Exhibit 10.61.1  Supplementary Agreement No 1 to Agency Agreement No KT-4/1207 dated December 14, 2007, hereinafter referred to as the Agency Agreement  Moscow
  December 14, 2007  Closed Joint Stock Company New Channel (OGRN 1047796750880), hereinafter referred to as the Principal, represented by its General
Director A.E. Rodnyansky, acting pursuant to the Charter on one side, and Closed Joint Stock Company Kompaniya TSV
(OGRN5077746859757), hereinafter referred to as the Agent,
represented by the Deputy General Director V.L. Vshivkin, acting pursuant to
the Power of Attorney without number dated December 3, 2007, on the other
side, hereinafter referred to as the Parties, executed this Supplementary
Agreement No 1 to the Agency Agreement as follows.  Capitalized terms used, but not otherwise defined
herein shall have the meanings ascribed to such terms in the Agency Agreement.  1.The Agent guarantees the payment to the Principal
at its expense of the amounts overdue for the advertising services under Client
Agreements directly by the Agent during the term of the Agency Agreement
subject to existence of each of the following conditions: 1.2.
The Client has not paid in full or in part for the advertising services. In
such case the Agent guarantees solely the payment of the principal amount of
debt (i.e. the amounts due for the advertising services and not the penalties,
termination fee, etc.); 1.3.
The amounts have remained outstanding for 180 (One Hundred Eighty) calendar
days or longer, counting from the first day, following the date the services
acceptance statement was executed under the respective agreement; 1.4.
The total amount of indebtedness of all Clients outstanding for longer than 180
(One Hundred Eighty) calendar days exceeds the doubtful debt threshold set
forth in section 2 of this Supplementary Agreement. 1.5.
The Client has not objected against the claims for payment of the outstanding
amounts on the basis of improper performance or non-performance of the
agreement for advertising services of the Principal and/or existence of the
counterclaims against the Principal. 1.6.
The systemic risk as defined in section 5 hereof has not materialized.  2.The doubtful debt threshold shall be defined by the
Parties as the amount equal to 0.05% of the Principals Gross Target Sales
Revenues (including VAT) for the respective calendar year of the term of the
Agency Agreement. The Principals Gross Target Sales Revenues are further
defined by the Parties as the Principals projected gross advertising revenues
based on the Principals forecasts for the respective calendar year. The
Parties shall annually not later than March 31 of each calendar year
during the term of this Agreement determine the doubtful debt threshold
expressed as an exact amount, by executing a protocol to this Supplementary
Agreement. The above doubtful debt threshold shall be updated no later than January 20
of each calendar year that follows and shall be equal to 0.05% of the Principals
Actual Gross Sales Revenues for the respective calendar year.  3.The terms and conditions for the performance by the
Agent of its obligations set forth in section 1 of this Supplementary
Agreement: 3.1.
The amount of the Agents guarantee (hereunder guarantee obligation amount)
shall be determined using the formula below:


Pi=n=ibDi-  L where Pi- guarantee obligation
amount as determined for i-quarter of the respective calendar year bDi - amounts overdue from the Clients as at the end of i-quarter of the
respective calendar year, based on the provisions of section 1 of this
Supplementary Agreement, net of any debt settled by the Clients and/or paid by
the Agent. L
-  doubtful debt threshold set for the
respective calendar year according to the provisions of section 2 of this
Supplementary Agreement. i
-  sequential number for the quarter of
the respective calendar year (1 to 4).  The
base for the calculation shall be one calendar year and there shall be no carry
over to the following year.  3.2.
The Agents guarantee obligation amount to be paid to the Principal shall be
determined by the Parties no later than within 10 (Ten) business days after the
end of the respective quarter and set forth in the respective Statement. The
Agent shall perform its obligation to pay the guarantee obligation amount
within 10 (Ten) banking days from receipt of the respective claims from the
Principal issued pursuant to the respective Statement.  4.As soon as the Agent has paid its guarantee
obligation amount to the Principal with respect to the amounts overdue from the
Clients the Agents obligation to transfer the funds under the Agency Agreement
in respect of the agreement with the non-paying Client shall terminate to the
extent of the Clients indebtness has been paid by the Agent, and the Agent
shall become the creditor of such non-paying Client in its own right rather
than to the benefit of the Principal with respect to the amount of the Clients
indebtedness paid by the Agent to the Principal as shown by the respective
calculation.  If the Client, which
overdue payment obligation has been settled to the Principal by the Agency
(paid at its own expense) pursuant to the procedure described above, pays to
the Agent or the Principal the debt earlier paid by the Agent, the Principal
agrees that the indebtedness amount so paid by the Client shall be retained by
the Agent.  5.The Parties define the systemic risk as the
occurrence of the events that result in the significantly decreased ability of
the Clients generally to pay their accounts payable and/or the inability of
Principal to perform its obligations, such as:  ·sovereign
default -  the refusal of the Russian
government to repay government debt and debt issued under  government guarantees or agreement on  significant deferral due to inability of the Russian
government to meet its repayment obligations in respect of the above debt;  ·sovereign
credit rating of the Russian Federation downgraded to D by Standard &
Poors (S&P);  ·foreign
exchange trading in the US dollar or the Euro ceases for longer than 90
consecutive calendar days.  6.The Parties agree that the obligations assumed by
the Agent (as set forth in sections 1 to 5 hereof) shall constitute material
conditions of the Agency Agreement and


this Supplementary Agreement and, notwithstanding any provision of this
Supplementary Agreement or the Agency Agreement to the contrary, that their
unilateral modification by the Agent (including through court proceedings)
shall entitle the Principal to terminate the Agency Agreement without payment of
any termination fee (provided by section 9.2. of the Agency Agreement).  7.The Parties agree that the Agency Fee payable to the
Agent by the Principal in accordance with the terms and conditions of the
Agency Agreement in the amount equal to 12% (Twelve percent) of the Principals
Actual Gross Revenues shall include the compensation for the actions/activities
set forth in section 1 of this Supplementary Agreement.  8.This Supplementary Agreement is made and
executed in two equally binding counterparts with one for each Party.  9.This Supplementary Agreement shall come into
effect simultaneously with the Agency Agreement and shall be an integral part
of the Agency Agreement.  Signatures of the Parties:  Agent:
  Principal:/s/
  V.L. Vshivkin
  
  
  /s/ A.E. Rodnyansky(V.L. Vshivkin) seal here
  (A.E. Rodnyansky) seal
  here