Exhibit 1.1

STATUTS COORDONNES



There is hereby established among the subscribers and all those who may become owners of the shares hereafter issued, a Corporation in the form of a
société anonyme, under the name of «SBS Broadcasting S.A.».



The Corporation is established for an unlimited duration.



The purpose of the Corporation is to advise on, operate and develop all activities in connection with the realisation of media projects in the fields of printed
and audio-visual media, in particular television
broadcasting. It may produce radio and television programmes and carry out all ancillary services directly or indirectly related to its purpose or which it believes useful for the development of its
business.

The
further purpose of the Company is the holding of participation, in any form whatsoever, in Luxembourg companies and companies incorporated outside of Luxembourg and any other form of
investment, the acquisition by purchase, subscription or in any other manner as well as the transfer by sale, exchange or otherwise of securities of any kind and the administration, control and
development of its portfolio. The Company may further guarantee, grant loans or otherwise assist the companies in which it holds a direct or indirect participation or which form part of the same group
of companies as the Company. The Company may carry out any commercial, industrial or financial activities which it may deem useful in accomplishment of its purpose.



The registered office of the Corporation is established in Luxembourg. Branches or other offices may be established either in Luxembourg or abroad by resolution
of the board of directors. In the event that the board of directors determines that extraordinary political, economic or social developments have occurred or are imminent, that would interfere with
the normal activities of the Corporation at its registered office or with the ease of communication between such office and persons abroad, the registered office may be temporarily transferred abroad
until the complete cessation of these abnormal circumstances; such temporary measures shall have no effect on the nationality of the Corporation which, notwithstanding the temporary transfer of its
registered office, will remain a Luxembourg corporation.



The subscribed capital is setsixty-three million nine hundred and eighty-six thousand six hundred and fifty-four
euro (EURO 63,986,654,-)represented bythirty-one million nine hundred and ninety-three thousand three hundred and twenty-seven
(31,993,327)shares of a par value oftwo euro (EUR 2,-)per share, which have been entirely paid in.

The
authorised capital is set at one hundred and fifty million euro (EUR 150,000,000,-) consisting of seventy-five million (75,000,000) shares, each having a par value
of two euro (EUR 2,-) per share.

During
the period of five years from the date of the minutes of the Extraordinary General Meeting of 5 December 2003, the directors be and are hereby authorised to issue shares
and to grant

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options
to subscribe for shares, to such persons and on such terms as they shall see fit and specifically to proceed to such issue without reserving for the then existing shareholders a preferential
right to subscribe to the shares issued.

The
subscribed and the authorised capital of the corporation may be increased or reduced by a resolution of the shareholders adopted in the manner required for amendment of these
Articles of Incorporation.

The
corporation may, to the extent and under the terms permitted by law, redeem its own shares.



The shares of the Corporation shall be in registered form only.

Share
certificates will be issued for Common Shares in such denominations as the board shall prescribe.

The
share certificates shall be in such form and shall bear such legends and such numbers of identification as shall be determined by the board.

The
forms of share certificates may differ with respect to the Common Shares entered in the various official registers of shareholders (each to be referred to herein as a "Register",
collectively referred to as the "Registers"). The share certificate shall be signed manually or by facsimile by two directors of the Corporation.

All
Common Shares in the Corporation shall be registered in the Registers which shall be kept by the persons designated for such purpose by the Corporation, and such Registers shall
contain the name of each holder of Common Shares, his residence and/or elected domicile, the number of Common Shares held by him and the amount paid on each Common Share. Every transfer or devolution
of Common
Shares shall be entered into the Registers, and every such entry shall be signed by one or more officers of the Corporation or by one or more persons designated by the board.

The
Corporation may appoint Registrars in different jurisdictions who will each maintain a separate Register for the Common Shares entered therein, and the holders of Common Shares may
elect to be entered in one of the Registers and to be transferred from time to time from one Register to another Register. The board may, however, restrict the ability to transfer Common Shares that
are registered, listed, quoted, dealt in, or placed in certain jurisdictions.

The
transfer to the Register kept at the registered office in Luxembourg may always be requested.

Upon
any transfer of Common Shares, new certificates in respect of Common Shares transferred and retained shall be issued, in each case without charge.

Transfers
of Common Shares shall be effected upon delivery of the certificate or certificates representing such Common Shares to the Registrar together with (i) a stock power or
other instrument of transfer, (ii) a written declaration of transfer inscribed in the Register, dated and signed by the transferor and the transferee, or by persons holding suitable powers of
attorney to act therefore, or (iii) if present on the certificate, the form of endorsement duly completed and executed. In each of the three foregoing cases, the evidence of transfer presented
with the certificate or certificates shall be in such form and with such evidence of authority as shall be satisfactory to the Corporation.

Except
as provided in this Article 6, the Corporation may consider the person, firm or entity (each, a "Person") in whose name the Common Shares are registered in the Register as
the full owner of such Common Shares. The Corporation shall be completely free from any responsibility to third parties in dealing with such Common Shares and shall be justified in considering any
right, interest or claims of such third parties in or upon such Common Shares to be non-existent, subject, however, to any right

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which
such third party might have to demand either the registration or a change in registration of Common Shares.

In
the event that a holder of Common Shares does not provide an address to which all notices or announcements from the Corporation may be sent, the Corporation shall issue a notice to
this effect to be entered into the Register, and such holder's address will be deemed to be the registered office of the Corporation or such other address as may be so entered by the Corporation from
time to time, until a different address shall be provided to the Corporation by such holder. The holder may, at any
time, change his address as entered in the Register(s) of Shareholders by means of written notification to the Registrar.

Lost,
stolen or mutilated share certificates will be replaced by the Registrar who issued the share certificates in the first place upon delivery of such evidence, undertakings and
indemnities as may be deemed satisfactory to the Corporation, provided that mutilated share certificates shall be delivered before new share certificates are issued.

No
Person, except for shareholders as of February, 25, 1993, may, without obtaining the approval of the board of directors, own more than    20% of the Corporation's share
capital or voting power at any time (the "Shard Ownership Limit"). The board of directors may condition its approval on the satisfaction of such conditions as it determines to be appropriate.

A
Person who owns more than 20% of The Corporation's share capital or votes at any time who has not obtained the approval of the board of directors cannot be registered or otherwise
accepted as a shareholder, and such Person shall have no voting rights, rights to dividends or distributions, or any other rights as a shareholder, for such portion of such Person's shareholding that
exceeds 20%. The board of directors may approve the ownership by a Person of more than 20% of the Corporation's share capital or votes (i) if such Person has, prior to purchasing more than 20%
of the Corporation's share capital or votes, requested and obtained the approval by the board of directors to own more than the Share Ownership Limit, (ii) if such Person has made a legally
binding and irrevocable bona fide offer to all other shareholders of the Corporation to purchase all the Common Shares and votes in the Corporation at a price deemed favorable by the board of
directors, in its discretion or (iii) in such other circumstances as may be determined by the board of directors.



Any regularly constituted meeting of shareholders of the Corporation shall represent the entire body of shareholders of the Corporation. It shall have the
broadest powers to order, carry out or ratify acts relating to the operations of the Corporation.



The annual general meeting of shareholders shall be held in Luxembourg at the registered office place of the Corporation or at such other place n Luxembourg as
may be specified in the notice of the meeting on the first Friday in December at 9.00 am.

If
such day is a legal holiday, the annual general meeting shall be held on the next following business day. The annual general meeting may be held abroad if in the absolute and final
judgment of the board of directors, exceptional circumstances so require.

Other
meetings of shareholders may be held at such place and time as may be specified in the respective notices of meeting.

Notice
of any general meeting shall be sent by first class mail, postage prepaid at least twenty days prior to such meeting. The quorum required by law shall govern conduct of the
meeting of shareholders of the Corporation.

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Each
share is entitled to one vote. A shareholder may act at any meeting of shareholders by appointing another person as his proxy in writing, by cable, telegram, telex or telefax,
provided the written proxy is deposited with the Corporation at its registered office in Luxembourg, or with any director of the Corporation, at least five days before the meeting.

Except
as otherwise required by law, resolution at a meeting of shareholders duly convened will be passed by a simple majority of those present an voting.

The
board of directors may determine all other conditions that must be fulfilled by shareholders for them to take part in any meeting of shareholders.

The
board of directors shall call a general meeting within one (1) month after receipt of written demand therefore by shareholders representing onefifth of the outstanding shares
entitled to vote at such meeting.



The Corporation shall be managed by a board composed of members who need not be shareholders of the Corporation.

The
Board shall be composed of at least five (5) persons and shall be elected by a simple majority vote of the outstanding Common Shares for a term not exceeding six
(6) years, until successors are elected; provided however, that any director or directors may be removed with or without cause by the votes of the holders of more than fifty percent (50%) of
the shares present or represented at a general meeting.

To
be considered for election, the names of candidates for nomination to the board, together with written acceptance of the nomination by the proposed candidates, shall be deposited at
the registered office of the Corporation or with the Chairman of the Corporation at least one month before the date set for the general meeting at which the directors shall be elected. No such deposit
shall be required for the reelection of directors in office at the time of the general meeting.

In
the event of a vacancy in the office of a director due to death, retirement, resignation of dismissal, the remaining members of the board can appoint a person to fill such vacancy
until the next general meeting of shareholders, which shall confirm or reject such appointment.



The board of directors shall choose from among its members a chairman, and may choose from among its members a vice-chairman. It may also choose a
secretary, who need not be a director, who shall be responsible for keeping the minutes of the meetings of the board of directors and of the shareholders.

The
board of directors shall meet upon call by the chairman, or two directors, at the place indicated in the notice of meeting. The notice must be given to directors seven days in
advance of the meeting, except in case of emergency.

The
chairman shall preside at all meetings of shareholders and of the board of directors, but in his absence, the shareholders or the board of directors may appoint another director as
chairman pro tempore by vote of the majority present at any such meeting.

The
board of directors can deliberate or act validly only if at least a majority of the directors is present or represented at a meeting of the board of directors. Decisions shall be
taken by a majority of votes of the directors present or represented at such meeting.

Resolutions
in writing approved and signed by all directors shall have the same effect as resolutions voted at the directors' meetings.

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Any
director may participate in any meeting of the board of directors by conference call or by other similar means of communication allowing all the persons taking part in the meeting to
hear one another. The participation in a meeting by these means is equivalent to a participation in person at such meeting.

A
meeting of the board of directors can be held by conference call or video conference or any similar means of communications allowing all the persons taking part in the meeting to hear
one another.

No
transaction between the corporation and another party in which a director or officer is an employee, officer or director will be invalidated solely for that reason. Any director or
officer who has a personal interest in a transaction must disclose such interest and abstain from voting on the transaction.



The minutes of any meeting of the board of directors shall be signed by the chairman or, in his absence, by the vice-chairman, or by two directors.

Copies
or extracts of such minutes which may be produced in judicial proceedings or otherwise shall be signed by the chairman, a vice chairman, the secretary of the Board of Directors or
by any two directors.



The board of directors is vested with the broadest powers to perform all acts of administration and disposition in the Corporation's interests. All powers not
expressly reserved by law or by these Articles of Incorporation to the general meeting of shareholders fall within the competence of the board of directors.

The
board of directors must close the registers or set a record date no more than sixty days in advance of distributing a dividend, giving notice of a meeting or taking certain other
actions for which the shareholders of record must be determined.



The Corporation will be bound by the joint signatures of two directors or the sole signature of the Chairman or a Vice Chairman of the Board of Directors. The
Corporation will also be bound by the sole signature of any person to whom such signatory power shall be delegated by the board of directors.



The operations of the Corporation shall be supervised by one or several statutory auditors, who need not be shareholders of the Corporation. The general meeting
of shareholders shall appoint the statutory auditors, and shall determine their number, remuneration and term of office which may not exceed six years.



The accounting year of the Corporation shall begin on January first of each year and shall terminate on December 31st.

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From the annual net profits of the Corporation, five per cent (5%) shall be allocated to the reserve required by law. This allocation shall cease to, be required
as soon and as long as such reserve amounts to, ten per cent (10%) of the subscribed capital of the Corporation as stated in article 5 hereof or as increased or reduced from time to time as
provided in article 5 hereof.

The
general meeting of shareholders, upon recommendation of the board of directors, will determine how the remainder of the annual net profits will be disposed of.

Interim
dividends may be distributed by observing the terms and conditions foreseen by law.



In the event of the dissolution of the Corporation for whatever reason at whatever time, the liquidation will be performed by liquidators appointed by the general
meeting of shareholders (the "Liquidators"), or if no Liquidators are so appointed, by the board then in office, who will be endowed with the powers provided by articles 144 et. seg. of the Luxembourg
Company Law of August 10, 1915, as amended.

Once
all debts, charges and liquidation expenses have been met, the balance will be distributed to the holders of Common Shares prorata according to the percentage of shares outstanding
held by each shareholder.

The
Liquidators shall, to, the extent possible, make a distribution in kind of all the securities and other assets of the Corporation.



Subject to the exceptions and limitations listed below:



No
indemnification shall be provided to any director or officer:



The
right of indemnification herein provided shall be severable, shall not affect any other rights to, which any director or officer may now or hereafter be entitled, shall continue as
to a person who has ceased to be a director or officer, and shall inure to the benefit of the heirs, executors and

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administrators
of such a person. Nothing contained herein shall affect any rights to indemnification to which corporate personnel, including directors and officers, may be entitled by contract or
otherwise under applicable law.

Expenses
in connection with the preparation and representation of a defense of any claim, action, suit or proceeding of the character described in this Article may be advanced by the
Corporation prior to final disposition of the claim upon receipt of an undertaking by or on behalf of the officer or director to repay such amount if it is ultimately determined that he or she is not
entitled to indemnification under this Article Eighteen.



All matters not governed by these Articles of Incorporation shall be determined in accordance with Luxembourg Company Law of August 10, 1915, as amended.

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