Exhibit 10.69 TERMINATION
AGREEMENT
 
 This
Agreement (this "Agreement") is made
as a deed this 20th day of January 2010 by and between:
 
 1.           Alstrom
Business Corp, a company organized and existing under the Laws of the British
Virgin Islands with its registered address at Intershore Chambers, P.O.Box 4342,
Road Town, Tortola, British Virgin Islands ("Alstrom");
 
 2.           Michalakis
Tsitsekkos, a citizen of Republic of Cyprus residing at Stadiou, 37A Aglantzia,
P.C. 2103, Nicosia, Cyprus, passport No. C355717, issued on 11 December 2001
("Alstrom
Nominee");
 
 3.           Igor
Valeryevich Kolomoisky, a citizen of Israel residing at St. Galey Thelet 48,
Herzeliya, Israel, 46640, passport No. 10905729, issued on 2 October 2005
("Kolomoisky");
 
 4.           Ihor
Mykhailovich Surkis, a citizen of Ukraine, residing at 11, Dimitrova str. Flat
5, Kiev, Ukraine, passport No. EC342649, issued on 17 November 2005 ("Surkis",
and together with Kolomoisky and Alstrom Nominee, the "Alstrom Owners", and
together with Kolomoisky and Alstrom, the "Alstrom
Parties");
 
 5.           Central
European Media Enterprises Ltd., a company organized under the Laws of Bermuda
with its registered address at Clarendon House, 2 Church Street, HM 11,
Hamilton, Bermuda ("CME Ltd.");
 
 6.           CME
Ukraine Holding B.V., a besloten vennootschap met beperkte
aansprakelijkheidorganized under the laws of the Netherlands with its
registered address at Dam 5B, JS1012 Amsterdam, the Netherlands ("Ukraine Holding");
and
 
 7.           CME
Cyprus Holding Limited, a wholly-owned subsidiary of CME Ltd. and a limited
liability company organized and existing under the Laws of Cyprus,
identification code No. 155308 , located at 199 Makarios III Avenue, Neocleous
House, P.O. Box 50613, CY – 3608, Limassol, the Republic of
Cyprus,  (the "Company", and
together with CME Ltd. and Ukraine Holding, the "CME
Parties"),
 
 (individually
a "Party" and
together the "Parties").
 
 WHEREAS:
 
 A.           Alstrom,
Alstrom Nominee, Kolomoisky, Surkis, CME Ltd. and the Company (collectively, the
"Original
Parties") entered into that certain Framework Agreement, dated 2 July
2009 (the "Original
Framework Agreement"), pursuant to which the Original Parties agreed to
form a joint venture on the basis of the Company to conduct television
broadcasting, media production and advertising business in Ukraine, and the
Original Parties and Ukraine Holding entered into that certain First Amended and
Restated Framework Agreement, dated 22 July 2009 (the "Framework Agreement",
pursuant to which the Parties agreed to amend and restate the Original Framework
Agreement.
  
  B.           Kolomoisky
and Surkis are, collectively, the sole Beneficial Owners (as defined below) of
100% of the issued share capital of Alstrom, and the Alstrom Nominee is the sole
legal owner of 100% of the issued share capital of Alstrom.
 
 C.           CME
Ltd. is the sole Beneficial Owner of the Company and Ukraine
Holding.  The Company is the indirect owner of a group of companies
which conduct television broadcasting, media production and advertising
production in Ukraine.
 
 D.           CME
Ltd. and Kolomoisky, inter
alios, now intend to enter into a share purchase agreement (the "Share Purchase
Agreement"), pursuant to which CME Ltd. will indirectly sell, and a
company Beneficially Owned by Kolomoisky will indirectly acquire, 100% of the
issued share capital of the Company, and accordingly the Parties desire to
(i) terminate
the Framework Agreement without further effect in accordance with the terms of
the Framework Agreement and (ii) unconditionally
and irrevocably release each other Party from any liability in connection with
the implementation of the Framework Agreement prior to the date
hereof.
 
 NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual
representations, covenants, warranties and agreements contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto, intending to be legally bound, agree as
follows:
 
 1.           Definitions and
Interpretation.  Unless the context requires otherwise,
capitalized terms used but not defined in this Agreement shall have the
respective meanings set forth in the Framework Agreement.
 
 2.           Termination. With
effect from the date of execution of the Share Purchase Agreement, the Parties
hereby terminate the Framework Agreement in accordance with clause 6.1(a)
thereof, and no Party shall have any right or obligation either under the
Framework Agreement or as a consequence of any breach of it before, on or after
the date of this Agreement and any party that may have undertaken (by deed of
adherence or otherwise) to be bound by all or any of its provisions shall cease
to be so bound.
 
 3.           Release and
Discharge.
 
 (a)   Each
of the Parties for itself and on behalf of any parent, subsidiary, Affiliate,
officer, director, agent, attorney, shareholder, partner, member, manager,
representative, employee, trustee predecessor, principal, successor-in-interest,
assignor or assignee of such party (collectively, the "Releasors") forever,
knowingly, voluntarily and irrevocably release, acquit and discharge each of the
other Parties, together with any parent, subsidiary, Affiliate, officer,
director, agent, attorney, shareholder, partner, member, manager,
representative, employee, trustee predecessor, principal, successor-in-interest,
assignor or assignee of such other Parties (collectively, the "Releasees") from any
action, cause of action, chose in action, case, claim, potential claim,
counterclaim, potential counterclaim, right of set-off, indemnity, suit, debt,
dues, sum of money, account, guarantee, bond, covenant, controversy, lien,
contract, agreement, promise, representation, liability, variance, trespass,
injury, damage, harm, judgment, remedy, demand, loss, right or interest of any
kind or nature whatsoever, at law, in equity or otherwise, including, without
limiting the generality of the foregoing, claims for damages, attorney’s fees,
interest, costs, expenses, penalties and equitable relief, whether known or
unknown, suspected or unsuspected, however and whenever arising and in whatever
capacity and jurisdiction (each, a "Claim") of any nature
whatsoever, at law, in equity or otherwise, whether direct, indirect, derivative
or otherwise which have been asserted against any of the Releasees or which,
whether currently existing or not, known or unknown, suspected or unsuspected,
fixed or contingent, and whether or not concealed or hidden, the Releasors ever
could have asserted or ever could assert, in any capacity, either for themselves
or as an assignee, heir, executor, trustee, or otherwise, or for or on behalf of
any other person, against the Releasees, arising out of, relating to or
concerning the Framework Agreement, including any and all rights under the
Framework Agreement and each of the Claims (all such Claims, collectively, the
"Released
Claims"), and on behalf of the Releasors unequivocally, unconditionally
and irrevocably agrees not to initiate or continue legal proceedings of any kind
whatsoever with respect to any Released Claim, or institute, assert, or threaten
to assert any Released Claim, provided that this
Clause 3 shall in no event have the effect to exclude any liability
whatsoever that arises as a result of any fraudulent or criminal act or omission
by any Releasee.
  2
  (b)   Each
of the Parties further covenants and promises that it will not, and will use its
best efforts to cause the other Releasors not to, file, pursue or bring any
Released Claim in any judicial, arbitral or administrative forum against any one
or more of the Releasees; provided, however, that nothing herein will be
construed or deemed to release any covenants contained in, or claims for breach
of, this Agreement or any written amendments, supplements or modifications
thereto.  The Parties expressly agree that a breach or an alleged
breach of this Agreement will neither give rise to nor resurrect any right to
sue on the Released Claims.
 
 (c)    Without
prejudice to the generality of Clause 3(a), it is expressly agreed and accepted
by the Parties that the foregoing releases are and are intended to be a general
release of all claims of the Releasors against the Releasees in respect of the
matters referred to in that clause, and the Parties hereby expressly waive any
rights that they may have with respect to any Claims which they do not know or
suspect to exist at the time of executing this Agreement, even those Claims
which if known might have materially affected this Agreement. To the extent that
legislation or any principles of Law might provide otherwise than the first
sentence of this clause, such legislation and principles are (to the extent
permitted by Law) hereby expressly waived and excluded by each of the Parties,
who admit to full knowledge and understanding of the consequences of such waiver
and exclusion.
 
 (d)   The
Parties recognize that this Agreement was negotiated between them as equals,
that each was represented by competent counsel of its own choosing and that no
one of them will be considered to have drafted this Agreement for purposes of
resolving any ambiguities against that party.
 
 (e)   Notwithstanding
anything herein to the contrary, the Parties acknowledge and agree that this
Agreement shall not in any way constitute a waiver of any of the rights of any
of the parties to the Share Purchase Agreement under that
agreement.
 
 4.           Representations and
Warranties of the Parties.  Each Party represents and warrants
to the other Parties as of the date hereof that:
  3
  (a)   it
has the necessary power and authority (including, as applicable, corporate power
and consent and/or full legal and dispositive capacity) to enter into, deliver,
and perform his obligations under this Agreement;
 
 (b)   the
execution, delivery and performance by it of this Agreement constitutes valid
and legally binding obligations, enforceable against it in accordance with the
terms thereof, and will not violate any provision of and will not result in a
breach of the terms of (i) any, Law, rule or
regulation of any Governmental Authority applicable to it, or (ii) any contract,
indenture, agreement or commitment to which it is a party or bound;
and
 
 (c)   no
additional consent by any other Person is required to be obtained by it in
connection with the execution or performance by it of this
Agreement.
 
 5.           Assignment.  Except
as expressly provided herein none of the rights of the Parties under this
Agreement may be assigned or transferred without the prior written consent of
the other Parties.
 
 6.           Modification; Waiver;
Severability.  Except as specifically provided herein, this
Agreement may be modified only by a written instrument executed by all the
Parties.  If any provision of this Agreement is held to be
unenforceable for any reason, the Parties shall, acting in good faith and using
best efforts, seek to agree adjustments to such provision, so that such
provision is not avoided and in order to achieve the intent of the Parties to
the extent possible.  In any event, the invalidity or unenforceability
of any provision of this Agreement in any jurisdiction shall not affect the
validity or enforceability of this Agreement, including that provision, in any
other competent jurisdiction. If any provision of this Agreement is or becomes
invalid or unenforceable, in whole or in part, this shall not affect the
validity of the remaining provisions hereof.
 
 7.           Entire
Agreement.  This Agreement together with the documents herein
referred to are the entire agreement among the Parties with respect to the
subject matter hereof.
 
 8.           Preparation.  Each
Party acknowledges and confirms that the preparation of this Agreement has been
a joint effort of all Parties and counsel for all Parties and that it shall not
be construed for or against any individual Party on the basis solely that this
Agreement or any part thereof was drafted by or on behalf of that
Party.
 
 9.           Costs.  Each
Party shall bear its own costs, including lawyers' fees, in relation to this
Agreement.
 
 10.           Notices.  All
notices and other communications made in connection with this Agreement shall be
in writing.  Any notice or other communication in connection herewith
shall be deemed duly delivered and given to any other Party one (1) Business Day
after it is sent by fax, confirmed by letter sent by a reputable express courier
service, in each case, to the regular mail addresses and fax numbers set forth
below or to such other regular mail address and/or fax number as may be
specified in writing to the other Parties:
  4
  if to
Alstrom:
 
 21,
Aglantzias Ave.
 Block 21
B, Floor 2, Office 1
 2108
Aglantzia
 Nicosia
 Cyprus
 Attn:  Michalakis
Tsitsekkos
 
 Tel.:  +357-22-462-050
 Fax:  +357-22-336-464
 
 
 if to
Alstrom Nominee:
 
 Michalakis
Tsitsekkos
 21,
Aglantzias Ave.
 Block 21
B, Floor 2, Office 1
 2108
Aglantzia
 Nicosia
 Cyprus
 Attn:  Michalakis
Tsitsekkos
 
 Tel.:  +357-22-462-050
 Fax:  +357-22-336-464
 
 
 with a
copy to Alstrom.
 
 
 if to
Kolomoisky:
 
 Igor
Valeryevich Kolomoisky
 office
602
 
 32,
Naberezhnaya Pobedy, 49094
 
 Dnipropetrovsk,
Ukraine
 Attn:  Timur
Novikov
 Tel.:  +380
567161551
 
 Fax:  +380
567161551
 with a
copy to Alstrom.
  5
  if to
Surkis:
 
 Ihor
Mykhailovich Surkis
 Arch.
Makariou III, 155 PROTEAS HOUSE,
 5th
floor, P.C. 3026, Limassol, Cyprus
 Attn:  Mr.
Andreas Sofocleous
 
 Tel.:  +357
2584 9000
 Fax: +357
2584 9100
 
 
 with a
copy to Alstrom.
 
 
 if to CME
Ltd.:
 
 c/o CME
Development Corporation
 52
Charles Street
 London
W1J 5EU
 Attn:
General Counsel
 
 Tel: +44
20 7127 5834
 Fax: +44
20 7127 5801
 
 if to
Ukraine Holding:
 
 Dam
5B
 JS1012
Amsterdam
 The
Netherlands
 
 Tel: +31
20 626 8836
 Fax: +31
20 423 1404
 
 
 with a
copy to:
 
 
 CME
Development Corporation
 
 52
Charles Street
 London
W1J 5EU
 Attn:
General Counsel
 Tel: +44
20 7127 5834
 Fax: +44
20 7127 5801
  6
  if to the
Company:
 
 CME
Cyprus Holdings Limited
 199
Makarios III Avenue, Neocleous House
 P.O. Box
50613
 CY –
3608, Limassol, Republic of Cyprus
 
 Tel.:  +357
2536 2818
 Fax: +357
2535 9262
 
 Any Party
may give any notice or other communication in connection herewith using any
other means (including personal delivery, messenger service, facsimile, telex or
regular mail), but no such notice or other communication shall be deemed to have
been duly delivered and given unless and until it is actually received by the
individual for whom it is intended.
 
 11.         Counterparts.  This
Agreement may be executed in several counterparts, each of which shall be deemed
an original and all of which shall together constitute one and the same
agreement.
 
 12.         Governing Law. This
Agreement is governed by and shall be construed in accordance with English
Law.
 
 13.         Arbitration.
 
 (a)   General.  Any
dispute, controversy or claim arising out of or relating to this Agreement,
including any question regarding its existence, validity, interpretation,
performance or termination, shall be finally resolved by arbitration in
accordance with the then existing Rules of Arbitration of the London Court of
International Arbitration (the "LCIA Rules"), which
are deemed to be incorporated by reference into this Clause 13, except to
the extent modified by this Clause 13.  The tribunal shall
consist of three arbitrators.  Subject to the provisions of
Clause 13(c), the parties to any such arbitration shall each be entitled to
nominate one arbitrator and the third arbitrator shall be appointed by the two
party-nominated arbitrators.  In a multi-dispute the tribunal shall be
appointed by the LCIA Court, unless the parties to such arbitration agree in
writing that, for the purpose of Article 8.1 of the LCIA Rules, the disputant
parties represent two separate sides for the formation of the tribunal as
claimant and respondent respectively.
 
 (b)   Seat and
Language.  The seat of the arbitration shall be London,
England.  The language of the arbitration shall be English except that
any party to the arbitration may submit testimony or documentary evidence in
Ukrainian or Russian and shall furnish a translation or interpretation of any
such evidence into English.
 
 (c)   Related
Disputes.  If any dispute arising out of or relating to this
Agreement (hereinafter referred to as a "Related Dispute")
raises issues which are substantially the same as or connected with issues
raised in another dispute which has already been referred to arbitration under
this Agreement or any other Transaction Document (an "Existing Dispute"),
the tribunal appointed or to be appointed in respect of any such Existing
Disputes shall also be appointed as the tribunal in respect of any such Related
Dispute.  Where, pursuant to the foregoing provisions, the same
tribunal has been appointed in relation to two or more disputes, the tribunal
may, with the agreement of all the parties concerned or upon the application of
one of the parties, being a party to each of the disputes, order that the whole
or part of the matters at issue shall be heard together upon such terms or
conditions as the tribunal thinks fit.  The tribunal shall have power
to make such directions and any interim or partial award as it considers just
and desirable.
  7
  IN
WITNESS WHEREOF, this Agreement has been executed as a deed by the Parties and
delivered on the date first written above.
 
 EXECUTED as a deed
      byCENTRAL EUROPEAN MEDIA
      ENTERPRISES LTD.acting
      by:
              
              Signature/s/ Adrian SarbuTitle:  President
      and Chief Executive Officer
 
 in the
presence of:
 
 Signature
of witness      /s/ Corina
Dorobantu
 
 Name (in
BLOCK CAPITALS)   CORINA DOROBANTU
 
 Address
              C/O
      CME MEDIA SERVICES
 
 
 Occupation
              Assistant
      to the President and Chief Executive
Officer
 
 EXECUTED as a deed
      byALSTROM BUSINESS CORP
      acting by:
              
              Signature/s/ Michalakis
TsitsekkosTitle:
 
 in the
presence of:
 
 Signature
of witness     /s/ Elena
Mavrou
 
 Name (in
BLOCK CAPITALS)     ELENA MAVROU
 
 Address
              21
      Aglantzias Ave, Block 21B, Office 1, Aglantzia, 2108, Nicosia,
      Cyprus
 
 
 Occupation
              Corporate
      Administrator
  
 
 EXECUTED as a deed
      byMICHALAKIS
      TSITSEKKOS:
              
              Signature/s/ Michalakis
  Tsitsekkos
 
 
 in the
presence of:
 
 Signature
of witness      /s/ Eleni
Anthiamiadou
 
 Name (in
BLOCK CAPITALS)      ELENI
ANTHIAMIADOU
 
 Address
              21
      Aglantzias Ave, Block 21B, Office 1, Aglantzia, 2108, Nicosia,
      Cyprus
 
 
 Occupation
              Corporate
      Administrator
 
 EXECUTED as a deed
      byIGOR VALERYEVICH
      KOLOMOISKY:
              
              Signature/s/ Igor
  Kolomoisky
 
 
 in the
presence of:
 
 Signature
of witness      /s/ Timur
Novikov
 
 Name (in
BLOCK CAPITALS)     TIMUR NOVIKOV
 
 Address
 
 
 Occupation
              First
      Deputy Chairman of Privatbank
  
 EXECUTED as a deed
      byIHOR MYKHAILOVICH
      SURKIS:
              
              Signature/s/ Ihor
Surkis
 
 
 in the
presence of:
 
 Signature
of witness      /s/ Olga
Lazarieva
 
 Name (in
BLOCK CAPITALS)    OLGA LAZARIEVA
 
 Address
 
 
 Occupation
              Sofocleous
      & Co. Consulting Director
 
 EXECUTED as a deed
      byCME UKRAINE HOLDING
      B.V.acting
      by:
              
              Signature/s/ David SturgeonTitle:
      Managing Director
 
 in the
presence of:
 
 Signature
of witness      /s/ Joanne
Cochrane
 
 Name (in
BLOCK CAPITALS)   JOANNE COCHRANE
 
 Address
              c/o
      52 Charles Street
 
 London
W1J 5EU
 
 Occupation
              Legal
      Advisor
  
 
 EXECUTED as a deed
      byCME CYPRUS HOLDING
      LIMITEDacting
      by:
              
              Signature/s/ David SturgeonTitle:
      Director
 
 in the
presence of:
 
 Signature
of witness     /s/ Joanne
Cochrane
 
 Name (in
BLOCK CAPITALS)   JOANNE COCHRANE
 
 Address
              c/o
      52 Charles Street
 
 London
W1J 5EU
 
 Occupation
              Legal
      Advisor