<PAGE>

                                                                    EXHIBIT 10.5

                                                                  EXECUTION COPY

                                 AMENDMENT NO. 1

                                     TO THE

                            PLAYBOY TV INTERNATIONAL
                            PROGRAM SUPPLY AGREEMENT


         THIS AMENDMENT NO. 1 TO THE PLAYBOY TV INTERNATIONAL PROGRAM SUPPLY
AGREEMENT (this "AMENDMENT"), dated as of December 22, 2002 and effective as of
March 31, 2002, by and among Playboy Entertainment Group, Inc., a Delaware
corporation ("PEGI"), Playboy TV International LLC, a Delaware limited liability
company ("PTVI") and PTVLA U.S., LLC, a Delaware limited liability company
formerly known as PTV U.S., LLC ("PTV US"), amends that certain Playboy TV
International Program Supply Agreement, effective as of August 31, 1999 (the
"AGREEMENT"). Capitalized terms used herein and not otherwise defined shall have
the meanings set forth in the Agreement.

         Each of PEGI, PTVI and PTV US, intending to remove PTV US as a party to
the Agreement and to terminate the license from PEGI to PTV US granted pursuant
to Section 2.2 thereof, and acting pursuant to Section 12.4(c) of the Agreement,
hereby agree to amend the Agreement as follows upon the terms and conditions set
forth herein:

         1. TERMINATION OF LICENSE. The license granted to PTV US pursuant to
the terms of the Agreement is hereby terminated, and all rights and obligations
of PTV US pursuant to the Agreement are hereby terminated, each effective as of
March 31, 2002.

         2. COUNTERPARTS. This Amendment may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same instrument.

         3. EFFECTIVENESS. Except as specifically provided herein, the Agreement
is in all respects unaffected by this Amendment. All of the terms, conditions
and provisions of the Agreement as hereby amended shall be and remain in full
force and effect. The amendments, modifications and revisions made hereby shall
be effective for all purposes of the Agreement as if such changes, variances,
amendments and modifications had been reflected as of the date of the Agreement.

         4. GOVERNING LAW. All questions with respect to this Amendment and the
rights and liabilities of the parties will be governed by the laws of the State
of Delaware, irrespective of the choice of laws provisions of Delaware or of any
other jurisdiction.

                            [SIGNATURE PAGE FOLLOWS.]


<PAGE>



                  IN WITNESS WHEREOF, this Amendment No. 1 to Playboy TV
International Program Supply Agreement has been duly executed and delivered by
the duly respective authorized officers of each of the parties hereto as of the
date first above written.


                                       PLAYBOY ENTERTAINMENT GROUP, INC.


                                        By:
                                           ----------------------------------
                                            Name:
                                            Title:



                                        PLAYBOY TV INTERNATIONAL, LLC


                                        By:
                                           ----------------------------------
                                            Name:
                                            Title:



                                        PTVLA U.S., LLC


                                        By:
                                           ----------------------------------
                                            Name:
                                            Title: