities                                                                   |   |                                                 |       |   |   |   |   |   |
| Accounts                          receivable                                                                                           |   |                                                 | -          |   |   |   | (109,694 | ) |
| Accounts                          payable                                                                                              |   |                                                 |       |   |   |   | 33,252 |   |
| Accrued                          expenses                                                                                              |   |                                                 | 18,381     |   |   |   | 29,536 |   |
| (Decrease)                          increase in accrued settlement fee relating to employee                          costs             |   |                                                 |       | 1,140,000 |   |
| Accrued                          salaries and related expenses                                                                         |   |                                                 |       |   |   |   | (207,903 | ) |
| NET                          CASH USED IN CONTINUING OPERATING ACTIVITIES                                                              |   |                                                 | (180,270   | ) |   |   | (381,352 | ) |
|                                                                                                                                   |   |                                                 |       |   |   |   |   |   |
| CASH                          FLOWS FROM INVESTING ACTIVITIES                                                                          |   |                                                 |       |   |   |   |   |   |
| Payments                          for equipment                                                                                        |   |                                                 |       |   |   |   | (56,606 | ) |
| NET                          CASH USED IN CONTINUING INVESTING ACTIVITIES                                                              |   |                                                 | -          |   |   |   | (56,606 | ) |
|                                                                                                                                   |   |                                                 |       |   |   |   |   |   |
| CASH                          FLOWS FROM FINANCING ACTIVITIES                                                                          |   |                                                 |       |   |   |   |   |   |
| Advances                          from notes payable to related parties                                                                |   |                                                 |       |   |   |   | 495,013 |   |
| Change                          in loans payable                                                                                       |   |                                                 |       |   |   |   |   |   |
| NET                          CASH PROVIDED IN CONTINUING FINANCING ACTIVITIES                                                          |   |                                                 | -          |   |   |   | 495,013 |   |
|                                                                                                                                   |   |                                                 |       |   |   |   |   |   |
| Discontinuing                          operations                                                                                      |   |                                                 |       |   |   |   |   |   |
| Net                          income                                                                                                    |   |                                                 | 2,754,671  |   |   |   |   |   |
| Decrease                          in net liabilities of entities discontinued                                                          |   |                                                 | (2,523,455 | ) |   |   |   |   |
| NET                          CASH USED IN DISCONTINUING OPERATIONS                                                                     |   |                                                 | 231,216    |   |   |   |   |   |
|                                                                                                                                   |   |                                                 |       |   |   |   |   |   |
|                                                                                                                                   |   |                                                 |       |   |   |   |   |   |
| EFFECT                          OF EXCHANGE RATE                                                                                       |   |                                                 |       |   |   |   |   |   |
| CHANGES                          ON CASH                                                                                               |   |                                                 | (51,271    | ) |   |   | (73,487 | ) |
| (DECREASE)                          INCREASE IN CASH                                                                                   |   |                                                 | (325       | ) |   |   | (16,432 | ) |
| CASH,                          BEGINNING OF PERIOD                                                                                     |   |                                                 | 1,334      |   |   |   | 37,509 |   |
| CASH,                          END OF PERIOD                                                                                           |   | $                                                    | 1,009      |   |   | $ | 21,077 |   |
|                                                                                                                                   |   |                                                 |       |   |   |   |   |   |

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**SATELLITE NEWSPAPERS        CORP. AND SUBSIDIARIES**

**NOTES        TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER        30, 2007**

**NOTE        1 BASIS OF PRESENTATION**

**NOTE        2  GOING CONCERN**

**NOTE        3 PREFERRED STOCK**

**NOTE        4  MEDIA FINANCE EN SUISSE HOLDING (BANKRUPTCY)**

**NOTE 5  LEGAL        PROCEEDINGS**

**NOTE        6  SUBSEQUENT EVENTS**

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**ITEM      2.                      MANAGEMENT’S      DISCUSSION AND ANALYSIS OR PLAN OF OERATION.**

**PRIOR      HISTORY OF SATELLITE**

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**PART      II. OTHER INFORMATION**

**ITEM      1.      LEGAL      PROCEEDINGS**

**ITEM      2.     CHANGES IN SECURITIES AND USE OF      PROCEEDS**

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**ITEM      3.     DEFAULTS UPON SENIOR      SECURITIES**

**ITEM      4.     SUBMISSION OF MATTERS TO A      VOTE OF SECURITY HOLDERS**

**ITEM      5.     OTHER      INFORMATION**

**ITEM      6.      EXHIBITS AND REPORTS      ON FORM 8-K**

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**SIGNATURES**

|                                   |   |                                           |
|----------------------------------------|--------|------------------------------------------------|
|                                   |   | **SATELLITE                NEWSPAPERS CORP..** |
|                                   |   | (Registrant)                                   |
|                                   |   |                                           |
|                                   |   |                                           |
| Date:                November 19, 2007 |   | By:                /s/ ROY PICENI              |
|                                   |   | Roy                Piceni                      |
|                                   |   | Chief                Executive Officer and     |
|                                   |   | Chairman                of the Board           |
|                                   |   | (Duly                Authorized Officer)       |
|                                   |   |                                           |
|                                   |   |                                           |
| Date:                November 19, 2007 |   | By:                /s/ RANDY HIBMA             |
|                                   |   | Randy                Hibma                     |
|                                   |   | President                and Chief             |
|                                   |   | Financial                Officer and Director  |
|                                   |   | (Principal                Financial            |
|                                   |   | and                Accounting Officer)         |
|                                   |   |                                           |

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