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    |                            |  
|                                | Radio City Ostersund 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    |                            |  
|                                | Broadcast Text AS                |        | Norway    |                            |  
|                                |                                  |        |           |                            |  

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|                          | Broadcast Text Danmark A/S                 |         | Denmark     |     |     |     | 100  | %
|------------------------- | ------------------------------------------ | ------- | ----------- | --- | --- | --- | ---- | -
|                          | Broadcast Text Helsinki Oy                 |         | Finland     |     |     |     | 75   | %
|                          | Broadcast Text N.V.                        |         | Belgium     |     |     |     | 100  | %
|                          | Broadcast Text Amsterdam B.V.              |         | Netherlands |     |     |     | 100  | %
|                          | Broadcast Text Budapest Kft.               |         | Hungary     |     |     |     | 99.9 | %
|                          | Broadcast Text Inc.                        |         | USA         |     |     |     | 100  | %
|SBS Broadcast Danmark A/S |                                            | Denmark |             | 100 | %   | 100 | %   
|                          | Tv Danmark A/S                             |         | Denmark     |     |     |     | 100  | %
|                          | Kanal 2 Prime Time A/S                     |         | Denmark     |     | 1.2 | %   | 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     |     |     |     | 95.2 | %
|                          | Radio Silkeborg af 1997 A/S                |         | Denmark     |     |     |     | 32.4 | %
|                          | *Det Danske Fjernsynsselskab A/S           |         | Denmark     |     |     |     | 33.3 | %
|                          | *Kanal 60 A/S                              |         | Denmark     |     |     |     | 32.9 | %
|                          | TvDanmark Ostjylland 2002 Aps              |         | Denmark     |     |     |     | 100  | %
|                          | Odense Lokal TV Aps                        |         | Denmark     |     |     |     | 100  | %
|                          | Timeline A/S                               |         | Denmark     |     |     |     | 40   | %
|Pro Radio Oy              |                                            | Finland |             | 100 | %   | 100 | %   
|                          | Tampereen Aäni Oy (Radio 957)              |         | Finland     |     |     |     | 100  | %
|                          | Suomen Kaupunkiradio Oy (Radio City)       |         | Finland     |     |     |     | 96.9 | %
|                          | Helsingin Radioviestintä Oy (KISS FM)      |         | Finland     |     |     |     | 100  | %
|                          | Dikigoros Oy                               |         | Finland     |     |     |     | 100  | %
|                          | Helsingin Paikallinen Radio Oy             |         | Finland     |     |     |     | 94   | %
|                          | Pro 957 Oy                                 |         | Finland     |     |     |     | 100  | %
|                          | Miracle Sound Tampere Oy                   |         | Finland     |     |     |     | 74.5 | %
|                          | Miracle Sound Oulu Oy                      |         | Finland     |     |     |     | 47.9 | %
|                          | Miracle Sound Oy                           |         | Finland     |     |     |     | 47.9 | %
|                          | Oulun Horisontti Oy (Radio Mega)           |         | Finland     |     |     |     | 100  | %
|                          | SBS Finland Oy                             |         | Finland     |     |     |     | 100  | %
|                          | SBS New Media Finland Oy                   |         | Finland     |     |     |     | 100  | %
|                          | Pirkanmaan Viestintäpalvelu Oy (Radio Pop) |         | Finland     |     |     |     | 100  | %
|                          | Mediaväylä Oy                              |         | Finland     |     |     |     | 100  | %
|                          | Radio Kantri Oy                            |         | Finland     |     |     |     | 100  | %
|                          | 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  | %

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|SBS Services (UK) Limited                          |                                   | UK          |             | 100  | % | 100  | %   
|-------------------------------------------------- | --------------------------------- | ----------- | ----------- | ---- | - | ---- | ----
|Tv Danmark 1 Limited                               |                                   | UK          |             | 100  | % | 100  | %   
|The Voice TV Networks Limited                      |                                   |             |             |      |   | 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
|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 
|                                                   | Carthage II B.V.                  |             | Netherlands |      |   |      | 100 
|                                                   | Brainstation B.V.                 |             | Netherlands |      |   |      | 100 
|                                                   | SBS Broadcasting B.V.             |             | Netherlands |      |   |      | 63  
|                                                   | V8 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 |      |   |      | 31.5
|                                                   | SBS 6 Text VOF                    |             | Netherlands |      |   |      | 31.5
|                                                   | V8/FOX Kids Text VOF              |             | Netherlands |      |   |      | 31.5
|                                                   | 538 Entertainment VOF             |             | Netherlands |      |   |      | 31.5
|                                                   | TV10 Holdings LLC                 |             | USA         |      |   |      | 31.5
|MTM-SBS Televizio Rt.                              |                                   | Hungary     |             | 49   | % | 49   | %   
|*SBS Magyarorszagi Befektetesi Kft.                |                                   | Hungary     |             | 98   | % | 98.3 | %   
|                                                   | *Budapesti Kommunikacios Rt.      |             | Hungary     |      |   |      | 98.3
|MTM Produkcio Müsorgyarto es Filmformagalmazo Kft. |                                   | Hungary     |             | 100  | % | 100  | %   
|INTERAKTIV Televizios Müsokeszitö Kft.             |                                   | Hungary     |             | 80   | % | 80   | %   
|                                                   | Tele-For Kft.                     |             | Hungary     |      |   |      | 80  
|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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