Exhibit 4.18

MANAGEMENT SERVICES AGREEMENT

Between:



and



WHEREAS:-

Article 1: Termination of Prior Agreement

1

---



Article 2: Purpose; Term; Renewal; Termination.

2.1Purpose



2.2Term



2.3Renewal



2.4Termination for Cause



2.5Voluntary Termination



2

---





Article 3: Management Services; Representations and Warranties of Convers

3.1Management Services



3.2Representations and Warranties of Convers



3

---





Article 4: Consideration

4.1Base Management Fee



4.2Annual Incentive Management Fee



4

---







Article 5: Stock Options

5

---





Exercise Price: €26.78Date of vesting

No. of Option
Shares Vesting14 June 2005

37,50014 December 2005

37,50014 June 2006

37,50014 December 2006

37,50014 June 2007

37,50014 December 2007

37,50014 June 2008

37,50014 December 2008

37,500




Article 6: Holiday Entitlement

6

---



Article 7: Adverse Change





7

---









Article 8: Incapacity

8

---





Article 9: Arbitration

Article 10: Confidentiality; Conflict of Interest; Non-Competition

10.1Confidentiality



10.2Conflict of Interest



10.3Non-Competition



9

---





Article 11: Non-Disclosure

Article 12: Miscellaneous

12.1Relationship Between the Parties



12.2Governing Law



12.3Notices and Communications



10

---





| | (a) |  | If to the Company:                                                                                                                  
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------
| |     |  | PO Box 202
Sommerville House, Phillips Street
St. Helier, Jersey JE4 8SP
Channel Islands, British Isles
Attention: Harry Evans Sloan
| |     |  | with a copy to:                                                                                                                     
| |     |  | Erik Moe
General Counsel
Rietlandpark 353
1019 EM Amsterdam
The Netherlands
Facsimile: +31 (20) 519 1996                            
| | (b) |  | If to Convers:                                                                                                                      
| |     |  | Nerine House
St. George's Place
22 Cornet Street
St. Peter Port, Guernsey
Attention: Markus Tellenbach                              
| |     |  | with a copy to:                                                                                                                     
| |     |  | Mr. Markus Tellenbach
Grafton
St. George's Hill
Weybridge
Surrey, KT13 0LE
England, United Kingdom                                  
| |     |  | Facsimile no: +1932 848 175                                                                                                         



12.4Entire Agreement: Modification



12.5Assignment: Successors



11

---





12

---





IN WITNESS WHEREOF,the undersigned have duly executed and delivered this Agreement as of the 14th day of December, 2004.

|SCANDINAVIAN BROADCASTING SYSTEM
(JERSEY) LIMITED |                                        | CONVERS MEDIA EUROPE
LIMITED PARTNERSHIP
|------------------------------------------------- | -------------------------------------- | ----------------------------------------
|                                                  |                                        |                                         
|By:                                               | /s/ Harry Evans SloanHarry Evans Sloan |                                         
|                                                  |                                        |                                         
|SBS BROADCASTING SA                               |                                        |                                         
|                                                  |                                        |                                         
|By:                                               | /s/ Harry Evans SloanHarry Evans Sloan |                                         

13

---



QuickLinks