|C L I F F O R D
C H A N C E |  | LIMITED LIABILITY PARTNERSHIP
|--------------------------- |  | -----------------------------

Exhibit 4.20

[CONFORMED COPY]





EUR 300,000,000

BRIDGE FACILITY AGREEMENT

dated 7 March 2005

for

SBS BROADCASTING S.A.

as Borrower

with

ABN AMRO BANK N.V.

as Lender

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BRIDGE FACILITY AGREEMENT

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CONTENTS

|Clause                             |                                        |    | Page
|---------------------------------- | -------------------------------------- | -- | ----
|1.                                 | Definitions And Interpretation         |    | 1   
|2.                                 | The Facility                           |    | 9   
|3.                                 | Purpose                                |    | 9   
|4.                                 | Conditions Of Utilisation              |    | 9   
|5.                                 | Utilisation                            |    | 10  
|6.                                 | Repayment Of Loans                     |    | 11  
|7.                                 | Prepayment And Cancellation            |    | 11  
|8.                                 | Interest                               |    | 14  
|9.                                 | Interest Periods                       |    | 14  
|10.                                | Changes To The Calculation Of Interest |    | 15  
|11.                                | Fees                                   |    | 15  
|12.                                | Tax Gross Up And Indemnities           |    | 17  
|13.                                | Increased Costs                        |    | 19  
|14.                                | Other Indemnities                      |    | 20  
|15.                                | Mitigation By The Lender               |    | 21  
|16.                                | Costs And Expenses                     |    | 21  
|17.                                | Representations                        |    | 22  
|18.                                | Information Undertakings               |    | 25  
|19.                                | General Undertakings                   |    | 26  
|20.                                | Events Of Default                      |    | 30  
|21.                                | Changes To The Borrower                |    | 33  
|22.                                | Changes To The Lender                  |    | 33  
|23.                                | Conduct Of Business By The Lender      |    | 34  
|24.                                | Payment Mechanics                      |    | 34  
|25.                                | Set-Off                                |    | 36  
|26.                                | Refinancing                            |    | 36  
|27.                                | Notices                                |    | 36  
|28.                                | Calculations And Certificates          |    | 37  
|29.                                | Partial Invalidity                     |    | 37  
|30.                                | Remedies And Waivers                   |    | 38  
|31.                                | Amendments And Waivers                 |    | 38  
|32.                                | Counterparts                           |    | 38  
|33.                                | Governing Law                          |    | 39  
|34.                                | Enforcement                            |    | 39  
|Schedule 1 CONDITIONS PRECEDENT    |                                        | 40
|Schedule 2 REQUESTS                |                                        | 41
|Schedule 3 MANDATORY COST FORMULAE |                                        | 42

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THIS AGREEMENTis dated 7 March 2005 and made between:

IT IS AGREEDas follows:

SECTION 1  INTERPRETATION







1

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2

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3

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4

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5

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6

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7

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8

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SECTION 2  THE FACILITY













9

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SECTION 3  UTILISATION





10

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SECTION 4  REPAYMENT, PREPAYMENT AND CANCELLATION





11

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12

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13

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SECTION 5  COSTS OF UTILISATION







14

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15

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16

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SECTION 6  ADDITIONAL PAYMENT OBLIGATIONS



17

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18

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19

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20

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21

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SECTION 7  REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT











22

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23

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24

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25

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26

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27

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28

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29

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30

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31

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32

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SECTION 9  CHANGES TO THE PARTIES





33

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SECTION 10  ADMINISTRATION





34

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35

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To:

SBS Broadcasting S.A.
8-10 Rue Mathias Hardt
L-1717 Luxembourg
Telephone: +352 26 12 15
Facsimile: +352 26 12 33 01
Attn: Corporate SecretaryWith a copy to:

SBS Services B.V.
Rietlandpark 353
1019 EM Amsterdam
The Netherlands
Telephone: +31 20 519 1919
Facsimile: +31 20 519 1996
Attn: Juergen von Schwerin/Erik Moe




36

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37

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38

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SECTION 12  GOVERNING LAW AND ENFORCEMENT





This Agreement has been entered into on the date stated at the beginning of this Agreement.

39

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SCHEDULE 1        CONDITIONS PRECEDENT

Conditions precedent to initial Utilisation

40

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SCHEDULE 2        REQUESTS

Utilisation Request



with
copy to:



Dated:

Dear
Sirs

SBS Broadcasting S.A.EUR 300,000,000 Bridge Facility Agreement
dated 7 March 2005 (the "Agreement")

Proposed Utilisation Date:

[            ] (or, if that is not a Business Day, the next Business Day)Currency of Loan:

EuroAmount:

[            ] or, if less, the Available FacilityInterest Period:

[            ]


Yours
faithfully



________________________
authorised signatory for
SBS Broadcasting S.A.

41

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SCHEDULE 3        MANDATORY COST FORMULAE

E× 0.01300

per cent. per annum.




42

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SIGNATURES

|THE BORROWER          |  |                                                                         
|--------------------- |  | ------------------------------------------------------------------------
|SBS BROADCASTING S.A. |  |                                                                         
|By:                   |  | /s/ ERIK T. MOE                                                         
|Name:                 |  | Erik T. Moe
Senior Vice President, General Counsel and Company Secretary
|Address:              |  | 8-10 Rue Mathias Hardt
L-1717 Luxembourg                                
|Fax:                  |  | +352 26 12 33 01                                                        
|Telephone:            |  | +352 26 12 15                                                           
|Attention:            |  | Company Secretary                                                       
|With a copy to:       |  | SBS Services B.V.
Rietlandpark 353
1019EM Amsterdam
The Netherlands     
|Fax:                  |  | +31 20 519 1996                                                         
|Telephone:            |  | +31 20 519 1919                                                         
|Attention:            |  | Erik T. Moe / Juergen von Schwerin                                      
|THE LENDER            |  |                                                                         
|ABN AMRO BANK N.V.    |  |                                                                         
|By:                   |  | /s/ C.A. HEILIG                                                         
|Name:                 |  | Cees A. Heilig                                                          
|Address:              |  | Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands                  
|Fax:                  |  | +31 20 629 6270                                                         
|Attention:            |  | Caroline Snippe                                                         

43

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