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Exhibit 4.14
 PRIVILEGED AND CONFIDENTIAL  ATTORNEY-CLIENT COMMUNICATION
 _________________________
 STOCK PURCHASE AGREEMENT
 _________________________
 Among
 CLAXSON INTERACTIVE GROUP INC,
 CLAXSON USA II, INC.
 EL SITIO, INC.
 SANTORI N.V.
 MOREHAVEN INVESTMENTS, INC.,
 MADARY S.A.,
 TURNER INTERNATIONAL, INC.
 TURNER INTERNATIONAL HOLDING COMPANY
 and
 TURNER INTERNATIONAL LATIN AMERICA NETWORKS LLC
 Dated as of December 14, 2006




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TABLE OF CONTENTS
 PageARTICLE I DEFINITIONS
    
    
    1Section 1.01.
    
    Certain Defined Terms
    
    
    1Section 1.02.
    
    Other Defined Terms
    
    
    8Section 1.03.
    
    Interpretation and Rules of Construction
    
    
    9ARTICLE II PURCHASE AND SALE
    
    
    10Section 2.01.
    
    Purchase and Sale of the Shares
    
    
    10Section 2.02.
    
    Purchase Price
    
    
    10Section 2.03.
    
    Closing
    
    
    10Section 2.04.
    
    Closing Deliveries by the Sellers
    
    
    11Section 2.05.
    
    Closing Deliveries and Actions by the Purchasers
    
    
    12Section 2.06.
    
    Adjustments
    
    
    13ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLERS
    
    
    14Section 3.01.
    
    Organization, Authority and Qualification of the Sellers
    
    
    14Section 3.02.
    
    Organization Authority and Qualification of the Company,
Books and Records
    
    
    15Section 3.03.
    
    Capitalization; Ownership of Shares
    
    
    16Section 3.04.
    
    No Conflict
    
    
    16Section 3.05.
    
    Governmental Consents and Approvals
    
    
    17Section 3.06.
    
    Financial Information
    
    
    17Section 3.07.
    
    Absence of Undisclosed Liabilities
    
    
    17Section 3.08.
    
    Conduct in the Ordinary Course
    
    
    18Section 3.09.
    
    Litigation
    
    
    18Section 3.10.
    
    Compliance with Laws
    
    
    18Section 3.11.
    
    Environmental Matters
    
    
    18Section 3.12.
    
    Assets Other than Intellectual Property or Real Property
    
    
    18Section 3.13.
    
    Intellectual Property
    
    
    18Section 3.14.
    
    Real Property
    
    
    19Section 3.15.
    
    Ownership and Sufficiency of Assets
    
    
    20Section 3.16.
    
    Taxes
    
    
    20Section 3.17.
    
    Material Contracts
    
    
    21Section 3.18.
    
    Transactions with Affiliates
    
    
    23Section 3.19.
    
    Permits
    
    
    23Section 3.20.
    
    Insurance
    
    
    23Section 3.21.
    
    Brokers
    
    
    24Section 3.22.
    
    Subscription Revenue
    
    
    24Section 3.23.
    
    Employee Benefit Plans and Employee and Labor Matters
    
    
    24Section 3.24.
    
    Disclaimer of the Sellers
    
    
    25
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PageARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS
    
    
    26Section 4.01.
    
    Organization and Authority of the Purchasers
    
    
    26Section 4.02.
    
    No Conflict
    
    
    27Section 4.03.
    
    Governmental Consents and Approvals
    
    
    27Section 4.04.
    
    Investment Purpose
    
    
    27Section 4.05.
    
    Financing
    
    
    27Section 4.06.
    
    Litigation
    
    
    28Section 4.07.
    
    Brokers
    
    
    28Section 4.08.
    
    Independent Investigation; Sellers Representations
    
    
    28ARTICLE V ADDITIONAL AGREEMENTS
    
    
    29Section 5.01.
    
    Conduct of Business Prior to the Closing
    
    
    29Section 5.02.
    
    Access to Information
    
    
    31Section 5.03.
    
    Confidentiality
    
    
    32Section 5.04.
    
    Regulatory and Other Authorizations; Notices and Consents
    
    
    33Section 5.05.
    
    Retained Names and Marks
    
    
    34Section 5.06.
    
    Notifications; Update of Disclosure Schedule
    
    
    35Section 5.07.
    
    Transition Services
    
    
    35Section 5.08.
    
    Other Pre Closing Actions
    
    
    36Section 5.09.
    
    Assignment and Assumption Agreement
    
    
    36Section 5.10.
    
    Further Action
    
    
    36Section 5.11.
    
    No Solicitation
    
    
    36Section 5.12.
    
    Post-Closing Cooperation
    
    
    36Section 5.13.
    
    Records
    
    
    37Section 5.14.
    
    Indebtedness and Inter-company Indebtedness
    
    
    37Section 5.15.
    
    Resignations
    
    
    37Section 5.16.
    
    Redemption of Claxsons 8.75% Senior Notes due 2010
    
    
    38Section 5.17.
    
    Release of Claxson Guarantees
    
    
    38ARTICLE VI EMPLOYEE MATTERS
    
    
    38Section 6.01.
    
    Employee Benefits
    
    
    38ARTICLE VII TAX MATTERS
    
    
    40Section 7.01.
    
    Tax Indemnities
    
    
    40Section 7.02.
    
    Straddle Period
    
    
    40Section 7.03.
    
    Tax Refunds and Tax Benefits
    
    
    40Section 7.04.
    
    Calculation of Tax Losses
    
    
    41Section 7.05.
    
    Contests
    
    
    41Section 7.06.
    
    Preparation of Tax Returns
    
    
    42Section 7.07.
    
    Tax Cooperation and Exchange of Information
    
    
    42Section 7.08.
    
    Conveyance Taxes
    
    
    43Section 7.09.
    
    Tax Covenants
    
    
    43Section 7.10.
    
    Tax Sharing Agreements
    
    
    43Section 7.11.
    
    Miscellaneous
    
    
    43ARTICLE VIII CONDITIONS TO CLOSING
    
    
    44Section 8.01.
    
    Conditions to Obligations of the Sellers
    
    
    44Section 8.02.
    
    Conditions to Obligations of the Purchasers
    
    
    45
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PageARTICLE IX INDEMNIFICATION
    
    
    46Section 9.01.
    
    Survival of Representations and Warranties
    
    
    46Section 9.02.
    
    Indemnification by the Sellers
    
    
    46Section 9.03.
    
    Indemnification by the Purchasers
    
    
    46Section 9.04.
    
    Limits on Indemnification
    
    
    46Section 9.05.
    
    Notice of Loss; Third Party Claims
    
    
    47Section 9.06.
    
    Remedies
    
    
    48Section 9.07.
    
    Tax Matters
    
    
    48ARTICLE X TERMINATION, AMENDMENT AND WAIVER
    
    
    49Section 10.01.
    
    Termination
    
    
    49Section 10.02.
    
    Effect of Termination
    
    
    49ARTICLE XI GENERAL PROVISIONS
    
    
    50Section 11.01.
    
    Expenses
    
    
    50Section 11.02.
    
    Notices
    
    
    50Section 11.03.
    
    Public Announcements
    
    
    51Section 11.04.
    
    Severability
    
    
    51Section 11.05.
    
    Entire Agreement
    
    
    51Section 11.06.
    
    Assignment
    
    
    51Section 11.07.
    
    Amendment
    
    
    51Section 11.08.
    
    Waiver
    
    
    51Section 11.09.
    
    No Third Party Beneficiaries
    
    
    51Section 11.10.
    
    Currency
    
    
    52Section 11.11.
    
    Governing Law
    
    
    52Section 11.12.
    
    Waiver of Jury Trial
    
    
    52Section 11.13.
    
    Counterparts
    
    
    52
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SCHEDULESA
    Sellers and Purchasers of the SharesB
    List of Ancillary AgreementsC
    Transition Services AgreementsEXHIBITS1.01(a)
    
    Sample Statement of Closing Working Capital1.01(c)
    
    Sellers Knowledge2.04(b)
    
    Form of Transfer Notice2.04(c)
    
    Form of Resignation3.01
    
    Shareholder consent
 iv




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STOCK PURCHASE AGREEMENT Agreement Claxson Claxson USA El Sitio Santori Morehaven Madary Sellers TII TIHC TILAN Purchasers
  Shares Companies Schedule
   ARTICLE I
 DEFINITIONS
 Certain Defined Terms
 Action
 Affiliate
 Ancillary Agreements Schedule B
 1




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Argentine Corporate Law
 Assets
 Benefit Agreements
 Benefit Plans
 Business
 Business Day
 Cisneros Group
 Closing Working Capital Adjusted Current Assets Exhibit 1.01(a) Adjusted Current
Liabilities Exhibit 1.01(a) Current Assets Current
Liabilities
 Code
 2




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Combined Financials
 Combined Interim Financials
 Company Benefit Plans
 Company Channels
 Company Intellectual Property
 Control controlled by under common control
with
 Conveyance Taxes
 CTG Interim Financials
 CTG Financials
 Debt Restructuring Agreements
 3




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Disclosure Schedule
 Encumbrance
 EDC Credit Agreement
 Environmental Law
 Environmental Permits
 Escrow Agreement
 Exchange Act
 Excluded Taxes provided however
 Financial Statements
 4




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GAAP
 Governmental Authority
 Governmental Order
 Hicks Muse
 Imagen
 Indebtedness provided however
 Inter-company Indebtedness
 Indemnified Party
 Indemnifying Party
 Intellectual Property
 5




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Interim Financial Statements
 Law
 Leased Real Property
 Liabilities
 Licensed Intellectual Property
 Material Adverse Effect provided however
 Owned Intellectual Property
 6




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Owned Real Property
 Participant
 Permitted Encumbrances
 Person
  Purchase Price
 Purchase Price Bank Accounts
 Regulations
 7




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Represented Channels
 SEC
 Securities Act
 Sellers Knowledge Knowledge of the Sellers Exhibit 1.01(b)
 Sellers Representative
 Service
 Service Subscriber
 Subsidiaries
 Tax
 Tax Returns
 Other Defined Terms
 Definition
    
    Location1998 Indenture
    
    
    2.05
    (a)1998 Indenture Amount
    
    
    2.05
    (a)2002 Indenture
    
    
    5.158.75% Senior Notes due 2010
    
    
    5.15Agreement
    
    PreambleArgentine Companies
    
    
    3.03
    (b)Assignment and Assumption Agreement
    
    
    5.09Claxson
    
    PreambleClosing
    
    
    2.03Closing Date
    
    
    2.03
 8




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Definition
    
    LocationClosing Date Balance Sheet
    
    
    2.06Companies
    
    RecitalsConfidentiality Agreement
    
    
    5.03
    (a)Contest
    
    
    7.05
    (b)Escrowed Amount
    
    
    2.05
    (a)Existing Stock
    
    
    5.05
    (b)Imagen Employee
    
    
    6.01
    (b)Loss
    
    
    9.02Material Contracts
    
    
    3.17
    (a)Notice of Objection
    
    
    2.06Organizational Documents
    
    
    3.02Permits
    
    
    3.19Property Taxes
    
    
    7.02Purchasers
    
    PreamblePurchaser Indemnified Party
    
    
    9.02Records
    
    
    5.13Relevant Seller Employee
    
    
    6.01
    (c)Retained Names and Marks
    
    
    5.05
    (a)Sellers
    
    PreambleSeller Indemnified Party
    
    
    9.03Settlement Accountants
    
    
    2.06Shares
    
    RecitalsSpecified Imagen Employees
    
    
    6.01
    (a)Statement
    
    
    2.06Straddle Period
    
    
    7.02Third Party Claim
    
    
    9.05
    (b)Transferred Employee
    
    
    6.01
    (c)Transition Services Agreements
    
    
    5.07
 Interpretation and Rules of Construction
     9




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ARTICLE II
 PURCHASE AND SALE
 Purchase and Sale of the Shares Schedule A Schedule A
 Purchase Price
 Schedule A
  Schedule
A
 Closing Closing Closing Date
 10




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Closing Deliveries by the Sellers
  Exhibit 2.04(b)
 Exhibit 2.04(c)
       11




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Closing Deliveries and Actions by the Purchasers
 Escrowed Amount
 12




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1998 Indenture 1998 Indenture Amount Schedule A
       Adjustments Closing Date Balance Sheet Statement
 13




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Notice of Objection Settlement Accountants
 ARTICLE III
 REPRESENTATIONS AND WARRANTIES OF THE SELLERS
  Organization, Authority and Qualification of the Sellers
 14




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Organization Authority and Qualification of the Company, Books and
Records Organizational Documents
 15




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Capitalization; Ownership of Shares
 Argentine Companies
   No Conflict
 16




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Governmental Consents and Approvals
 Financial Information
 Absence of Undisclosed Liabilities
 17




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Conduct in the Ordinary Course
 Litigation
 Compliance with Laws
 Environmental Matters
 Assets Other than Intellectual Property or Real Property
 Intellectual Property
 18




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Real Property
  19




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Ownership and Sufficiency of Assets
 Taxes
            20




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Material Contracts Material Contracts
         21




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22




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Transactions with Affiliates
 Permits Permits
 Insurance
 23




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Brokers
 Subscription Revenue
 Employee Benefit Plans and Employee and Labor Matters
  24




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Disclaimer of the Sellers
 25




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ARTICLE IV
 REPRESENTATIONS AND WARRANTIES  OF THE PURCHASERS
  Organization and Authority of the Purchasers
 26




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No Conflict
 Governmental Consents and Approvals
 Investment Purpose
 Financing
 27




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Litigation
 Brokers
 Independent Investigation; Sellers Representations
 28




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ARTICLE V
 ADDITIONAL AGREEMENTS
 Conduct of Business Prior to the Closing
     29




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30




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Access to Information
 31




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Confidentiality Confidentiality
Agreement
   32




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Regulatory and Other Authorizations; Notices and Consents
   33




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Retained Names and Marks Retained Names
and Marks
 34




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Existing Stock
  Notifications; Update of Disclosure Schedule
  Transition Services Schedule
C Transition Services Agreements
 35




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Other Pre Closing Actions
 Assignment and Assumption Agreement Assignment and Assumption
Agreement
 Further Action
 No Solicitation
 Post-Closing Cooperation
  36




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Records Records
     Indebtedness and Inter-company Indebtedness
 Resignations Exhibit 2.04(c)
 37




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Redemption of Claxsons 8.75% Senior Notes due 2010 8.75% Senior Notes due 2010 2002 Indenture
 Release of Claxson Guarantees
 ARTICLE VI
 EMPLOYEE MATTERS
 Employee Benefits Specified
Imagen Employees
 Imagen Employee
 38




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Relevant
Seller Employee Transferred
Employee provided however
    39




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ARTICLE VII
 TAX MATTERS
 Tax Indemnities
   Straddle Period Straddle Period Property
Taxes
 Tax Refunds and Tax Benefits
  40




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Calculation of Tax Losses
 Contests
 Contest
 41




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Preparation of Tax Returns
    Tax Cooperation and Exchange of Information
 42




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Conveyance Taxes
 Tax Covenants
   Tax Sharing Agreements
 Miscellaneous
   43




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ARTICLE VIII
 CONDITIONS TO CLOSING
 Conditions to Obligations of the Sellers
 Representations, Warranties and Covenants
 Governmental Approvals
 No Order
 Third Party Consents
 Terminated Agreements
 No Proceeding or Litigation
 Transition Services Agreements
 44




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Conditions to Obligations of the Purchasers
 Representations, Warranties and Covenants
 Governmental Approvals
 No Proceeding or Litigation
 No Order
 Third Party Consents
 Pre-Closing Actions
 Escrow Agreement
 45




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ARTICLE IX
 INDEMNIFICATION
 Survival of Representations and Warranties
 Indemnification by the Sellers Purchaser Indemnified Party Loss
 Indemnification by the Purchasers Seller Indemnified Party
 Limits on Indemnification
  46




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Notice of Loss; Third Party Claims
 Third Party Claim
 47




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Remedies
 Tax Matters
 48




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ARTICLE X
 TERMINATION, AMENDMENT AND WAIVER
 Termination
      Effect of Termination
 49




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ARTICLE XI
 GENERAL PROVISIONS
 Expenses
 Notices
  
  
  o
  
  
 50




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Public Announcements
 Severability
 Entire Agreement
 Assignment
 Amendment
 Waiver
 No Third Party Beneficiaries
 51




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Currency
 Governing Law
 Waiver of Jury Trial
 Counterparts
 52




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SELLERS:
CLAXSON INTERACTIVE GROUP INC.By:

/s/
Roberto Vivo-ChanetonName:
    Roberto Vivo-ChanetonTitle: MOREHAVEN INVESTMENTS, INC.By:

/s/
Amaya AriztoyName:
    Amaya AriztoyTitle: SANTORI N.V.By:

/s/
Amaya AriztoyName:
    Amaya AriztoyTitle: CLAXSON USA II, INC.By:

/s/
Ezequiel PazName:
    Ezequiel PazTitle: EL SITIO, INC.By:

/s/
Roberto Vivo-ChanetonName:
    Roberto Vivo-ChanetonTitle: MADARY S.A.By:

/s/
Amaya AriztoyName:
    Amaya AriztoyTitle: 53




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PURCHASERS:
TURNER INTERNATIONAL, INC.By:

/s/
Louise S. SamsName:
    Louise S. SamsTitle: TURNER INTERNATIONAL HOLDING COMPANYBy:

/s/
Louise S. SamsName:
    Louise S. SamsTitle: TURNER INTERNATIONAL LATIN AMERICA NETWORKS LLCBy:

/s/
Louise S. SamsName:
    Louise S. SamsTitle: 54




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SCHEDULE A
 Sellers and Purchasers of the Shares
 SHARES SOLD TO TII
 SELLER
    
    
    COMPANY
    
    
    SHARES
    
    
    PURCHASE PRICE %1Claxson Interactive
Group, Inc.
    
    
    CTG Inversora S.A.
    
    
    54,596,314 shares (95%)
    
    
    TBD
 SHARES SOLD TO TILAN
 SELLER
    
    
    COMPANY
    
    
    SHARES
    
    
    PURCHASE PRICE %Morehaven Investments, Inc.
    
    
    Carson International Ltd.
    
    
    1,000 shares (100%)
    
    
    TBDSantori N.V.
    
    
    Hispanic Television Channel BV
    
    
    180 shares (100%)
    
    
    TBDClaxson USA II, Inc.
    
    
    HTV, LLC
    
    
    100% of the membership interests
    
    
    TBD
 SHARES SOLD TO TIHC
 SELLER
    
    
    COMPANY
    
    
    SHARES
    
    
    PURCHASE PRICE %El Sitio, Inc.
    
    
    CTG Inversora S.A.
    
    
    2,873,490 shares (5%)
    
    
    TBDEl Sitio, Inc.
    
    
    Imagen Satelital S.A.
    
    
    2,593,110 shares (3.9894%)
    
    
    TBDMadary S.A.
    
    
    Bloomfiel Uruguay
    
    
    274 shares (.0001%)
    
    
    TBD
 
 1
    
    Purchase Price to be agreed between Sellers
and Purchasers prior to Closing.




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SCHEDULE B
 List of Ancillary Agreements




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SCHEDULE C
 Transition Services Agreements




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EXHIBIT 1.01(a)
 SAMPLE STATEMENT OF CLOSING WORKING CAPITAL




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EXHIBIT 1.01(c)
 SELLERS KNOWLEDGE




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EXHIBIT 2.04(b)
 FORM OF TRANSFER NOTICE




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EXHIBIT 2.04(c)  FORM OF RESIGNATION




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EXHIBIT 3.01
 SHAREHOLDER CONSENT