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Exhibit
10.20.1


SUPPLEMENTARY AGREEMENT No. EM-133/0606
to
Agreement No. EM-22/0205 (NK-008/030/05) dated February
24,  2005

This SUPPLEMENTARY AGREEMENT No.
EM-133/0606 (the Supplementary Agreement) to Agreement No.
EM-22/0205 (NK-008/030/05) dated February  24,  2005 (the
Agreement)

is made in Moscow, on June
28,  2006, by and between:


ZAO Novy Kanal
(Russian name: ЗАО
«Новый
Канал») (Primary State
Registration Number (OGRN) 1047796750880) (hereinafter referred
to as New Channel), a closed stock company represented by its
General Director V.S. Khanumyan acting on the basis of Power of
Attorney No. 1 dated January  11,  2005, on the one side;
and


ZAO Ad Media (Russian name:
ЗАО «Эд
Медиа») (Primary State
Registration Number (OGRN) 1027739121134) (hereinafter referred
to as the Agency), a closed stock company represented by
its General Director V.L. Vshivkin acting on the basis of the
Agency’s Articles of Association, on the other side;

New Channel and the Agency being hereinafter collectively
referred to as the Parties.

WHEREAS, Russian
Federal Law No. 38-FZ ‘‘On Advertising’’
dated March  13,  2006 comes into effect as of July
1,  2006, and whereas the said law introduces new terms and
definitions and also provides for certain changes and amendments to the
existing terms and definitions as well as to the scope of and the
procedure for TV advertising;

NOW, THEREFORE, the Parties
have agreed as follows:

		
	1. 	Effective
as of July  1,  2006, the Parties have agreed as
follows:


		
	1.1 	The Parties agree that
Section 1 of the Agreement (Definitions) shall read as
follows:


‘‘As used herein, the following
terms and definitions shall have the following meanings:


Network Programming Block means a composite audio
and visual product (a result of intellectual activities) developed by
New Channel to be used by TV broadcasters participating in the ESMI
Domashny (Russian name: ЭСМИ
«Домашний»)
TV network (the Home Network) as an over-the-air broadcast
(pursuant to Article 40 of the Russian Federal Law ‘‘On
Copyright and Ancillary Rights’’ (the Copyright
Law)) and as a cable broadcast (pursuant to Article 41 of the
Copyright Law) and having a uniform content for all participants of the
Home Network throughout the entire territory of the Russian
Federation.


Regional Broadcasting Slot means a
period of time in the Network Programming Block during which a Home
Network participating broadcaster may at its own discretion replace
audio and visual products of the Network Programming Block with any
other shows.


New Channel Advertising Services
means making Network Programming Blocks available to advertisers,
including for broadcast of sponsor advertising, pursuant to any
agreements concluded by the Agency on its own behalf but for New
Channel account or any agreements concluded by the Agency directly with
the advertiser and covering advertising, including sponsor advertising,
on the Network Programming Blocks.


Advertising
means information disseminated by any means whatsoever, in any form
whatsoever and with the help of any tools whatsoever which is addressed
to an unidentified group of individuals and is directed at attracting
attention to, creating and maintaining interest in and promotion of,
the object being so advertised.


Commercial means
an audio and visual product having advertising content.


Sponsor Advertising means any advertising which may
be disseminated subject to a reference to a certain sponsor being made
therein.


Social Advertising means information
disseminated by any means whatsoever, in any form whatsoever and with
the help of any tools whatsoever which is addressed to an unidentified
group of individuals and is directed at fulfilling charitable or
publicly significant objectives or promoting state interests.








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Social Advertising may not make
mention of any particular brands (models, items) of
goods,    trademarks, service marks or any other identification
tools or of any individuals, legal entities or sponsors other than
state authorities or other government bodies or local bodies or those
municipal bodies which do not form part of the local authorities.


Client means any advertiser or third party
representing an advertiser pursuant to a relevant agreement.


Accounting Period means one calendar month.


New Channel Gross Advertising Revenue in the Accounting
Period (or New Channel Gross Revenue) includes the
following:

		
	• 	Sales revenue from
advertising services provided by the Agency;


		
	• 	Sales revenue from advertising services
provided to Clients directly by New Channel;


		
	• 	Penalties, fines, break-up fees and other
amounts unrelated to sales and payable to New Channel and actually
received by the Agency within the framework of transactions concluded
by the Agency with the Clients for the purposes of performance of this
Agreement.


		
	1.2 	Clause 2.4 of the
Agreement shall read as follows:


			
		‘‘2.4. 	New Channel hereby
entitles the Agency to make Network Programming Blocks available for
Commercials at any time between 7:00 a.m. local time and 1:00 a.m.
local time of the following day, excluding Regional Broadcasting Slots
having the total duration of two (2) hours, for the following periods
of time:


			
		• 	In the period between
Jul 1, 2006 and Dec 31, 2007, for a period of up to ten point five
percent (10.5%) of the total daily duration of the Network
Programming Block, excluding Regional Broadcasting Slots. In the time
period between 7:00 p.m. and 12:00 p.m., New Channel provides to the
Agent up to fourteen percent (14%) of each astronomical hour of
the Network Programming Block to be made available for
Commercials.


The Parties agree that in any event the
duration of Commercials shall not exceed fourteen percent (14%)
of each astronomical hour of the Network Programming Block or ten point
five percent (10.5%) of the total daily duration of the Network
Programming Block.

			
		• 	In the
period beginning on Jan 1, 2008, for a period of up to ten point five
percent (10.5%) of each astronomical hour of the Network
Programming Block, excluding Regional Broadcasting
Slots.


The Parties agree that, in the time period
between 01:00 a.m. and 07:00 a.m., New Channel shall at its own
discretion provide to the Agency time to be made available for
Commercials.’’

		
	1.3 	Include
in the Agreement Clause 3.1.9, which shall read as
follows:


			
		‘‘3.1.9 	New
Channel shall not run any commercials or advertising on days of
mourning as may be officially declared in the Russian Federation.


In that case, New Channel shall be obliged to run the
commercials or advertising so cancelled at a similar time and during
similar broadcasts within the next few days and/or as may be otherwise
agreed between the Agency and the
Clients.’’

		
	1.4 	Include in
Clause 6.3 of the Agreement the following
paragraph:


‘‘New Channel may not be held
liable under Paragraph 1 of this Clause if the commercials have not
been broadcast on days of mourning as may be officially declared in the
Russian Federation (pursuant to Clause 3.1.9
hereof).’’

		
	2. 	The Parties
agree that, starting from July  1,  2006, the Agency shall,
wherever entering into any agreements with the Clients, in addition to
the provision set out in Clause 3.2.1(f) hereof, include in any such
agreement the following provision:


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‘‘The Client shall
provide to the Agency duly certified copies of the relevant licenses if
the advertised business activities of the Client require to be licensed
and relevant certificates of conformity if the advertised goods
(services) require certification and relevant certificates of
registration if the advertised goods are subject to state registration.
The Client shall, if so requested by the Agency, provide within two (2)
days documentary proof of the accuracy of the information contained in
the commercial.’’

		
	3. 	Include in Clause 9.2 of the
Agreement the following Clause 9.2.3:


			
		‘‘9.2.3 	If either Party
displays any symptoms of bankruptcy as the same are defined in Article
3 of the Russian Federal Law ‘‘On Bankruptcy
(Insolvency)’’.’’


		
	4. 	The
Parties agree to be governed by the terms and conditions of the
Agreement in any matters not specifically provided for in, and not
violating the terms or conditions of, this Supplementary
Agreement.


		
	5. 	This
Supplementary Agreement shall commence as of the date it is executed by
duly authorized representatives of both Parties and shall continue in
full force and effect until the Parties have discharged in full all of
their respective obligations
hereunder.


		
	6. 	Registered
addresses, place of business and bank details of the
Parties:






				
	AGENCY:
ZAO AD Media			NEW CHANNEL: ZAO Novy Kanal
	Registered and mailing address: 29 Ulitsa Akademika
Pavlova, Moscow 121359, Russia
 INN 7731200664
 KPP
773101001
 OGRN 1027739243399
 Current account
40702810800020105593 with Sberbank of Russia (Central Branch)

Correspondent account 30101810400000000225
 BIK
044525225
    
Current account 40702810201600000385
 with
OAO ALFA BANK (Leningradsky Prospekt Branch)
 Correspondent account
301018100200000000593
 BIK 044525593
    

Details for
payments in a foreign currency:
 Current USD account
40702840001600000089
 Transit 40702840601603000088
 JP Morgan
Chase Bank, New York
 4 New York Plaza, New York. N. Y. 10004,
USA
 Acc. 400927098
 ALFA BANK
27 Ulitsa Kalanchovskaya,
Moscow, Russia
SWIFT CHAS US 33
 Account
407028406016033000088
 Correspondent account
30101810200000000593			Registered and mailing address: 12
Ulitsa 3rd Khoroshevskaya, Moscow 123298, Russia
 INN
7734517148
 KPP 773401001
 OGRN 1047796750880
 Current
account 40702810301600000353
 with OAO ALFA BANK (Moscow)

Correspondent account 30101810200000000593
 with OPERU of the
Moscow GTU of the Central Bank of the Russian Federation
 BIK
044525593
    

Details for payments in a foreign
currency:
Beneficiary: Closed Joint Stock
Company
‘‘New Channel’’

Beneficiary account: 40702.840.1.01603000083
 Beneficiary bank:
ALFA BANK
 27 Ulitsa Kalanchovskaya, Moscow 107078,
Russia
	General Director


ZAO Ad
Media

 [Signature]
 V.L. Vshivkin

[Company seal:] Closed Stock Company ZAO Ad Media;
Moscow			First Deputy General Director


ZAO Novy
Kanal



V.S.
Khanumyan
	






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