Exhibit 8.1

LIST OF SUBSIDIARIES

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

|                                           |  |         |  | Proportion of capital held |  
|------------------------------------------ |  | ------- |  | -------------------------- | -
|
|Broadcast Norge A/S                        |  | Norway  |  | 100                        | %
|TV Norge A/S                               |  | Norway  |  |                            |  
|TV Pluss A/S                               |  | Norway  |  |                            |  
|Broadcast Text A/S                         |  | Norway  |  |                            |  
|Norsk Text AS                              |  | Norway  |  |                            |  
|TV Tekst AS                                |  | Norway  |  |                            |  
|Telitas                                    |  | Norway  |  | 12                         | %
|Kanal 5 AB                                 |  | Sweden  |  | 100                        | %
|SBS Radio Sweden AB                        |  | Sweden  |  | 100                        | %
|Svenska Mediaintressenter 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 Göteborg 107,3                       |  | Sweden  |  |                            |  
|Radio Syd AB                               |  | Sweden  |  |                            |  
|Easy 107.5 Stockholm AB                    |  | Sweden  |  |                            |  
|SBS Interactive AB                         |  | Sweden  |  | 100                        | %
|Kanal 5 Nya Media AB                       |  | Sweden  |  |                            |  
|Big Brother Kommanditbolag                 |  | Sweden  |  |                            |  
|Big Brother AB                             |  | Sweden  |  |                            |  
|Broadcast Text International AB            |  | Sweden  |  | 100                        | %
|Broadcast Text Svenska AB                  |  | Sweden  |  |                            |  
|Lovesearch DB AB                           |  | Sweden  |  | 22.5                       | %
|SBS Broadcast Danmark A/S                  |  | Denmark |  | 100                        | %
|TvDanmark A/S                              |  | Denmark |  |                            |  
|Kanal 2 Prime Time A/S                     |  | Denmark |  | 1.2                        | %
|Broadcast Text Danmark A/S                 |  | Denmark |  |                            |  
|Nordisk Radioreklame A/S                   |  | Denmark |  |                            |  
|Radioreklame A/S                           |  | Denmark |  |                            |  
|Kommunikationsanpartsselskabet af 2/4 1990 |  | Denmark |  |                            |  
|Østjysk TV ApS                             |  | Denmark |  |                            |  
|Radio Silkeborg af 1997 A/S                |  | Denmark |  |                            |  
|Det Danske Fjernsynsselskab A/S            |  | Denmark |  |                            |  
|Kanal 60 A/S                               |  | Denmark |  |                            |  
|Pro Radio Oy                               |  | Finland |  | 100                        | %
|Radio 957 Tampere Aäni Oy                  |  | Finland |  |                            |  
|Radio City Suomen Kauponki Radio Oy        |  | Finland |  |                            |  
|KISS FM Helsingin Radioinvestintä Oy       |  | Finland |  |                            |  
|Dikigoros Oy                               |  | Finland |  |                            |  
|Helsingin Paikallinen Radio Oy             |  | Finland |  |                            |  
|Pro 957 Oy                                 |  | Finland |  |                            |  
|                                           |  |         |  |                            |  

---

|Miracle Sound Tampere Oy                          |  | Finland     |  |      |   | 71.2 | %
|------------------------------------------------- |  | ----------- |  | ---- | - | ---- | -
|Miracle Sound Oulu Oy                             |  | Finland     |  |      |   | 41.2 | %
|Miracle Sound Oy                                  |  | Finland     |  |      |   | 41.2 | %
|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     |  |      |   | 60   | %
|Mediaväylä Oy                                     |  | Finland     |  |      |   | 100  | %
|Radio Kantri Oy                                   |  | Finland     |  |      |   | 55   | %
|Kymenlaarson Sähköiset Viestimet Oy               |  | Finland     |  |      |   | 28   | %
|Turun Ensitorppa OY                               |  | Finland     |  |      |   | 28   | %
|Broadcast Text Helsinki Oy                        |  | Finland     |  |      |   | 100  | %
|Kanal 5 Limited                                   |  | UK          |  | 100  | % | 100  | %
|VT4 Limited                                       |  | UK          |  | 100  | % | 100  | %
|SBS Services Limited                              |  | UK          |  | 100  | % | 100  | %
|TvDanmark 1 Limited                               |  | UK          |  | 100  | % | 100  | %
|Romanian Broadcasting Corporation Limited         |  | UK          |  | 46.5 | % | 46.5 | %
|QXL ricardo plc                                   |  | UK          |  | 2    | % | 2    | %
|Scandinavian Broadcasting System (Jersey) Limited |  | Jersey      |  | 100  | % | 100  | %
|EBS International N.V.                            |  | Belgium     |  | 100  | % | 100  | %
|VT 4 Marketing & Sales N.V.                       |  | Belgium     |  |      |   | 100  | %
|SBS Belgium N.V.                                  |  | Belgium     |  |      |   | 100  | %
|VT4 Network N.V.                                  |  | Belgium     |  |      |   | 100  | %
|Radio N.V.                                        |  | Belgium     |  |      |   | 100  | %
|Broadcast Text N.V.                               |  | Belgium     |  |      |   | 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  | %
|Carthage III B.V.                                 |  | Netherlands |  |      |   | 100  | %
|Strateurop B.V.                                   |  | Netherlands |  |      |   | 100  | %
|SBS Broadcasting B.V.                             |  | Netherlands |  |      |   | 70   | %
|V8 Broadcasting B.V                               |  | Netherlands |  |      |   | 70   | %
|Cameo Support B.V.                                |  | Netherlands |  |      |   | 70   | %
|SBS Radio B.V.                                    |  | Netherlands |  |      |   | 70   | %
|SBS Participations B.V.                           |  | Netherlands |  |      |   | 70   | %
|At FUN B.V.                                       |  | Netherlands |  |      |   | 70   | %
|TV10 B.V.                                         |  | Netherlands |  |      |   | 35   | %
|NET5/SBS6 Publishing B.V.                         |  | Netherlands |  |      |   | 35   | %
|Broadcast Text B.V.                               |  | Netherlands |  |      |   | 100  | %
|SBS Text VOF                                      |  | Netherlands |  |      |   | 35   | %
|V8/FOX Kids Text VOF                              |  | Netherlands |  |      |   | 35   | %
|SBS Entertainment VOF                             |  | Netherlands |  |      |   | 35   | %
|MTM-SBS Televizio Rt.                             |  | Hungary     |  | 49   | % | 49   | %
|SBS Magyarorszagi Befektetesi Kft.                |  | Hungary     |  | 98   | % | 98   | %
|Budapesti Kommunikacios Rt.                       |  | Hungary     |  |      |   | 97   | %
|MTM Produkcio Müsorgarto es Filmformagalmazo Kft. |  | Hungary     |  |      |   | 100  | %
|INTERAKTIV Televizios Müsokeszitö Kft.            |  | Hungary     |  |      |   | 80   | %
|                                                  |  |             |  |      |   |      |  

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|ATV Privat-TV Services GmbH                 |  | Austria    |  | 20   | % | 20   | %
|------------------------------------------- |  | ---------- |  | ---- | - | ---- | -
|ATV Privatfernseh GmbH                      |  | Austria    |  |      |   | 20   | %
|TV3 Stadtfernseh GmbH                       |  | Austria    |  |      |   | 20   | %
|"quotenfabrik" TV Programm Entwicklung GmbH |  | Austria    |  |      |   | 20   | %
|Lampsi Radio Company S.A.                   |  | Greece     |  | 70   | % | 70   | %
|Hellas Radio Services Ltd.                  |  | Greece     |  | 50   | % | 50   | %
|European Broadcasting System S.A.           |  | Luxembourg |  |      |   | 46.5 | %
|Ameron Television S.r.l.                    |  | Romania    |  |      |   | 40   | %
|TVN Sp z o.o                                |  | Poland     |  |      |   | 30.4 | %
|SBS Services (US) Inc.                      |  | USA        |  | 100  | % | 100  | %
|TV10 Holdings LLC                           |  | USA        |  |      |   | 35   | %
|Ameron Television Ltd.                      |  | USA        |  |      |   | 40   | %
|ZeniMax Media Inc.                          |  | USA        |  | 12.5 | % | 12.5 | %
|Lions Gate Entertainment Corp.              |  | Canada     |  |      |   | (3   | )
|Spanish Broadcasting System 4 S.A.          |  | Spain      |  | 49   | % | 49   | %
|Impaller Broadcasting System d.o.o.         |  | Slovenia   |  | 100  | % | 100  | %
|FINA-MUR d.o.o.                             |  | Croatia    |  |      |   | 100  | %

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