Exhibit 8.1

LIST OF SUBSIDIARIES

Details of the investments held by the Group are as follows:

|                                |                                    |        |         | Proportion of capital held |  
|------------------------------- | ---------------------------------- | ------ | ------- | -------------------------- | -
|
|Broadcast Norge AS              |                                    | Norway |         | 100                        | %
|                                | TV Norge AS                        |        | Norway  |                            |  
|                                | *Aktuelt Nyheter AS                |        | Norway  |                            |  
|Radio 1 Norge AS                |                                    | Norway |         | 100                        | %
|                                | Radio 1 AS                         |        | Norway  |                            |  
|                                | Radio Netverk AS                   |        | Norway  |                            |  
|                                | Ungdomsradioen The Voice AS        |        | Norway  |                            |  
|                                | Radio 7 AS                         |        | Norway  |                            |  
|                                | Radio 1 Din Hitstasjon AS          |        | Norway  |                            |  
|                                | Cutting Edge Productions AS        |        | Norway  |                            |  
|Kanal 5 Holding AB              |                                    | Sweden |         | 100                        | %
|                                | Kanal 5 AB                         |        | Sweden  |                            |  
|                                | Big Brother Kommanditbolag         |        | Sweden  |                            |  
|                                | Big Brother AB                     |        | Sweden  |                            |  
|                                | Kanal 5 Limited                    |        | UK      |                            |  
|SBS Radio Sweden Holding AB     |                                    | Sweden |         | 100                        | %
|                                | SBS Radio AB                       |        | Sweden  |                            |  
|                                | Radio City AB                      |        | Sweden  |                            |  
|                                | Rockklassiker Sverige AB           |        | Sweden  |                            |  
|                                | e-FM Sverige AB                    |        | Sweden  |                            |  
|                                | Vinyl AB                           |        | Sweden  |                            |  
|                                | Mix Megapol.se AB                  |        | Sweden  |                            |  
|                                | Euradio i Sverige AB               |        | Sweden  |                            |  
|                                | RIS Vinyl Skane AB                 |        | Sweden  |                            |  
|                                | Ostersjons Reklamradio AB          |        | Sweden  |                            |  
|                                | SBS Radio Sweden AB                |        | Sweden  |                            |  
|                                | * Radio City 107 HB                |        | Sweden  |                            |  
|                                | * Radio City Göteborg AB           |        | Sweden  |                            |  
|                                | * Radio City Malmö AB              |        | Sweden  |                            |  
|                                | * Radio City Stockholm AB          |        | Sweden  |                            |  
|                                | * 106.7 Rockklassiker AB           |        | Sweden  |                            |  
|                                | * 106.7 Rockklassiker Stockholm AB |        | Sweden  |                            |  
|                                | Radio City Göteborg 107.3 AB       |        | Sweden  |                            |  
|                                | Radio Syd AB                       |        | Sweden  |                            |  
|                                | * Easy 107.5 Stockholm AB          |        | Sweden  |                            |  
|* SBS Interactive AB            |                                    | Sweden |         | 100                        | %
|Broadcast Text International AB |                                    | Sweden |         | 100                        | %
|                                | Broadcast Text Svenska AB          |        | Sweden  |                            |  
|                                | Norsk Text AS                      |        | Norway  |                            |  
|                                | TV Tekst AS                        |        | Norway  |                            |  
|                                | Broadcast Text AS                  |        | Norway  |                            |  
|                                | Broadcast Text Danmark A/S         |        | Denmark |                            |  
|                                |                                    |        |         |                            |  

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|                                          | Broadcast Text Helsinki Oy                   |         | Finland     |      |   |      | 100  | %
|----------------------------------------- | -------------------------------------------- | ------- | ----------- | ---- | - | ---- | ---- | -
|                                          | Broadcast Text N.V.                          |         | Belgium     |      |   |      | 100  | %
|                                          | Broadcast Text B.V.                          |         | Netherlands |      |   |      | 100  | %
|                                          | Broadcast Text Budapest Kft.                 |         | Hungary     |      |   |      | 96.7 | %
|                                          | Broadcast Text Inc                           |         | USA         |      |   |      | 100  | %
|SBS Broadcast Danmark A/S                 |                                              | Denmark |             | 100  | % | 100  | %   
|                                          | TvDanmark A/S                                |         | Denmark     |      |   |      | 100  | %
|                                          | Kanal 2 Prime Time A/S                       |         | Denmark     |      |   |      | 98   | %
|                                          | SBS Radio A/S                                |         | Denmark     |      |   |      | 100  | %
|                                          | Radio 2 A/S                                  |         | Denmark     |      |   |      | 100  | %
|                                          | * Radio 2 Distribution A/S                   |         | Denmark     |      |   |      | 100  | %
|                                          | Nyhedsradioen 24-7 A/S                       |         | Denmark     |      |   |      | 100  | %
|                                          | Radio Fredericia ApS                         |         | Denmark     |      |   |      | 100  | %
|                                          | SBS Records ApS                              |         | Denmark     |      |   |      | 100  | %
|                                          | * Lugna Melodier A/S                         |         | Denmark     |      |   |      | 100  | %
|                                          | Radioreklame A/S                             |         | Denmark     |      |   |      | 95.2 | %
|                                          | * Kommunikationsanpartsselskabet af 2/4 1990 |         | Denmark     |      |   |      | 95   | %
|                                          | * Radio Silkeborg af 1997 A/S                |         | Denmark     |      |   |      | 32   | %
|                                          | * Det Danske Fjernsynsselskab A/S            |         | Denmark     |      |   |      | 33.3 | %
|                                          | * Kanal 60 A/S                               |         | Denmark     |      |   |      | 36.3 | %
|                                          | * TvDanmark Ostjylland 2002 Aps              |         | Denmark     |      |   |      | 100  | %
|                                          | * Odense Lokal TV Aps                        |         | Denmark     |      |   |      | 100  | %
|                                          | Timeline A/S                                 |         | Denmark     |      |   |      | 40   | %
|Pro Radio Oy                              |                                              | Finland |             | 100  | % | 100  | %   
|                                          | SBS Finland Oy                               |         | Finland     |      |   |      | 100  | %
|                                          | TV5 Finland Oy                               |         | Finland     |      |   |      | 100  | %
|                                          | Radio City Suomen Kauponkiradio Oy           |         | Finland     |      |   |      | 100  | %
|                                          | Helsingin Paikallinen Radio Oy               |         | Finland     |      |   |      | 94   | %
|                                          | Miracle Sound Tampere Oy                     |         | Finland     |      |   |      | 74.5 | %
|                                          | Miracle Sound Oulu Oy                        |         | Finland     |      |   |      | 47.9 | %
|                                          | Miracle Sound Oy                             |         | Finland     |      |   |      | 47.9 | %
|                                          | Kymenlaarson Sähköiset Viestimet Oy          |         | Finland     |      |   |      | 28   | %
|                                          | Turun Ensitorppa Oy                          |         | Finland     |      |   |      | 41   | %
|                                          | Mediapalvelut Oy Tampere                     |         | Finland     |      |   |      | 28   | %
|                                          | Tampereen Seudun Paikallisradio Oy           |         | Finland     |      |   |      | 28   | %
|VT4 Limited                               |                                              | UK      |             | 100  | % | 100  | %   
|                                          | VT 4 Marketing & Sales N.V.                  |         | Belgium     |      |   |      | 100  | %
|                                          | SBS Belgium N.V.                             |         | Belgium     |      |   |      | 100  | %
|                                          | VT4 Network N.V.                             |         | Belgium     |      |   |      | 100  | %
|SBS Services Limited                      |                                              | UK      |             | 100  | % | 100  | %   
|TvDanmark 1 Limited                       |                                              | UK      |             | 100  | % | 100  | %   
|The Voice TV Networks Limited             |                                              | UK      |             | 100  | % | 100  | %   
|Romanian Broadcasting Corporation Limited |                                              | UK      |             | 46.5 | % | 46.5 | %   
|                                          | European Broadcasting System S.A.            |         | Luxembourg  |      |   |      | 46.5 | %
|                                          | Ameron Television S.r.l.                     |         | Romania     |      |   |      | 37   | %
|                                          | Ameron Television Ltd.                       |         | USA         |      |   |      | 46.5 | %
|                                          |                                              |         |             |      |   |      |     

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|Scandinavian Broadcasting System (Jersey) Limited  |                                        | Jersey      |             | 100 | % | 100  | %  
|-------------------------------------------------- | -------------------------------------- | ----------- | ----------- | --- | - | ---- | ---
|EBS International N.V.                             |                                        | Belgium     |             | 100 | % | 100  | %  
|SBS Nederland B.V.                                 |                                        | Netherlands |             | 100 | % | 100  | %  
|                                                   | SBS Services B.V.                      |             | Netherlands |     |   |      | 100
|                                                   | * Carthage I B.V.                      |             | Netherlands |     |   |      | 100
|                                                   | Iriz B.V.                              |             | Netherlands |     |   |      | 100
|                                                   | Brainstation B.V.                      |             | Netherlands |     |   |      | 100
|                                                   | SBS Broadcasting B.V.                  |             | Netherlands |     |   |      | 63 
|                                                   | Veronica Broadcasting B.V              |             | Netherlands |     |   |      | 63 
|                                                   | SBS Productions B.V.                   |             | Netherlands |     |   |      | 63 
|                                                   | Veronica Uitgeverij B.V.               |             | Netherlands |     |   |      | 63 
|                                                   | Veronica Litho B.V.                    |             | Netherlands |     |   |      | 63 
|                                                   | Veronica Digitaal B.V.                 |             | Netherlands |     |   |      | 63 
|                                                   | * SBS Radio B.V.                       |             | Netherlands |     |   |      | 100
|                                                   | SBS Participaties B.V.                 |             | Netherlands |     |   |      | 63 
|                                                   | At FUN B.V.                            |             | Netherlands |     |   |      | 63 
|                                                   | TV10 B.V.                              |             | Netherlands |     |   |      | 31 
|                                                   | NET5/SBS6 Publishing B.V.              |             | Netherlands |     |   |      | 31 
|                                                   | SBS Text 6 VOF                         |             | Netherlands |     |   |      | 31 
|                                                   | V8/FOX Kids Text VOF                   |             | Netherlands |     |   |      | 31 
|                                                   | 538 Entertainment VOF                  |             | Netherlands |     |   |      | 31 
|                                                   | TV10 Holdings LLC                      |             | USA         |     |   |      | 35 
|MTM-SBS Televizio Rt.                              |                                        | Hungary     |             | 49  | % | 49   | %  
|* SBS Magyarorszagi Befektetesi Kft.               |                                        | Hungary     |             | 98  | % | 98.3 | %  
|                                                   | * Budapesti Kommunikacios Rt.          |             | Hungary     |     |   |      | 97 
|MTM Produkcio Müsorgyarto es Filmformagalmazo Kft. |                                        | Hungary     |             | 100 | % | 100  | %  
|INTERAKTIV Televizios Müsokeszitö Kft.             |                                        | Hungary     |             | 80  | % | 80   | %  
|                                                   | Fiktion Kft                            |             | Hungary     |     |   |      | 80 
|                                                   | Tele-For Kft.                          |             | Hungary     |     |   |      | 64 
|                                                   | Irisz Hungary Commercial Services Kft. |             | Hungary     |     |   |      | 100
|Lampsi Radio Company S.A.                          |                                        | Greece      |             | 70  | % | 70   | %  
|Hellas Radio Services Ltd.                         |                                        | Greece      |             | 50  | % | 50   | %  
|SBS Services (US) Inc.                             |                                        | USA         |             | 100 | % | 100  | %  
|* TV2 o.o.D                                        |                                        | Bulgaria    |             |     |   | 66   | %  

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