Exhibit 10.28


       CONTRACT # 96073 ON OPENING THE CREDIT LINE IN THE FOREIGN CURRENCY

Moscow                                                             July 22, 2005


     OPEN JOINT-STOCK COMPANY "ALPHA-BANK", hereinafter referred to as the
"Creditor", in the person of Acting Chairman of the Board Mr. Karimov I.A.,
acting the basis of the Power of attorney # 5/54D dated 20.01.2005, on the one
hand, and CLOSED JOINT-STOCK COMPANY "NETWORK OF TELEVISION STATIONS",
hereinafter referred to as the "Borrower", in the person of the First Deputy
General director Khanumyan V.S., acting on the basis of the power of attorney #
N/A dated January 11th, 2005, on the other hand, hereinafter jointly referred to
as the "Parties" have concluded the present Contract as follows:

                         1. THE SUBJECT OF THE CONTRACT

     1.1. The Creditor shall grant to the Borrower the credit line, hereinafter
referred to as the "Credit line" within which the Borrower shall be entitled to
obtain credits pursuant to the definition in para 1.4. of the present Contract
under the procedure and on the conditions stipulated by the present Contract for
the amount of not more 55,000,000.00 (fifty five million 00/100) US Dollars
(further - the "Withdrawal limit").
     Date of granting of the Credit: July 22, 2005.
     Date of repayment of the Credit: July 22, 2006.
     The purpose of granting credits: replenishing of current assets.

     1.2. Crediting of the Borrower shall be exercised through granting to them
Credits on the basis of Additional agreements concluded between the Creditor and
the Borrower under the procedure established by the present Contract and the
mentioned Additional agreements.

     1.3. To take into account the accrued expenditure on the Credit line the
Creditor shall open for the Borrower loan accounts, one account for each Credit.

     1.4. Within the limits of the present Contract the Credits shall be
understood as the sum of money resources received by the Borrower within the
frames of the Credit line under the procedure and on the conditions stipulated
by the present Contract and Additional agreements hereto.

     1.5. The date of write-off of the resources from the corresponding loan
account of the Borrower shall be the date of granting the Credit to the
Borrower.

     1.6. The date of repayment of arrears by the Borrower under each Credit
granted within the frames of the Credit line will be the date of actual transfer
of the sum of accrued expenditure upon each Credit, including the sum of the
principal debt, the sum of the interest calculated for the Credit, penal
sanctions and other payments stipulated by the present Contract to the
Creditor's account. Herewith the "principal debt" shall be understood as the sum
of the received, but not returned Credit.

     1.7. The Borrower shall pay to the Creditor interest for using each Credit
(further the "Interest") under the rate established by the corresponding
Additional agreements for the period from the date of granting each Credit and
up to the date of debt repayment on each Credit in full, but not later than each
Credit repayment date specified in para 1 of the corresponding Additional
Contract.

     1.8. Calculation of the interest shall be executed starting from the date
following the date of granting each Credit.

     1.9. The interest shall be paid by the Borrower on a monthly basis, on the
twenty fifth of each month for the actual amount of days of using the Credits,
herewith a year shall be assumed to be equal to 365 or 366 days in conformity
with the real number of calendar days in a year.

     Interest payment date shall be understood as the date of transfer of the
interest sum to the Creditor's account.

     1.10. The commission for maintenance of the Credit line shall not be taken.

     1.11. The Borrower's security of performance of the obligations under the
present Contract shall be the following:

     o    Mortgage of 30% block of ordinary registered stocks of Joint-Stock
          Company "Network of television stations" executed in the Contract on
          mortgage of shares dated July 22, 2005 # 96073/z concluded with the
          Company CTC Media, Inc.;

--------------------------------------------------------------------------------
Creditor                                                    Borrower

--------------                                              --------------------
                                       1



     o    CTC Media, Inc. guarantee executed in the Contract on guarantee dated
          July 22, 2005 # 96073/p.

                    2. RIGHTS AND OBLIGATIONS OF THE PARTIES

     2.1. The Borrower shall undertake to settle arrears under the Credits not
later than the Credits repayment terms specified in the corresponding Additional
Contracts, as well as in due time, in accordance with para 1.7. and 1.9. of the
present Contract to make payments on interest.

     2.2. The Borrower shall undertake to use Credits exclusively for the
purposes stipulated by the present Contract observing conditions of a
recoverability, term structure, interest payment for the Credits.

     2.3. The Borrower shall undertake to present to the Creditor all documents
necessary for the control by the latter or a person authorized by the Creditor
over the target use of the Credits and financial status of the Borrower upon
demand of the Creditor.

     2.3.1. The Borrower shall undertake to present the current quarter and
annual accounting reporting (forms #1, #2, #4) within 10 (Ten) business days
from the date of the tax inspection mark on receipt of such reporting, as well
as certificates on the current debt certified by the Borrower, and certificates
on turnover as per the accounts certified by the banks where the specified
accounts are opened, - on a quarterly basis.

     Should the accounting reporting contain the data constituting the official
secret, the Borrower shall undertake to present to the Creditor an extract from
the list of the data constituting the official secret on the basis of which
these data are subject to securing.

     The Creditor shall have the license for work using the data constituting
the official secret and shall undertake to provide protection of the data,
concerning which the above-mentioned extract is presented to the Creditor.

     2.3.2. The Borrower shall undertake to notify the Creditor in writing
within the valid term of the present Contract not later than 10 (ten) business
days from the date of coming into force of the respective alterations, on all
changes in the management bodies (attaching the certified copies of documents on
election (appointment) of the Borrower's management bodies (according to the
legislation and constituent documents of the Borrower)), as well as on
amendments to the Borrower's constituent documents.

     2.4. While signing the present Contract the Borrower shall undertake to
present to the Creditor simultaneously the following information:

     - the documents necessary for opening to the Borrower of loan accounts in
accordance with the legislation requirements;

     - the list of all settlement, current, depositary and other accounts opened
to the Borrower;

     - the list of all legal actions in common courts, arbitration courts,
arbitral tribunals where the Borrower is a party, price of the claim for which
makes not less than 1 % (one percent) of the balance cost of the assets/property
of the Borrower notifying on the name of court, the dispute essence, the sum of
the claim and any other data);

     o the data on issue of court enforcement orders on collecting money
resources from the Borrower, as well as on institution of enforcement
proceedings concerning the Borrower, if the sum of money resources subject to
collecting or that can be collected within the enforcement proceeding, makes not
less than 1 % (one percent) of the balance cost of the assets/property of the
Borrower;

     o the data on attachment, mortgage, lease and other encumbrances of the
Borrower's property, the cost of which makes not less than 1 (one) percent of
the balance cost of the assets/property of the Borrower.

     2.4.1. Should the information presented according to para 2.4. of the
present Contract be modified, the Borrower shall undertake to notify the
Creditor in writing on the specified changes within 10 (Ten) days from the date
of introducing the alterations.

     2.4.2. The Creditor shall have the right to not grant Credits in case of
non-presenting or untimely presenting by the Borrower of the documents specified
in para 2.4. of the present Contract and other documents according to the
current legislation, as well as in case of presenting the incorrect or
incomplete information specified in para 2.4. of the present Contract.

     2.5. The Borrower shall undertake not to consider the matter on the
reorganization (in any

--------------------------------------------------------------------------------
Creditor                                                    Borrower

--------------                                              --------------------
                                       2


form) or liquidation, as well as on the change of the main type of the
commercial activity carried out by them for the date of signing of the present
Contract without preliminary written notice to the Creditor (for not fewer than
10 (ten) business days) within the valid term of the present Contract, and not
to take any other actions which can complicate execution of the conditions of
the present Contract.

                                   3. PAYMENTS

     3.1. All payments in favour of the Creditor under the present Contract and
Additional agreements hereto shall be executed by the Borrower in US Dollars to
the account of the Creditor specified in Section 7 of the present Contract.

     3.1.1. All payments in favour of the Creditor under the present Contract
should be carried out by the Borrower completely so that the Creditor shall
receive the sum due to them in full under the present Contract and Additional
agreements hereto.

     3.2. The fact of transfer of the resources in favour of any Party under the
present Contract should be confirmed by the Party-transferor by presenting to
other Party of the copy of payment document certifying the fact of such transfer
(payment order, payment telex, etc.).

     3.3. Should any payment under the present Contract fall on the day that is
not a business day in Moscow or New York, such payment shall be executed
directly on the following business day. Such time displacement of payment shall
be taken into account when calculating interest, i.e. the interest shall be
calculated under the rate stipulated by the present Contract prior to the date
of the actual remittance of the funds to the account of the Creditor.

     3.4. Repayment of debt to the Creditor under the present Contract and the
Additional Contracts hereto shall be executed under the following procedure:

     o    first turn - penalty for delay of payment of the calculated interest;

     o    second turn - penalty for delay of repayment of the principal debt;

     o    third turn - calculated interest;

     o    fourth turn - principal debt;

     The specified sequence can be changed by the Creditor unilaterally.

     3.5. The Borrower shall have the right to cancel pre-time the Credits
granted according to the Additional Contracts to the present Contract without
payment of any additional commission fee, interest, penalties, etc. in favour of
the Creditor. The Borrower shall direct to the Creditor the notice in writing on
the pre-schedule repayment 10 (ten) business days prior to date of the
prospective pre-schedule repayment.

     3.6. The Borrower shall grant the Creditor the right to debit without
further authorization on the basis of payment requests of the Creditor from the
current currency account of the Borrower # 40702840800000003159 in OJSC
"ALPHA-BANK" the sum of any debt and any payment of the Borrower under the
present Contract and Additional agreements hereto on the date when such debt
should be cancelled or on the date when such payment should be executed.

     3.7. The Borrower shall also grant the Creditor the right to debit without
further authorization on the basis of payment requests of the Creditor from the
account specified in para 3.6. of the present Contract:

     - sum of arrears of the Borrower under the Credit and/or calculated
interest, and in case of delay by the Borrower of arrears repayment of the
Credit and/or delays of payment by the Borrower of the calculated interest, as
well as in case of pre-schedule debt collecting of the Credit and the calculated
interest in case of pre-schedule debt collecting on the bases specified in para
5.2. of the present Contract, on the date when such debt should be cancelled by
the Borrower;

     - sum of penal provisions (penalty) stipulated by the present Contract in
case of non-execution or inadequate performance by the Borrower of the
obligations under the present Contract.

     3.8. In case of absence (insufficiency) of money resources on the current
currency account of the Borrower specified in para 3.6. of the present Contract
for debiting without further authorization the sums of debt, payments, penal
sanctions stipulated by para 3.6. and 3.7. of the present Contract, the Borrower
shall grant the Creditor the right to debit without further authorization the
sums of debt, payments, penal sanctions stipulated by para 3.6. and 3.7. of the
present Contract, on the basis of the Creditor's payment requests from the
settlement account of the Borrower # 40702810100000006624 opened with the
Creditor.

     Sums subject to writing off shall be re-calculated into an equivalent of US
Dollars at the rate of the

--------------------------------------------------------------------------------
Creditor                                                    Borrower

--------------                                              --------------------
                                       3


Creditor for date of realization of the write-off.

                           4. LIABILITY OF THE PARTIES

     4.1. In case of untimely repayment of the principal debt (including as
stipulated by para 5.4 of the present Contract) the Borrower shall pay to the
Creditor the penalty at the rate of 0.1 % (one tenth) percent of the sum of
untimely paid principal debt per each day of the delay in the debt repayment.
The penalty shall be charged prior to the date of remittance of the whole
principal debt sum to the account of the Creditor.

     4.2. In case of untimely payment of interest (including as stipulated by
para 5.4 of the present Contract), the Borrower shall pay to the Creditor the
penalty at the rate of 0.1 % (one tenth) percent of the sum of the unpaid
interest for each day of the delay in the debt repayment.

     The penalty shall be charged prior to the date of remittance of the sum of
the Borrower's debt on interest to the account of the Creditor.

                         5. VALID TERM OF THE CONTRACT.
            REASONS FOR THE PRE-SCHEDULE CANCELLATION OF THE CONTRACT

     5.1. The Present Contract shall inure from the date of its signing by the
authorized representatives of the Parties and operate till full execution by the
Parties of the taken obligations.

     5.2. The Creditor shall be entitled to the pre-time unilateral cancellation
of the present Contract and/or debt collection on the Credits in following
cases:

     a.   Delay in payment of the calculated interest (in full or in part) more
          than for 2 (two) months;

     b.   Infringement by the Borrower of the Credits repayment date (dates)
          stipulated by the Additional Contracts to the present Contract;

     c.   Initiation (or renewal) of court proceedings against the Borrower
          where the price of the claim makes not less than 10 (ten) percent of
          the balance cost of the assets/property;

     d.   Imposing of arrest on property of the Borrower of the cost of not less
          than 10 (ten) percent of the balance cost of the assets/property;

     e.   Revelation of inaccuracy or incompleteness of the information
          presented by the Borrower to the Creditor pursuant to para 2.4. of the
          present Contract;

     f.   Initiation of the trial on insolvency of the Borrower;

     g.   Reorganization of the Borrower without the preliminary notice of the
          Creditor in writing;

     h.   Termination or change without the notice of the Creditor in writing of
          the type of commercial activity of the Borrower carried out by them
          for the date of signing of the present Contract;

     i.   Non-performance by the Borrower of the condition of the Contract on
          target use of Credits;

     j.   Infringement by the Borrower of the conditions of the present Contract
          and Additional agreements hereto;

     k.   Availability or occurrence of any circumstances that under the
          Creditor's motivated opinion can complicate or make impossible the
          duly execution by the Borrower of the obligations under the present
          Contract and Additional agreements hereto;

     l.   Transfer by the Borrower of the property without the Creditor's
          written approval in mortgage, lease, fiduciary management as well as
          any other encumbrance of the Borrower's property, should the cost of
          such property make not less than 20 (twenty) percent of the balance
          cost of assets/property;

     m.   Recognizing the transaction (transactions) establishing security of
          the Borrower's performance of the obligations under the present
          Contract void (for any reasons);

--------------------------------------------------------------------------------
Creditor                                                    Borrower

--------------                                              --------------------
                                       4


     n.   Occurrence of the circumstances listed in subpara "c", "d", "f", "g"
          of the present para concerning the Guarantor under the Contract on
          guarantee establishing security for the present Contract provided that
          another Guarantor satisfying the Creditor is not presented by the
          Borrower.

     5.3. In case of pre-schedule debt collecting on the Credits and/or
pre-schedule cancellation of the present Contract for the reasons specified in
para 5.2. of the present Contract as well as in cases stipulated by the
legislation of the Russian Federation, the Creditor shall direct to the Borrower
the notice on pre-schedule cancellation of the present Contract with the
requirement of pre-schedule repayment of the principal debt for the Credits,
calculated interest advising on the reasons for the pre-schedule debt collecting
and cancellation of the present Contract.

     5.4. The Borrower shall be obliged to transfer the specified in the notice
sum of the credit line debt, including the principal debt, calculated interest
and penal sanctions within the term of not later than 20 (twenty) business days
from the date of receipt of the notice on the pre-schedule debt collecting
(specified in para 5.3. of the present Contract).

                                6. MISCELLANEOUS

     6.1. All disputes, disagreements or the requirements arising from the
present Contract or in connection hereto shall be subject to settlement by the
Parties through negotiations. At absence of the Contract the dispute between the
Parties shall be subject to consideration in Arbitration court of the City of
Moscow.

     6.2. Assignment by the Borrower of the rights and obligations under the
present Contract cannot be executed without preliminary written consent of the
Creditor. The Creditor shall have no right to assign the rights and duties under
the present Contract in full or in part without the preliminary written
coordination with the Borrower.

     6.3. All preliminary Contracts, arrangements, negotiations and
correspondence between the Parties concerning the matters stated in the present
Contract that took place before its signing, shall lose their force from the
date of signing the present Contract.

     6.4. All letters, notices, statements and other messages shall be directed
by the Parties to each other in writing according to the requisites specified in
Section 7 of the present Contracts or in additions hereto.

     Messages can be sent by the Parties via the following ways of
communication: fax, e-mail, telegraph (the telegram with the notice on receipt),
mail service (registered mail with the notice on receipt), express delivery.

     Should any of the Parties send a message through telegraph, post or express
delivery, such message shall be deemed received by other Party from the moment
designated in the notice on receipt, and in case of using fax and e-mail - from
the moment of acknowledgement of its receipt in a similar way.

     6.5. All amendments and supplements to the present Contract shall be valid
only if they are accomplished in writing and signed by the authorized
representatives of the Parties.

     6.6. Should any Party change postal or contact requisites, payment
requisites or be subject to reorganization or liquidation, they shall be obliged
to notify the other Party in writing thereon within five days from the date of
coming of these changes into force.

     6.7. The present Contract shall be accomplished in duplicate, one copy for
each Party. Each copy shall be of equal legal force.

--------------------------------------------------------------------------------
Creditor                                                    Borrower

--------------                                              --------------------
                                       5


                   7. ADDRESSES AND REQUISITES OF THE PARTIES



         CREDITOR: OJSC "ALPHA-BANK"
         Location: 27, Kalanchevskaya Str., 107078, Moscow

         Payment requisites:      BIC 044525593 cor/acc 30101810200000000593 in the OPERU
                                  Moscow GTU of the Bank of Russia, INN 7728168971
                                  Acc. 400927098 in JPMorgan Chase Bank, New York

         Consolidated account for calculations on credit operations: 47422.840.800000000422
         Phone: 974-25-15


         BORROWER: CJSC "NETWORK OF TELEVISION STATIONS"

         Location: 12, 3-rd Khoroshevskaya street Moscow 123228
         Payment requisites: INN 7707115217, Acc
         40702810100000006624, current currency account
         40702.840.8.00000003159 in OJSC "Alpha-bank" in Moscow, corr/acc
         30101810200000000593 in OPERU Moscow GTU of the Bank of Russia BIC
         044525593 Phone: 797-41-37, 797-41-00, 797-41-01

                          8. SIGNATURES OF THE PARTIES



                THE CREDITOR                                           THE BORROWER
         Acting Chairman of the Board                         First Deputy General director
         OJSC "Alpha-bank"                                    CJSC "Network of television stations"
         ___________(I.A.Karimov)                             ________________ (Khanumyan V.S.)
         Assistant to Chief accountant                        Chief accountant
         OJSC "Alpha-bank"                                    CJSC "Network of television stations"
         _________________________                            ________________ Chaikovskaya M.I.)


Stamp                                                         Stamp


-------------- --------------------- -------
Departments    Head of the           Date
               Department
-------------- --------- ----------- -------
               Name      Signature
-------------- --------- ----------- -------

-------------- --------- ----------- -------

-------------- --------- ----------- -------

-------------- --------- ----------- -------

-------------- --------- ----------- -------

-------------- --------- ----------- -------

--------------------------------------------------------------------------------
Creditor                                                    Borrower

--------------                                              --------------------
                                       6




                             ADDITIONAL AGREEMENT #1

   to the Contract on opening the credit line in the foreign currency # 96073
                                dd. July 22, 2005

Moscow                                                             July 22, 2005

OPEN JOINT-STOCK COMPANY "ALPHA-BANK", hereinafter referred to as the
"Creditor", in the person of Acting Chairman of the Board Mr. Karimov I.A.,
acting the basis of the Power of attorney # 5/54D dated 20.01.2005, on the one
hand, and CLOSED JOINT-STOCK COMPANY "NETWORK OF TELEVISION STATIONS",
hereinafter referred to as the "Borrower", in the person of the First Deputy
General director Khanumyan V.S., acting on the basis of the power of attorney #
N/A dated January 11th, 2005, in addition to the Contract on opening the credit
line in the foreign currency # 96073 dd. July 22, 2005 concluded between the
Creditor and the Borrower, hereinafter referred to as the "Contract", have
entered into the present Additional agreement as follows:

1. Within the frames of the Contract the Creditor shall grant the Borrower a
Credit in the amount of 51,000,000.00 (fifty one million 00/100) US Dollars.
Date of granting of the Credit: July 25, 2005.
Date of repayment of the Credit: July 22, 2006.

2. The Borrower shall pay to the Creditor for using the Credit the interest at
the annual rate estimated in 14 % (fourteen percent).

3. The Borrower shall have the right to cancel pre-time the Credit granted
according to the present Additional Contract without payment of any additional
commission fee, interest, penalties, etc. in favour of the Creditor. The
Borrower shall direct to the Creditor the notice in writing on the pre-schedule
repayment 10 (ten) business days prior to date of the prospective pre-schedule
repayment.

4. Crediting of the Borrower shall be exercised through transfer of money
resources from the loan accounts to the account of the Borrower #
40702840800000003159 in OJSC "Alfa-Bank".

5. In all the rest the Parties shall be governed by the conditions of the
Contract.

6. The present Additional Contract shall inure from the date of its signing by
the authorized representatives of the Parties and constitutes an integral part
of the Contract.

                          8. SIGNATURES OF THE PARTIES



                THE CREDITOR                                           THE BORROWER
         Acting Chairman of the Board                         First Deputy General director
         OJSC "Alpha-bank"                                    CJSC" Network of television stations"
         ___________(I.A.Karimov)                             ________________ (Khanumyan V.S.)
         Assistant to Chief accountant                        Chief accountant
         OJSC "Alpha-bank"                                    CJSC "Network of television stations"
         _________________________                            ________________ Chaikovskaya M.I.)



Stamp                                                         Stamp

-------------- --------------------- -------
Departments    Head of the           Date
               Department
-------------- --------- ----------- -------
               Name      Signature
-------------- --------- ----------- -------

-------------- --------- ----------- -------

-------------- --------- ----------- -------

-------------- --------- ----------- -------

-------------- --------- ----------- -------


--------------------------------------------------------------------------------
Creditor                                                    Borrower

--------------                                              --------------------
                                       7