| DELAWARE                                                            |   | 87-0398271                                     |
|---------------------------------------------------------------------|--------|------------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer      Identification No.) |

|   | Large      accelerated filer | o | Accelerated      filer         | o |
|--------|------------------------------|---|--------------------------------|---|
|   | Non-accelerated      filer   | o | Smaller      reporting company | x |

----

| PART      I - FINANCIAL INFORMATION |
|-------------------------------------|
|                                |
|                                |   | Page |
| Item      1.              | Financial      Statements |   | 2 |
| Item      2.              | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations |   | 18 |
| Item      3.              | Quantitative      and Qualitative Disclosures About Market Risk |   | 23 |
| Item      4T.                       | Controls      and Procedures |   | 23 |
| PART      II - OTHER INFORMATION    |
|                                |
| Item      1.              | Legal      Proceedings |   | 24 |
| Item      1A.                       | Risk      Factors |   |   |
| Item      2.         | Unregistered      Sales of Equity Securities and Use of Proceeds |   | 24 |
| Item      3.              | Defaults      Upon Senior Securities |   | 24 |
| Item      4.              | Submission      of Matters to a Vote of Security Holders |   | 25 |
| Item      5.                        | Other      Information |   | 25 |
| Item      6.         | Exhibits |   | 25 |
|                                |
| SIGNATURES                          |   | 26 |

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|                                                                                                                                                                                                          |   | March      31, |        |   | December      31, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-------------|--------|-------------------|--------|
|                                                                                                                                                                                                          |   | 2009           |        |   | 2008              |   |
|                                                                                                                                                                                                          |   | (Unaudited)    |        |   | (Audited)         |   |
| ASSETS                                                                                                                                                                                                        |   |           |        |   |              |   |
| CURRENT      ASSETS                                                                                                                                                                                           |   |           |        |   |              |   |
| Cash      and cash equivalents                                                                                                                                                                                |   | $              | 231,813     |   |              | $      | 34,425 |   |
| Accounts      receivable, net                                                                                                                                                                                 |   |           | 161,604     |   |              |   | 161,604 |   |
| Other      current assets                                                                                                                                                                                     |   |           | 112,500     |   |              |   | 112,500 |   |
| TOTAL      CURRENT ASSETS                                                                                                                                                                                     |   |           | 505,917     |   |              |   | 308,529 |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| Property      and equipment, net                                                                                                                                                                              |   |           | 17,122      |   |              |   | 16,778 |   |
| Intangible      assets, net                                                                                                                                                                                   |   |           | 8,973,884   |   |              |   | 8,537,503 |   |
| Other      Assets                                                                                                                                                                                             |   |           | 71,955      |   |              |   | 98,968 |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| TOTAL      ASSETS                                                                                                                                                                                             |   | $              | 9,568,878   |   |              | $      | 8,961,778 |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| LIABILITIES      AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                                                                           |   |           |        |   |              |   |   |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| CURRENT      LIABILITIES                                                                                                                                                                                      |   |           |        |   |              |   |   |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| Accounts      payable                                                                                                                                                                                         |   | $              | 196,840     |   |              | $      | 197,582 |   |
| Accrued      liabilities                                                                                                                                                                                      |   |           | 876,195     |   |              |   | 848,006 |   |
| Note      payable - related party                                                                                                                                                                             |   |           | 5,000       |   |              |   | 5,000 |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| TOTAL      CURRENT LIABILITIES                                                                                                                                                                                |   |           | 1,078,035   |   |              |   | 1,050,588 |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| LONG      TERM LIABILITIES                                                                                                                                                                                    |   |           |        |   |              |   |   |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| Convertible      notes payable - related party                                                                                                                                                                |   |           | 2,228,047   |   |              |   | 2,228,047 |   |
| Convertible      note payable                                                                                                                                                                                 |   |           | 250,000     |   |              |   | 250,000 |   |
| Note      payable                                                                                                                                                                                             |   |           | 748,510     |   |              |   | 100,000 |   |
| Debt      discount - beneficial conversion feature                                                                                                                                                            |   |           | (188,626    | )      |              |   | (207,489 | ) |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| TOTAL      LONG TERM LIABILITIES                                                                                                                                                                              |   |           | 3,037,931   |   |              |   | 2,370,558 |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| TOTAL      LIABILITIES                                                                                                                                                                                        |   |           | 4,115,966   |   |              |   | 3,421,146 |   |
| COMMITMENTS      AND CONTINGENCIES                                                                                                                                                                            |   |           |        |   |              |   |   |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| STOCKHOLDERS'      EQUITY (DEFICIT)                                                                                                                                                                           |   |           |        |   |              |   |   |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| Preferred      stock, $0.001 par value: 2,000,000 shares authorized;                                                                                                                                          |   |           |        |   |              |   |   |   |
| Series      A Preferred Stock, $0.001 par value; 500,000 shares authorized;      83,020 shares issued and outstanding at March 31, 2009 and      December 31, 2008;                                           |   |           | 83          |   |              |   | 83 |   |
| Common      stock, $0.001 par value: 500,000,000 shares authorized;      76,078,439 shares issued and outstanding at March 31, 2009;      71,828,439 shares issued and outstanding at December 31,      2009; |   |           | 76,078      |   |              |   | 71,828 |   |
| Paid-in      capital                                                                                                                                                                                          |   |           | 16,936,596  |   |              |   | 16,313,219 |   |
| Accumulated      deficit                                                                                                                                                                                      |   |           | (11,559,845 | )      |              |   | (10,844,498 | ) |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| TOTAL      STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                                                                                     |   |           | 5,452,912   |   |              |   | 5,540,632 |   |
|                                                                                                                                                                                                          |   |           |        |   |              |   |   |   |
| TOTAL      LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                                                                     |   | $              | 9,568,878   |   |              | $      | 8,961,778 |   |

----

|                                              |   | Three      Months Ended |       |
|---------------------------------------------------|--------|-------------------------|------------|
|                                              |   | March      31, 2009     |       |   | March      31, 2008 |   |
| REVENUE                                           |   |                    |       |   |   |   |
| Sales                                             |   | $                       | —    |   |   | $ | 76,149 |   |
| Total      revenue                                |   |                    | —    |   |   |   | 76,149 |   |
|                                              |   |                    |       |   |   |   |   |   |
| OPERATING      EXPENSES                           |   |                    |       |   |   |   |   |   |
|     Cost      of sales        |   |                    | —    |   |   |   | 16,209 |   |
| Selling,      general and administrative expenses |   |                    | 695,016    |   |   |   | 379,095 |   |
|                                              |   |                    |       |   |   |   |   |   |
| Total      operating expenses                     |   |                    | 695,016    |   |   |   | 395,304 |   |
|                                              |   |                    |       |   |   |   |   |   |
| Operating      loss                               |   |                    | (695,016   | ) |   |   | (319,155 | ) |
|                                              |   |                    |       |   |   |   |   |   |
| Other      Income (expense)                       |   |                    |       |   |   |   |   |   |
| Interest      expense                             |   |                    | (69,693    | ) |   |   | (39,774 | ) |
| Rental      Income                                |   |                    | 49,362     |   |   |   | — |   |
| Loss      on Abandonment                          |   |                    | —    |   |   |   | (130,317 | ) |
|                                              |   |                    |       |   |   |   |   |   |
| Total      other income (expense)                 |   |                    | (20,331    | ) |   |   | (170,091 | ) |
|                                              |   |                    |       |   |   |   |   |   |
|                                              |   |                    |       |   |   |   |   |   |
| LOSS      BEFORE INCOME TAXES                     |   |                    | (715,347   | ) |   |   | (489,246 | ) |
|                                              |   |                    |       |   |   |   |   |   |
| PROVISION      FOR INCOME TAXES                   |   |                    | —    |   |   |   | 1,600 |   |
|                                              |   |                    |       |   |   |   |   |   |
| NET      LOSS                                     |   | $                       | (715,347   | ) |   | $ | (490,846 | ) |
|                                              |   |                    |       |   |   |   |   |   |
| BASIC      AND DILUTED NET LOSS PER COMMON SHARE  |   | $                       | (0.01      | ) |   | $ | (0.01 | ) |
|                                              |   |                    |       |   |   |   |   |   |
| WEIGHTED      AVERAGE COMMON SHARES OUTSTANDING   |   |                    | 73,958,995 |   |   |   | 39,767,440 |   |

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|                                                                                  |   | Three      Months Ended |     |
|---------------------------------------------------------------------------------------|--------|-------------------------|----------|
|                                                                                  |   | March      31, 2009     |     |   | March      31, 2008 |   |
| Cash      flows from operating activities:                                            |   |                    |     |   |   |   |
| Net      loss                                                                         |   | $                       | (715,347 | ) |   | $ | (490,846 | ) |
| Adjustments      to reconcile net loss to net cash used in operating      activities: |   |                    |     |   |   |   |   |   |
| Loss      on Abandonment                                                              |   |                    | —  |   |   |   | 130,317 |   |
| Depreciation                                                                          |   |                    | 1,913    |   |   |   | 21,533 |   |
| Amortization      of licenses                                                         |   |                    | 169,442  |   |   |   | 31,211 |   |
| Amortization      of debt discount                                                    |   |                    | 18,863   |   |   |   | 9,684 |   |
| Stock-based      compensation to employees and directors                              |   |                    | 1,127    |   |   |   | 49,342 |   |
| Changes      in operating assets and liabilities:                                     |   |                    |     |   |   |   |   |   |
| Accounts      receivable                                                              |   |                    | —  |   |   |   | 3,798 |   |
| Inventories                                                                           |   |                    | —  |   |   |   | 15,436 |   |
| Other      assets                                                                     |   |                    | 27,013   |   |   |   | — |   |
| Accounts      payable and accrued liabilities                                         |   |                    | 49,947   |   |   |   | 72,566 |   |
| Deferred      revenue                                                                 |   |                    | —  |   |   |   | — |   |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Net      cash used in operating activities                                            |   |                    | (447,042 | ) |   |   | (156,959 | ) |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Cash      flows from investing activities:                                            |   |                    |     |   |   |   |   |   |
| Purchases      of property and equipment                                              |   |                    | (2,257   | ) |   |   | — |   |
| Purchases      of intangible assets                                                   |   |                    | (5,823   | ) |   |   | — |   |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Net      cash used in investing activities                                            |   |                    | (8,080   | ) |   |   | — |   |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Cash      flows from financing activities:                                            |   |                    |     |   |   |   |   |   |
| Proceeds      from issuance of common stock                                           |   |                    | 4,000    |   |   |   | 300,000 |   |
| Proceeds      from related party note                                                 |   |                    | —  |   |   |   | 82,000 |   |
| Proceeds      from note                                                               |   |                    | 648,510  |   |   |   | — |   |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Net      cash provided by financing activities                                        |   |                    | 652,510  |   |   |   | 382,000 |   |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Net      increase (decrease) in cash and cash equivalents                             |   |                    | 197,388  |   |   |   | 225,041 |   |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Cash      and cash equivalents at beginning of period                                 |   |                    | 34,425   |   |   |   | 5,600 |   |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Cash      and cash equivalents at end of period                                       |   | $                       | 231,813  |   |   | $ | 230,641 |   |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Supplemental      disclosures of cash flow information:                               |   |                    |     |   |   |   |   |   |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Cash      paid for income taxes                                                       |   | $                       | —  |   |   | $ | 1,600 |   |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Non-cash      investing and financing activity:                                       |   |                    |     |   |   |   |   |   |
|                                                                                  |   |                    |     |   |   |   |   |   |
| Shares      issued pursuant to consulting agreement                                   |   | $                       | 22,500   |   |   | $ | — |   |
| Acquisition      of intangible assets for stock                                       |   | $                       | 600,000  |   |   | $ | — |   |

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| Property      and Equipment          |   | March      31 |    |   | December      31, |   |
|--------------------------------------|--------|---------------|---------|--------|-------------------|--------|
|                                 |   | 2009          |    |   | 2008              |   |
| Computer      Software and Equipment |   | $             | 36,103  |   |              | $      | 33,846 |   |
| Office      Furniture and Equipment  |   |          | 6,628   |   |              |   | 6,628 |   |
| Total      Property and Equipment    |   |          | 42,731  |   |              |   | 40,474 |   |
|                                 |   |          |    |   |              |   |   |   |
| Less:      Accumulated Depreciation  |   |          | (25,608 | )      |              |   | (23,696) |  |
| Property      and Equipment, net     |   | $             | 17,123  |   |              | $      | 16,778 |   |

| Intangible      Assets                |   | March      31, |       |   | December      31, |   |
|---------------------------------------|--------|----------------|------------|--------|-------------------|--------|
|                                  |   | 2009           |       |   | 2008              |   |
| China      IPTV & Mobile Licenses |   | $              | 6,391,800  |   |              | $      | 6,391,800 |   |
| YesTV      China IPTV Rights          |   |           | 3,408,,000 |   |              |   | 2,808,000 |   |
| Koobee                                |   |           | 7,833      |   |              |   | 2,010 |   |
| PerreoRadio      Assets               |   |           | 27,800     |   |              | $      | 27,800 |   |
| Licensed      and Developed Content   |   |           | 283,104    |   |              |   | 283,104 |   |
| Total      Intangible Assets          |   |           | 10,118,537 |   |              |   | 9,512,714 |   |
|                                  |   |           |       |   |              |   |   |   |
| Less:      Accumulated Amortization   |   |           | (1,144,653 | )      |              |   | (975,211 | ) |
| Intangible      Assets, net           |   | $              | 8,973,884  |   |              | $      | 8,537,503 |   |

----

|                                                 |   |           |    |
|-------------------------------------------------|--------|----------------|---------|
|                   Accrued      Liabilities |   | March      31, |    |   | December      31, |   |
|                                            |   | 2009           |    |   | 2008 |   |
| Obligations      on license agreements          |   | $              | 47,595  |   |   | $ | 47,595 |   |
| Accrued      salaries                           |   |           | 330,000 |   |   |   | 330,000 |   |
| Accrued      professional fees                  |   |           | 67,500  |   |   |   | 90,000 |   |
| Interest                                        |   |           | 127,847 |   |   |   | 77,016 |   |
| Deferred      rent expense                      |   |           | — |   |   |   | 25,899 |   |
| Sublease      security deposits                 |   |           | 32,000  |   |   |   | 32,000 |   |
| Accrued      vendor liabilities                 |   |           | 200,082 |   |   |   | 200,082 |   |
| Other                                           |   |           | 45,414  |   |   |   | 45,414 |   |
|                                            |   | $              | 850,438 |   |   | $ | 848,006 |   |

----

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|                         |   |                          |            |   | Outstanding      Options |   |
|------------------------------|--------|-------------------------------|-----------------|--------|--------------------------|--------|
|                         |   | SharesAvailable      forGrant |            |   | Number      ofShares     |   |   | WeightedAverageExercise      Price |   |   | Weighted      AverageRemainingContractual      Life(years) |   |   | AggregateIntrinsic      Value |   |
|                         |   |                          |            |   |                     |   |   |   |   |   |   |   |   |   |   |
| December      31, 2008       |   |                          | 8,016,667       |   |                     |   | 6,983,333 |   |   |   | 0.74 |   |   |   | 6.91 |   |   |   | ― |   |
| Grants                       |   |                          | ―         |   |                     |   | ― |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellations                |   |                          | ―         |   |                     |   | ― |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March      31, 2009          |   |                          |            |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                         |   |                          | 8,016,667  |   |                     |   | 6,983,333  |   |   |   | 0.75  |   |   |   | 6.64  |   |   |   | ―  |   |
| Options      exercisable at: |   |                          |            |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December      31, 2008       |   |                          |            |   |                     |   | 6,383,333 |   |   |   | 0.80 |   |   |   | 6.80 |   |   |   | ― |   |
| March      31, 2009          |   |                          |            |   |                     |   | 6,320,833 |   |   |   | 0.80 |   |   |   | 6.54 |   |   |   | ― |   |

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| Outstanding         |                   |   | Exercisable       |   |
|---------------------|------------------------|--------|-------------------|--------|
| Exercise      Price |                   |   | NumberOutstanding |   |   | Weighted      AverageRemaining      ContractualLife      (years) |   |   | WeightedAverage      ExercisePrice |   |   | NumberExercisable |   |   | WeightedAverage      ExercisePrice |   |
| $                   | 0.15                   |   |              |   | 250,000 |   |   |   | 0.22 |   |   | $ | 0.02 |   |   |   | 250,000 |   |   | $ | 0.02 |   |
| $                   | 0.65                   |   |              |   | 300,000 |   |   |   | 0.23 |   |   |   | 0.10 |   |   |   | 300,000 |   |   |   | 0.10 |   |
| $                   | 0.09                   |   |              |   | 875,000 |   |   |   | 1.98 |   |   |   | 0.04 |   |   |   | 875,000 |   |   |   | 0.04 |   |
| $                   | 0.09                   |   |              |   | 525,000 |   |   |   | 1.21 |   |   |   | 0.02 |   |   |   | 525,000 |   |   |   | 0.02 |   |
| $                   | 0.09 - $0.65 |   |              |   | 1,950,000 |   |   |   | 3.64 |   |   | $ | 0.18 |   |   |   | 1,950,000 |   |   | $ | 0.18 |   |

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|   | 1)     | Targeted      niche marketing into campuses          |
|--------|--------|------------------------------------------------------|
|   |   |                                                 |
|   | 2)     | Standard      digital media buys on our Koobeeportal |

|   | 3)     | In-show      ad inventory                |
|--------|--------|------------------------------------------|
|   |   |                                     |
|   | 4)     | Creative      ad placements and overlays |

|   | 5)     | Channel      sponsorship and branded content                 |
|--------|--------|--------------------------------------------------------------|
|   |   |                                                         |
|   | 6)     | Competitive      CPMs and building priceless lifetimeloyalty |

|   | 7)     | Event      sponsorship               |
|--------|--------|--------------------------------------|
|   |   |                                 |
|   | 8)     | Mobile      media and text campaigns |

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| ExhibitNumber |   | Description                                                                                                                                                                                    |
|---------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1          |   | Certification      by Chief Executive Officer, required by Rule 13a-14(a) or Rule 15d-14(a)      of the Exchange Act                                                                           |
| 31.2          |   | Certification      by Chief Financial Officer, required by Rule 13a-14(a) or Rule 15d-14(a)      of the Exchange Act                                                                           |
| 32.1          |   | Certification      by Chief Executive Officer, required by Rule 13a-14(b) or Rule 15d-14(b)      of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the      United States Code |
| 32.2          |   | Certification      by Chief Financial Officer, required by Rule 13a-14(b) or Rule 15d-14(b)      of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the      United States Code |

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| CHINA      YOUTH MEDIA, INC. |
|------------------------------|
|                         |   |   |   |
|                         | Date:      May 15, 2009 | By: | /s/      Jay Rifkin |   |
|                         |   |   | Jay      Rifkin |
|                         |   |   | Chief      Executive Officer |
|                         |   |   |   |
|                         |   |   |   |
|                         | Date:      May 15, 2009 | By: | /s/      Jay Rifkin |   |
|                         |   |   | Jay      Rifkin |
|                         |   |   | Principal      Financial Officer |
|                         |   |   |   |

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