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Exhibit 4.42    
    

        [CONFORMED
COPY] 

 
 

MANAGEMENT SERVICES AGREEMENT    
    

Between: 

 CONVERS MEDIA EUROPE LIMITED PARTNERSHIP  

a
limited partnership existing under the laws of Guernsey, having its registered office at Nerine House, St. George's Place, 22 Comet Street, St. Peter Port, Guernsey, 

represented
by Mr. Markus Tellenbach, a general partner, 

hereinafter
referred to as "Convers", 

 SBS BROADCASTING SA  

a
corporation existing under the laws of Luxembourg, having its registered office at 8-10 rue Mathias Hardt, BP 39, L-2010, Luxembourg, 

        hereinafter
referred to as "SBS", 

and

 SCANDINAVIAN BROADCASTING SYSTEM (JERSEY) LIMITED  

a
corporation existing under the laws of Jersey c/o P. O. Box 202, Sommerville House, Phillips St, St Helier, Jersey, JE4 8SP, Channel Islands, British Isles, 

        represented
by Mr. Harry Evans Sloan, 

        hereinafter
referred to as "the Company". 

WHEREAS:-

	A.
	Convers,
represented by Markus Tellenbach, entered into a Management Services agreement with SBS dated February 26, 2001 to obtain the services of Markus Tellenbach as Chief
Operating Officer of SBS (the "Prior Agreement").

	B.
	The
Company now wishes to secure the services of Mr Tellenbach as Chief Executive Officer of SBS and Convers, SBS and the Company agree that the Prior Agreement will be terminated as
of August 31, 2002 and replaced by this Agreement. 

Article 1: Termination of Prior Agreement  

	1.1
	All
parties agree that the Prior Agreement shall terminate effective as of August 31, 2002 and shall be replaced by this Agreement.

	1.2
	Notwithstanding
the foregoing, SBS agrees to pay the Executive on February 28, 2003, the sum of €500,000 as payment of the Annual Incentive Management Fee
payable byæ SBS for the 12 (twelve) month period ending December 31, 2002 under the Prior Agreement. 

Article 2: Purpose; Term; Renewal; Termination.  

	2.1
	Purpose

 

The
Company wishes to obtain certain management services from and through Convers, and Convers has agreed to provide such services by making available to the SBS Group (as hereinafter defined) the
services of Mr. Markus Tellenbach, hereinafter referred to as the "Executive". 

	2.2
	Term

This
Agreement shall become effective on September 1, 2002 (the "Start Date") and shall terminate on December 31, 2005 (the  "End Date"). The period
commencing from the Start Date and ending on the End Date, as such period may be extended by the parties, is hereinafter
referred to as the "Term". 

	2.3
	Renewal

The
Company and Convers shall commence discussions regarding the extension of the Term on the second anniversary of the Start Date, and each of them shall give written notice to the other regarding
their intention to extend the Term no later than 270 days prior to the termination of the Term (the "Renewal Period"). Neither party shall have
the obligation to extend the Term. 

If
the Company elects not to renew the Term of this Agreement, Convers shall be entitled to receive the Base Management Fee then payable under Article 4.1 for a further 18 (eighteen) months
(the "Severance Period") following the End Date of this Agreement such fee to be paid in accordance with Article 4.1 (the  "Severance Fee").

If
the Severance Fee is payable, Convers undertakes that it will comply with its obligations under Article 6.2 and if Convers and/or the Executive enter into a New Service Contract prior to or
during the Severance Period, any New Payments shall be applied against the Severance Fee in accordance with the provision set out in Article 6.2. 

	2.4
	Termination for Cause

The
Company may terminate this Agreement if: (i) Convers breaches any term of this Agreement, and if such breach is not cured to the satisfaction of the Company within a reasonable time after
written notice of the breach has been given by the Company to Convers (such reasonable time shall be not less
than 10 (ten) nor more than 30 (thirty) days); (ii) Convers fails to procure for the benefit of the Company the full-time services of the Executive; (iii) the Executive
commits an act of gross negligence, wilful misconduct or material insubordination in connection with the performance of the services required to be rendered to the Company pursuant to this Agreement,
as determined in good faith by the Board of Directors of SBS (the "Board"); (iv) the Executive is convicted of or pleads  nolo contendere to any
misdemeanor involving moral turpitude or to any felony; (v) either Convers or the Executive commits any act of fraud,
misappropriation of funds or embezzlement in the performance of the duties to be performed by the Executive under this Agreement; or (vi) the Executive suffers from habitual intemperance or is
declared legally incompetent. 

If
the Agreement is terminated pursuant to this Article 2.4, Convers shall not be entitled to any further fees pursuant to this Agreement after the date of termination save for any fee which is
due and owing to Convers as at the date of termination. 

	2.5
	Voluntary Termination

The
Company may terminate this Agreement at any time prior to the commencement of the Renewal Period by giving notice in writing to Convers. If the Company terminates this Agreement without cause in
accordance with this Article 2.5, Convers will be entitled to receive the Base Management Fee until the end of the Term (the "Termination
Payment"). No other fee, benefit or emolument will be payable or otherwise accrue after the date that this Agreement is terminated pursuant to this Article 2.5. 

2

 

Convers
may elect by providing written notice to the Company to receive the Termination Payment as a lump sum payment within twenty-one (21) days of the End Date otherwise the
Termination Payment will be payable on the same basis that the Base Management Fee is payable under Article 4.1. If Convers makes such an election, the amount of the Termination Payment payable
to Convers shall be discounted by the LIBOR Rate. 

For
the purposes of this Agreement, the "LIBOR Rate" means the London Interbank Offered Rate quoted for 12 months time deposits in Euros in the
Financial Times Newspaper on the date such election is made or if the election is made on a day that the Financial Times Newspaper is not published, the next available date on which such newspaper is
published. Such lump sum payment will be made within 30 days of the election being made by Convers. 

Article 3: Management Services; Representations and Warranties of Convers  

	3.1
	Management Services

During
the Term, Convers will procure, for the exclusive benefit of the Company, the full-time services of the Executive, for the purpose of fulfilling the duties and responsibilities of
Chief Executive Officer and President of the SBS Group. The Executive shall report to the Chairman and the Board and shall keep the Chairman and the Board informed of the conduct of the affairs of SBS
and any subsidiaries of SBS (the "SBS Group") and shall provide them with such information and explanations as may be requested from time to time by
them. 

	3.2
	Representations and Warranties of Convers

Convers
represents and warrants to the Company that during the Term: 

	(i)
	It
will procure that the Executive will be responsible for the control, i management and supervision of all operations and any other business of the SBS Group unless any specific
tasks or areas of responsibility of the SBS Group have been reserved by the Chairman or the Board;

	(ii)
	It
will procure that, unless prevented by ill health or accident, the Executive devotes sufficient of his working hours and attention to the carrying out of his duties hereunder;

	(iii)
	It
will procure that the Executive will carry out his duties in a proper and efficient manner and use his best endeavours to promote and maintain the interests of the SBS Group;

	(iv)
	It
will procure that the Executive will comply with all other reasonable directions given to him by the Board and/or the Chairman from time to time;

	(v)
	The
terms of this Agreement are valid, binding and enforceable against Convers, and it will not, nor will it permit any of its partners or employees to, breach or violate any written
or oral agreement to which Convers or they are a party or by which they are bound arising out of the performance by them of the services to be rendered by them pursuant to this Agreement;

	(vi)
	The
services to be rendered to the Company by the Executive under this Agreement do not and will not breach or contravene any employment agreement or other agreement to which either
Convers or the Executive is a party or by which they are bound; and

	(vii)
	Convers
will pay when due all taxes payable on the consideration paid to Convers and with respect to the services to be rendered by Convers to the Company pursuant to this Agreement
and the Company shall have no responsibility for any taxes attributable to 

3

 

payments
made to Convers hereunder or payments that may be made by Convers to the Executive. 

Article 4: Consideration  

	4.1
	Base Management Fee

During
the Term, the Company will pay to Convers a base management fee (the "Base Management Fee") payable as follows: 

	(i)
	For
the period from September 1, 2002 until December 31, 2002 in the sum of €400,000;

	(ii)
	For
the calendar years 2003, 2004 and 2005 the sum of €1.2 million per year. 

The
Base Management Fee will be paid to Convers monthly in arrears against statements submitted by Convers to the Company or such other entity as SBS may designate. 

	4.2
	Annual Incentive Management Fee
	(a)
	For
each entire calendar year during the Term (2003, 2004 and 2005) the Executive will be entitled to an annual incentive payment based upon the performance of the SBS Group (the  "Annual Incentive Payment"). In determining the Annual Incentive Payment, the amount of EBITDA budgeted for each calendar year (each a  "Financial Period") in the relevant annual budget approved by the Board for the SBS
Group for that Financial Period (the  "Budgeted EBITDA") (as adjusted from time to time in accordance with Article 4.3) will be compared against the amount of EBITDA recorded in the
audited consolidated accounts of SBS (the "Actual EBITDA") which are approved by the Board for that Financial Period. The Company agrees that an Annual
Incentive Payment is payable in the amounts set out below.

	(b)
	If
Actual EBITDA is equal to Budgeted EBITDA for any Financial Period, the Bonus Payment shall be equal to €600,000 (the "Minimum Bonus
Payment"). For each 1% by which the Actual EBITDA exceeds Budgeted EBITDA in any Financial Period, the amount of the Minimum Bonus Payment shall be increased by
€30,000 up to the total maximum bonus payment of €1,500,000 (i.e. where Actual EBITDA is 30% above Budgeted EBITDA for the relevant Financial Period) and which sum
includes, for the avoidance of doubt, the Minimum Bonus Payment.

	(c)
	If
Actual EBITDA for any Financial Period is no less than 95% of Budgeted EBITDA for that period (the "Threshold"), the Minimum Bonus
Payment will be paid in full.

	(d)
	Where
Actual EBITDA is below the Threshold for any Financial Period, for each further 1% by which Actual EBITDA is less than the Budgeted EBITDA during that Financial Period, the
Minimum Bonus Payment shall be reduced by €40,000 provided that if for any Financial Period, Actual EBITDA is less than 80% of Budgeted EBITDA no bonus payment will be payable at all.
For the purposes of calculating the amount by which the Minimum Bonus Payment should be increased or decreased in accordance with the provisions of this Article, the percentage by which Actual EBITDA
exceeds or is less than Budgeted EBITDA shall be rounded up or down to the nearest whole number (for example, 84.50% is rounded up to 85% and 84.49% is rounded down to 84%).

	(e)
	Any
Annual Incentive Payment will be paid in either cash, common shares of the Company or any combination thereof at the election of Convers. Convers must notify the Company how it
elects to receive any Annual Incentive Payment within 10 (ten) business days of the date that audited consolidated accounts of SBS for any Financial Period (the  "Accounts") are finalised in accordance
with Article 4.2(f) below (the "Approval Date"). The
strike price for any common shares of SBS which Convers elects to receive will be the average of the closing price 

4

 

quoted
for a Common Share of SBS on NASDAQ (reported in the Wall Street Journal, US Edition) over the 10 business days commencing on the Approval Date. 

	(f)
	The
Company agrees that the payment of any Annual Incentive Payment awarded to Convers will be made within 30 (thirty) days of the date that the auditors confirm in writing to the
Chief Financial Officer of SBS that their audit of the Annual Accounts for the relevant Financial Period is finalised.

	(g)
	For
the purposes of this Agreement "EBITDA" means the earnings of SBS on a consolidated basis, before interest expense, tax and
depreciation and amortisation expenses are deducted, all as accounted for under US Generally Accepted Accounting Principles ("US GAAP").

	4.3
	If
during any Financial Period, SBS sells any of its subsidiary operations or businesses, which are required to be consolidated for the purposes of US GAAP, (each a  "Subsidiary Operation"), Budgeted EBITDA
shall be reduced by the amount of EBITDA budgeted to be contributed by the relevant Subsidiary Operation to the
SBS Group during the Financial Period ("Subsidiary EBITDA"). Such an adjustment to Budgeted EBITDA to take into account the loss of the Subsidiary
EBITDA ("Adjusted EBITDA") will be pro-rated taking into account the amount of any Financial Period which is outstanding as at the date the
Subsidiary Operation ceases to be required to be consolidated as part of the SBS Group for the purposes of US GAAP. 

Upon
Adjusted Budgeted EBITDA being determined, the Annual Incentive Payment payable to Convers pursuant to Article 4.2 will be determined by comparing Actual EBITDA against Adjusted EBITDA. 

	4.4
	If
SBS acquires any operation or business during any Financial Period which would constitute a Subsidiary Operation, the parties agree that there will be no adjustment made to
Budgeted EBITDA for the purposes of Article 4.2.

	4.5
	During
the Term, the Company will permit the Executive to participate in any benefit plans which are available to other executive officers of SBS of comparable rank and station with
the Executive, subject to the terms of such plans.

	4.6
	Except
as provided in the preceding paragraph, the Company will reimburse Convers for all reasonable business-related expenses incurred during the Term by the Executive in connection
with the performance of his duties as the Chief Executive Officer of the Company; provided, however, that Convers shall submit to the Company documentation which substantiates such expenses in form
and substance satisfactory to the Company. 

Article 5: Stock Options  

	5.1
	The
Company shall procure that SBS grants to the Executive a 10 (ten) year option to purchase in the aggregate 400,000 registered common shares in SBS (the  "Option Shares") pursuant to and in accordance
with the terms of the 1992 and 1994 SBS Share Incentive Plans as in force in their current form at the
date of this Agreement. The 1992 and 1994 SBS Share Incentive Plan (together, the "Plans") are each annexed to this Agreement and marked "A" and "B"
respectively. 

5

 
	5.2
	On
and subject to the terms of the Plans and the option agreement (the "Option Agreement") to be entered into between SBS and the
Executive, the Option Shares shall vest as follows: 

	 
	 	Exercise Price: US $17.71

	Date of vesting
	 	No. of Option Shares Vesting

	30 June 2003	 	100,000
	31 December 2003	 	100,000
	30 June 2004	 	100,000
	31 December 2004	 	100,000

The
Company undertakes to procure that SBS shall take all necessary corporate action in order to ensure the Option Shares vest in the Executive in accordance with the terms of this Article 5. 

The
amount of Option Shares to be awarded to the Executive for 2005, the strike price, and when such Option Shares vest during that year shall be determined by the Compensation Committee of the Board
(subject to the approval of the Board). 

The
Company undertakes to procure that if the Executive dies during the Term, SBS will ensure that: 

	(i)
	All
Option Shares which have vested in the name of the Executive prior to the date of his death, will be transferred into the name of his spouse forthwith; and

	(ii)
	All
Option Shares which have not vested as at that date will vest immediately, in the name of his spouse. 

Article 6: Change of Control  

	6.1
	For
the purposes of this Article: 

"Change of Control" means the acquisition whether directly or indirectly of common shares of SBS by any person or persons connected with each other or
persons acting in concert with each other, as a result of which such person or persons would obtain control over that number of common shares in SBS which in aggregate confers 50% or more of the
voting rights normally exercisable at General Meetings of SBS or any merger, consolidation, reorganisation or similar transaction of like effect or any change in the composition of the Board whereby
any such person or persons shall have the ability to control the decisions of the Board or any similar circumstances; 

"connected" in the context of determining whether one person is connected with another, shall be determined in accordance with the provisions of
Section 839 of the Income and Corporation Taxes 1988 (UK); and 

"acting in concert" shall have the meaning set out in the City Code on Takeovers and Mergers (UK). 

	6.2
	If
during the Term, as a result of a Change of Control of SBS, there is a permanent change in the range of duties, functions and responsibilities which the Executive is required to
perform for the SBS Group as part of the management services agreed between the Company and Convers hereunder, ("A Material Change in Responsibilities")
but always having regard to the circumstances giving rise to the Change of Control (for example, SBS may become a subsidiary or affiliate of a much larger corporate group) then Convers is entitled to
terminate this Agreement upon notice to the Company and withdraw the services of the Executive forthwith. For such termination to be effective, Convers must terminate this Agreement within six
(6) months of any Material Change in Responsibilities being implemented. 

6

 

Upon
such termination: 

	(i)
	Convers
will be entitled to receive any Annual Incentive Fee payable or any part thereof which has accrued, on a pro-rata basis for the relevant Financial Period in which
it elects to terminate the Agreement pursuant to this Article 6.2, provided that Convers shall not be entitled to any Annual Incentive Fee if the termination occurs within the first 6 (six)
calendar months of any Financial Period during the Term;

	(ii)
	Convers
will continue to be entitled to receive the Base Management Fee to be paid until the expiry of the Term (as if this Agreement had not been terminated), such fee to be paid in
accordance with Article 4.1; and

	(iii)
	All
Option Shares will vest immediately. 

All
other payments which may have been payable hereunder shall cease to accrue from the date of termination. 

Convers
agrees that it will use its best endeavours to ensure that it enters into an agreement in relation to the provision of the services of the Executive or the Executive obtains employment with
another entity for the remainder of the Term (the "New Service Contract"). Upon a New Service Contract being concluded prior to the expiry of the Term,
Convers undertakes immediately to inform the Company of the aggregate amount of all service fees, salary, bonuses, incentive payments, allowances, commissions or other remuneration (the  "New Payments")
which Convers or the Executive is entitled to be paid under the New Service Contract. The fees which Convers is entitled to continue to
receive from the Company under this Article 6.2 will be reduced by the aggregate amount of the New Payments, such amount to be pro-rated for the period of the New Service Contract
which is equal to the unexpired period of the Term as at the date the Company is notified of the New Service Contract. 

	6.3
	For
the purposes of this Agreement, a Material Change in Responsibilities will have deemed to have occurred if the Executive loses primary responsibility for the management of any of
the key operations of the SBS Group (the "Key Stations") other than through a disposal of a controlling interest by SBS of such Key Station in the
ordinary course of business. The Key Stations as at the date of this Agreement are:

	•
	VT4
Belgium;

	•
	SBS
Netherlands (SBS6, Net5 and V8);

	•
	Kanal
5 Sweden;

	•
	SBS
Denmark (TVD1 and TVD2);

	•
	TV2
Hungary;

	•
	TV
Norge Norway; and

	•
	SBS
Radio Group. 

The
parties agree that if any other consolidated operation of the SBS Group exceeds 10% of the EBITDA of the SBS Group (on a consolidated basis) for any Financial Period during the Term, it shall be
included as a Key Station. 

Article 7: Arbitration  

Any
disputes arising out of or in connection with the terms of this Agreement shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more 

7

 

arbitrators
in accordance with such Rules. All arbitration proceedings shall be held in Luxembourg and shall be conducted in the English language. 

Article 8: Confidentiality; Conflict of Interest; Non-Competition  

	8.1
	Confidentiality

Convers
agrees that during the Term and thereafter, it will not, and it will not permit any of its partners, employees, consultants, advisers or the Executive to, use for its or their purpose,
disclose to any person or misappropriate any trade secret or other confidential information which they may obtain concerning any aspect of the business, management, financial position or operating
results of the SBS Group. 

	8.2
	Conflict of Interest

Convers
covenants that during the Term it will not, and it will not permit any of its partners employees, consultants, advisers or the Executive to, have any direct or indirect equity, debt or
contractual relationship with or other interest in any customer, supplier or person who competes with the SBS Group. 

	8.3
	Non-Competition

Convers
covenants that during the Term and for a period of 12 (twelve) months thereafter (the "Restricted Period"), it will not, and it will not permit
any of its partners, employees or the Executive
(the "Restricted Persons") (other than through repudiatory breach by the Company), without the prior approval of the Board, either alone or jointly with
or on behalf of any person, firm, company or entity and whether on the account of any of the Restricted Persons or in any other capacity whatsoever, either directly or indirectly, to: 

	(a)
	Engage,
assist or be interested in any undertaking which provides services similar to those of the SBS Group in the 12 (twelve) months prior to termination in the Netherlands,
Belgium, Denmark, Sweden, Norway, Romania, Hungary or in any other country within Europe in which the SBS Group has established operations which are required to be consolidated for the purposes of US
GAAP, immediately prior to the date of termination;

	(b)
	Offer
to employ or engage or solicit the employment or engagement of any person who, immediately prior to the date of termination, was an employee of any company in the SBS Group
occupying a senior or managerial position likely in the opinion of the Company to be:

	(i)
	In
possession of confidential information relating to; or

	(ii)
	Able
to influence the customer relationships or connections of, 

any
member of the SBS Group; or 

	(c)
	Solicit
or accept the custom of any person in respect of goods or services competitive with those supplied by any member of the SBS Group during the period of 6 (six) months
immediately prior to the date of termination, such person having been a customer of a member of the SBS Group in respect of such goods or services during such period.

	8.4
	Each
of the obligations contained in Article 8.3 constitutes an entirely separate and independent restriction on each Restricted Person and, if any part is found to be
unenforceable, the remainder will remain valid and enforceable.

	8.5
	While
the restrictions are considered by the parties to be fair and reasonable in the circumstances, it is agreed that if any such restrictions should be judged to be void or
ineffective for any reason, but would be treated as valid and effective if part of the wording thereof were deleted, the said 

8

 

restrictions
shall apply with such modifications as will be necessary to make them valid and effective. 

	8.6
	If
any undertaking contained in this Article 8 shall be held to be void but would be valid if deleted in part or reduced in application, such undertaking shall apply with such
deletion or modification as may be necessary to make it valid and enforceable. Without prejudice to the generality of the foregoing, such period (as the same may previously have been reduced by virtue
of this Article 8.6) shall take effect as if reduced by six months until the resulting period shall be valid and enforceable.

	8.7
	The
Company agrees that if it elects to enforce the provisions of this Article 8, it will pay Convers the Base Management Fee in accordance with Article 4.1 during the
Restricted Period. Convers agrees that such payment will be included as part of and not in addition to any other payments of fees which the Company is required to pay Convers under this Agreement
after termination of this Management Services Agreement. 

Article 9: Non-Disclosure  

The
Company and Convers agree that neither of them will disclose, and neither of them will permit any of their partners or employees, as the case may be, to disclose any of the terms or conditions of
this Agreement to any person without the prior consent of the other, except to the extent that disclosure of this Agreement or its contents is required to be made in accordance with any applicable
law, regulation or the listing rules of any stock exchange. 

Article 10: Miscellaneous  

	10.1
	Relationship Between the Parties

Neither
Convers nor any of its partners or employees shall have any power or authority to assume or create any obligation for or on behalf of the SBS Group to enter into any agreement or to make any
representation with respect to the SBS Group or any of its products or services, except that the Executive shall have only such powers as are granted to him by the terms of this Agreement, the Board
and/or the Chairman. 

	10.2
	Governing Law

This
Agreement shall be governed by and construed under the laws of Luxembourg. 

	10.3
	Notices and Communications

Any
notice or other communication required or which may be given hereunder shall be in writing and shall be delivered personally, sent by facsimile transmission or sent by mail, postage prepaid, and
shall be deemed to have been given when either delivered personally, sent by facsimile transmission or, if mailed, (3) three business days after the date of deposit thereof in the mail,
addressed as follows: 

	(i)
	If
to the Company: 

Erik
Moe

General Counsel

Rietlandpark 353

1019 LM

Amsterdam

The Netherlands

Facsimile: +31 (20) 519 1999

 

9

 

with
a copy to:

PO Box 202

Sommerville House, Phillips Street

St. Helier, Jersey JE4 8SP

Channel Islands, British Isles

Attention: Mr Harry Evans Sloan

Chairman

	(ii)
	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

Holunderweg 10

Herrliberg CH-8704

Switzerland

Facsimile no: 0041 1 991 55 79 

Either
party may, by written notice to the other party in accordance with this Article, designate another address or person to whom any notice or communication is to be given hereunder. 

	10.4
	Entire Agreement: Modification

This
Agreement supersedes all prior agreements between the Company, SBS, Convers and Mr Markus Tellenbach with respect to the subject matter of this Agreement. This Agreement may not be amended or
modified except by a written agreement signed by the Company and Convers. 

	10.5
	Assignment: Successors

Subject
to the provisions of this Article 10.5, this Agreement shall be binding upon and enure to the benefit of each of the parties hereto and their respective successors, permitted assigns
and legal representatives. Neither this Agreement nor any rights arising hereunder are assignable by Convers without the prior written consent of the Company. The Company shall have the right to
assign all or any part of its rights arising under this Agreement to any wholly owned affiliate of SBS upon written notice to Convers. 

Notwithstanding
the foregoing, the parties agree that this Agreement will be assigned from Convers to the Executive if: 

	(i)
	Any
legislative change or any ruling, order, or direction is made or contemplated by any taxation, judicial or other regulatory or governmental authority having jurisdiction over
either party which will have the effect that there is or is likely to be a significant reduction in the financial benefits available to either party by virtue of the current contractual arrangements
between them (each an "Adverse Effect"); or

	(ii)
	The
Company or SBS itself moves its corporate establishment and as a result of that change an Adverse Effect will or is likely to result from such corporate move. 

10

 

        IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement as of the 9th day of August, 2002. 

	SCANDINAVIAN BROADCASTING SYSTEM (JERSEY) LIMITED	 	CONVERS MEDIA EUROPE

LIMITED PARTNERSHIP

	

 	
 	

 	
 	

 	
 	

 
	By:	 	/s/  HARRY EVANS SLOAN      
    Harry Evans Sloan	 	By:	 	/s/  MARKUS TELLENBACH      
    Markus Tellenbach

    General Partner
	
SBS BROADCASTING SA	
 	

 	
 	

 
	

 	
 	

 	
 	

 	
 	

 
	By:	 	/s/  HARRY EVANS SLOAN      
    Harry Evans Sloan	 	 	 	 

11

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Exhibit 4.42

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Exhibit 4.43    
    

        [CONFORMED
COPY] 

Service Agreement  

Scandinavian Broadcasting System (Jersey) Limited  

and  

Harry Evans Sloan  

1 September 2002 

 
 

CONTENTS    
    

	CLAUSE
 
	 	 
	 	PAGE

	1.	 	DEFINITIONS	 	1
	2.	 	TERM AND APPOINTMENT	 	2
	3.	 	POWERS, DUTIES AND WORKING HOURS	 	2
	4.	 	HOLIDAY ENTITLEMENT	 	3
	5.	 	DISCLOSURE OF INTERESTS	 	3
	6.	 	REMUNERATION	 	4
	7.	 	STOCK OPTIONS	 	6
	8.	 	EXPENSES	 	6
	9.	 	CONFIDENTIAL INFORMATION	 	7
	10.	 	INVENTIONS AND CREATIVE WORKS	 	7
	11.	 	RESTRICTIONS AFTER TERMINATION	 	7
	12.	 	TERMINATION BY EVENTS OF DEFAULT	 	8
	13.	 	OBLIGATIONS UPON TERMINATION	 	9
	14.	 	ADVERSE CHANGE	 	9
	15.	 	NOTICES	 	10
	16.	 	PROPER LAW	 	10
	17.	 	CONSTRUCTION	 	11
	18.	 	GENERAL	 	11
	19.	 	OTHER AGREEMENTS	 	11

   THIS AGREEMENT is made as of 1 September 2002 

BETWEEN:  

	(1)
	SCANDINAVIAN BROADCASTING SYSTEM (JERSEY) LIMITED c/o P O Box 202, Sommerville House, Phillips St, St Helier, Jersey, JE4 8SP, Channel
Islands, British Isles (the "Company"); and

	(2)
	HARRY EVANS SLOAN of 10802 Ambazac Way, Bel Air, Los Angeles, CA, 90077, USA (the  "Executive").

RECITALS  

	(A)
	The
intent of this Agreement is to continue the Executive's leadership role as Chairman of the Board whose duties are to oversee and manage all matters related to the Board, its
Committees, its organisation, its operation and its responsibilities, while at the same time to expand the Executive's role whereby the Executive will oversee the SBS Chief Executive Officer
(currently Markus Tellenbach) and have primary responsibility for all SBS Group strategic initiatives and financial structure.

	(B)
	Following
the resignation of Mr Michael Finkelstein as Chief Executive Officer, the Company and the Executive have concluded the terms of this Agreement, as set forth below, whereby
the Executive intends to serve as Executive Chairman of the SBS Group. 

THE PARTIES AGREE AS FOLLOWS:  

1.     DEFINITIONS

        In
this Agreement unless the context otherwise requires: 

        "Appointment" has the meaning set out in clause 2.1; 

        "Board" means the Board of Directors from time to time of SBS; 

        "Commencement Date" means 1 September 2002; 

        "Committee(s)" means any standing or ex officio committee meeting of the Board set up from time to time; 

        "Compensation Committee" means that Committee comprising non-executive members of the Board responsible for approving the
compensation arrangements for senior executives of the SBS Group; 

        "Industrial Property" includes inventions, designs, processes, formulae, notations, improvements, know-how, reputation,
moulds, get-ups, logos, devices, plans, models and literary, dramatic, musical and artistic works as defined by the Copyright Designs and Patents Act 1968 (UK); 

        "Industrial Property Rights" includes patents, designs, trademarks, trade names, copyrights, and all other forms of industrial or
intellectual property (in each case in any part of the world and whether or not registered or registrable and to the fullest extent thereof and for the full period thereof and all extensions and
renewals thereof) and all applications for registration thereof, and all rights and interest thereto and therein; 

        "Plan" means either SBS's 1994 Share Incentive Plan or 1992 Share Incentive Plan; 

        "SBS" means SBS Broadcasting SA; 

        "SBS Group" means SBS and each Subsidiary of SBS; 

        "Subsidiary" has the meaning ascribed thereto in section 736 of the Companies Act 1985 (UK); 

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        "Term" means the period referred to in clause 2 hereof; 

        "US$" means United States dollars, the lawful currency of the United States of America. 

2.     TERM AND APPOINTMENT

	2.1
	The
Company shall employ the Executive and the Executive shall serve the SBS Group as Executive Chairman of the SBS Group (the  "Appointment"). The Appointment shall be deemed to have begun on the
Commencement Date and shall continue (subject to earlier termination as provided
for herein) for a fixed Term of 2 years and thereafter on such terms and conditions as may be agreed.

	2.2
	The
Executive warrants that by entering into this Agreement he will not be in breach of any agreements with or obligations owed to any third parties. 

3.     POWERS, DUTIES AND WORKING HOURS

	3.1
	During
the continuance of the Executive's employment hereunder, the Executive agrees to:

	(a)
	be
responsible for the organisation and operation of the Board including attending and chairing meetings of the Board and if required, serving as a director on the board of directors
of any Subsidiary of the Company;

	(b)
	be
responsible for the oversight of the operations of the SBS Group;

	(c)
	be
responsible for strategic planning for the SBS Group and once such strategy has been approved by the Board, to liase with the Chief Executive Officer of SBS to ensure such
strategic initiatives are implemented;

	(d)
	be
responsible for financial issues relating to the SBS Group such as significant bank financing or capital market transactions;

	(e)
	unless
prevented by ill health or accident, devote sufficient of his working hours and attention to the carrying out of his duties hereunder;

	(f)
	carry
out his duties in a proper and efficient manner and use his best endeavours to promote and maintain the interests of the SBS Group;

	(g)
	perform
such other duties in relation to the business of the SBS Group as required by the Board from time to time; and

	(h)
	comply
with all other reasonable directions given to him by the Board from time to time.

	3.2
	The
Executive shall report to the Board and shall keep the Board informed of the conduct of the affairs of the SBS Group for which he is responsible and shall provide such information
and explanations as may be requested from time to time.

	3.3
	The
Chief Executive Officer of the SBS Group will report to the Executive.

	3.4
	The
Executive shall carry out his duties in Los Angeles, USA, Luxembourg or such other location as may be appropriate. The Company will provide the Executive with reasonable office
accommodation, including secretarial assistance in both the United States of America and Europe, as it deems necessary during the period of the Appointment. The Executive will not be required to
perform any services in the United Kingdom.

	3.5
	The
Executive may be required in pursuance of his duties:

	(a)
	to
work at such places as the Board may from time to time reasonably require; and

	(b)
	to
travel to such places as the Board may from time to time reasonably require, 

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it
being acknowledged that the Executive shall not be required to live outside of London or Los Angeles for an extended period of time without the Executive's approval. 

	3.6
	If
this Agreement is not renewed or extended, the Executive may be engaged to provide consultancy services to the SBS Group on terms to be agreed provided, however, that neither the
Company nor any other member of the SBS Group shall be under any obligation to retain the Executive as a consultant pursuant to this Section 3.6. 

4.     HOLIDAY ENTITLEMENT

        During
the Appointment the Executive shall be entitled to 5 (five) weeks' paid holiday each year during the Term. 

5.     DISCLOSURE OF INTERESTS

	5.1
	Without
the prior approval of the Board, the Executive shall not during the Appointment whether directly or indirectly, paid or unpaid be engaged or concerned in the conduct of any
other actual or prospective business or profession or be or become an employee, agent, partner, consultant or director of any other company or firm or assist or have any financial interest in any
other such business or profession other than his existing directorships as previously disclosed to SBS.

	5.2
	The
Executive shall be permitted to hold shares or securities in a company, any of whose shares or securities are quoted or dealt in on any recognized investment exchange, provided
such holding does not exceed 5% (five per cent.) of the issued share capital of the company concerned and is held by way of bona fide investment only. 

6.     REMUNERATION

	6.1
	During
the Appointment, the Executive's base salary will be US$400,000.00 (four hundred thousand United States dollars) each year during the Term (the  "Salary"). The Salary shall be payable in equal
instalments to the Executive, monthly in arrears.

	6.2
	During
the Appointment, the Company may award the Executive an annual incentive bonus (the "Bonus"). The Bonus will comprise two
elements. The first element of the Bonus will be purely discretionary and the amount of such Bonus shall be determined by the Compensation Committee in its sole discretion. This element of the Bonus
will be calculated based upon the Compensation Committee's assessment of the Executive's performance and its assessment of whether the Company has attained its material strategic and financial
objectives (the "Strategic Bonus Payment"). The remaining element of the Bonus will be calculated in accordance with clause 6.3 below. The
parties agree that the parameters against which the Strategic Bonus Payment will be paid (in whole or part) and the percentage of the overall Bonus which shall be constituted by the Strategic Bonus
Payment will be set annually by the Compensation Committee in consultation with the Executive. The Bonus will be payable on a pro rata basis for each calendar year or partial calendar year of the
Appointment.

	6.3
	The
second element of the Bonus will be calculated based purely on the financial performance of the SBS Group. In determining this element of the Bonus, the amount of EBITDA budgeted
for each calendar year (each a "Financial Period") in the relevant annual budget approved by the Board for the SBS Group for that Financial Period (the  "Budgeted
EBITDA") (as adjusted from time to time in accordance with clause 6.4) will be compared against the amount of EBITDA recorded in the
audited consolidated accounts of SBS (the "Actual EBITDA") which are approved 

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by
the Board for that Financial Period. The Company agrees that this element of the Bonus is payable in the amounts set out below: 

	(a)
	If
Actual EBITDA is equal to Budgeted EBITDA for any Financial Period, the amount of the Bonus payable pursuant to clause 6.3 shall be equal to US$300,000 (the  "Minimum Bonus Payment"). For each 1% by
which the Actual EBITDA exceeds Budgeted EBITDA in any Financial Period, the amount of the Minimum Bonus
Payment shall be increased by US$15,000 up to the total maximum bonus payment of US$750,000 (i.e. where Actual EBITDA is 30% above Budgeted EBITDA for the relevant Financial Period) and which sum
includes, for the avoidance of doubt, the Minimum Bonus Payment.

	(b)
	If
Actual EBITDA for any Financial Period is no less than 95% of Budgeted EBITDA for that period (the "Threshold"), the Minimum Bonus
Payment will be paid in full.

	(c)
	Where
Actual EBITDA is below the Threshold for any Financial Period, for each further 1% by which Actual EBITDA is less than the Budgeted EBITDA during that Financial Period, the
Minimum Bonus Payment shall be reduced by (US$20,000) provided that if for any Financial Period, Actual EBITDA is less than 80% of Budgeted EBITDA no bonus payment under this clause 6.3 will be
payable at all. For the purposes of calculating the amount by which the Minimum Bonus Payment should be increased or decreased in accordance with the provisions of this sub-clause, the
percentage by which Actual EBITDA exceeds or is less than Budgeted EBITDA shall be rounded up or down to the nearest whole number (for example, 84.50% is rounded up to 85% and 84.49% is rounded down
to 84%).

	(d)
	The
Executive must notify the Company how he elects to receive any Bonus within 10 (ten) business days of the date that audited consolidated accounts of SBS for any Financial Period
(the "Accounts") are finalised in accordance with Article 6.3(e) below (the "Approval Date"). The
strike price for any common shares of SBS which the Executive elects to receive will be the average of the closing price quoted for a Common Share of SBS on NASDAQ (reported in the Wall Street
Journal, US Edition) over the 10 business days commencing on the Approval Date.

	(e)
	The
Company agrees that the payment of any Bonus awarded to the Executive will be made within 30 (thirty) days of the date that the auditors confirm in writing to the Chief Financial
Officer of SBS that their audit of the Accounts for the relevant Financial Period is finalised.

	(f)
	For
the purposes of this Agreement "EBITDA" means the earnings of SBS on a consolidated basis, before interest expense, tax and
depreciation and amortisation expenses are deducted, all as accounted for under US Generally Accepted Accounting Principles ("US GAAP").

	6.4
	If
during any Financial Period, SBS sells any of its subsidiary operations or businesses, which are required to be consolidated for the purposes of US GAAP, (each a  "Subsidiary Operation"), Budgeted EBITDA
shall be reduced by the amount of EBITDA budgeted to be contributed by the relevant Subsidiary Operation to the
SBS Group during the Financial Period ("Subsidiary EBITDA"). Such an adjustment to Budgeted EBITDA to take into account the loss of the Subsidiary
EBITDA ("Adjusted EBITDA") will be pro-rated taking into account the amount of any Financial Period which is outstanding as at the date the
Subsidiary Operation ceases to be required to be consolidated as part of the SBS Group for the purposes of US GAAP. 

        Upon
Adjusted Budgeted EBITDA being determined, the Bonus payable to the Executive pursuant to clause 6.3 will be determined by comparing Actual EBITDA against Adjusted EBITDA. 

	6.5
	If
SBS acquires any operation or business during any Financial Period which would constitute a Subsidiary Operation, the parties agree that there will be no adjustment made to
Budgeted EBITDA for the purposes of clause 6.4. 

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	6.6
	Any
payment of a Bonus which the Executive is awarded by the Compensation Committee or becomes entitled to in accordance with clause 6.3 shall be pro-rated
accordingly for any period during the Appointment which is less than a full Financial Period.

	6.7
	The
Bonus, if any, awarded to the Executive shall be paid by SBS to the Executive in cash, common shares of the Company or any combination thereof at the Executive's election, within
30 (thirty) days of such award being made.

	6.8
	The
Executive and his spouse shall be entitled to be members of any pension or health insurance scheme established by the Company or any other member of the SBS Group for its
employees provided, however, that the level of health insurance coverage shall not be less than that currently carried by the Executive (for himself and his spouse).

	6.9
	The
Executive agrees that any taxes, insurance or other duties which may be properly payable by the Executive in any country in which the Executive may be domiciled for employment
purposes at any time during the Term in respect of any Bonus or Salary shall be deducted by the Company before payment of any Bonus or the Salary is made to the Executive. The Company shall be
responsible for the employer's share of all social or similar taxes or duties which may be payable. 

7.     STOCK OPTIONS

	7.1
	The
Company hereby agrees to procure that SBS shall grant the Executive a 10 (ten) year option to purchase in the aggregate 666,674 registered common shares in SBS (the  "Option Shares") pursuant to and in
accordance with the terms of the Plan.

	7.2
	On
and subject to the terms of the Plan and the option agreement (the "Option Agreement") to be entered into between SBS and the
Executive, the Option Shares shall vest as follows: 

	 
	 	Exercise Price: US$17.71
 

	Date of vesting
 
	 	No. of Option Shares Vesting

	March 1 2003	 	166,668
	September 1 2003	 	166,668
	March 1 2004	 	166,668
	August 31 2004	 	166,670

	7.3
	The
Company undertakes to procure that SBS shall take all necessary corporate action in order to ensure the Option Shares vest in the Executive in accordance with the terms of this
clause 7.

	7.4
	If
the Executive's employment is terminated pursuant to clause 12.2 all Options which have not vested shall lapse.

	7.5
	If
the Executive's employment is terminated pursuant to clause 12.1 or 14 respectively, then the Executive shall have the full ten year period in which to exercise all of the
Option Shares that have been vested. 

8.     EXPENSES

	8.1
	The
Executive shall be entitled to be repaid all reasonable travel (business class air fare), hotel and other expenses incurred in or about the performance of his duties hereunder,
which expenses shall be evidenced in such manner as the Board may reasonably specify from time to time.

	8.2
	The
Executive shall be entitled to be repaid all reasonable travel (business class air fare) expenses incurred by or in respect of the Executive's spouse provided that such expenses
are incurred whilst the Executive's spouse accompanies the Executive and the Executive is engaged in the performance of his duties (as provided hereunder). 

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9.     CONFIDENTIAL INFORMATION

	9.1
	The
Executive shall not use, disclose, divulge or communicate to any person, other than with the proper authority of the Board, or as required to be disclosed by any court or
governmental, administrative or regulatory authority competent to require such disclosure; any of the trade secrets or other confidential information of or relating to the SBS Group (including but not
limited to details of actual or potential customers, suppliers' product details, programming or advertising arrangements, prices, discounting arrangements, trade arrangements, terms of business,
operating systems, financial information, developments and research and development activities) which he may create, develop, receive or obtain whilst employed by the Company.

	9.2
	The
Executive shall not during the Appointment, otherwise than for the benefit of the SBS Group, make any records (whether recorded on paper, computer memory or discs or otherwise)
relating to the SBS Group, its dealings or affairs, nor (either during the Appointment or thereafter) use or permit to be used any such records other than for the benefit of the SBS Group, it being
agreed by the parties that all such records (and copies thereof) in the possession or control of the Executive shall be the property of the Company and shall be returned by the Executive to the
Company on demand and, in any event, upon the termination of the Appointment.

	9.3
	It
is agreed that clauses 9.1 and 9.2 shall survive expiry or termination of this Agreement. 

10.   INVENTIONS AND CREATIVE WORKS

        The
Executive agrees that all relevant Industrial Property and Industrial Property Rights therein created by the Executive during the course of his employment with the Company shall, to
the fullest extent permitted by law, belong to, vest in and be the absolute, sole and unencumbered property of the Company. The Executive undertakes absolutely and unconditionally to execute all
documents and do all other things necessary to give effect to this provision. 

11.   RESTRICTIONS AFTER TERMINATION

	11.1
	At
the election of the Company, the Executive shall not at any time within 6 months after the termination of the Appointment howsoever arising (other than through repudiatory
breach by the Company), without the prior approval of the Board, either alone or jointly with or on behalf of any person, firm, company or entity and whether on his own account or in any other
capacity whatsoever:

	(a)
	engage,
assist or be interested in any undertaking which provides services or products similar to those of the SBS Group in the 12 (twelve) months prior to termination in any area,
place or region in which the SBS Group is operating prior to the date of termination;

	(b)
	offer
to employ or engage or solicit the employment or engagement of any person who, immediately prior to the date of termination, was an employee of any company in the SBS Group and
whether or not such person would commit any breach of their contract of employment or engagement by reason of leaving the service of such company; or

	(c)
	solicit,
interfere with or endeavour to entice away from any company in the SBS Group, any person, firm, company or entity who was a supplier of services or products to the SBS Group
in the 12 (twelve) months prior to termination and with whom the Executive was concerned or had personal contact in the said period of 12 (twelve) months.

	11.2
	Each
of the obligations contained in clause 11.1 constitutes an entirely separate and independent restriction on the Executive, and, if any part is found to be unenforceable,
the remainder will remain valid and enforceable. 

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	11.3
	While
the restrictions are considered by the parties to be fair and reasonable in the circumstances, it is agreed that if any such restrictions should be judged to be void or
ineffective for any reason, but would be treated as valid and effective if part of the wording thereof were deleted, the said restrictions shall apply with such modifications as will be necessary to
make them valid and effective.

	11.4
	For
the avoidance of doubt, the provisions of this clause 11 shall take effect subject to clause 5.1 above. 

12.   TERMINATION BY EVENTS OF DEFAULT

	12.1
	The
Appointment may be terminated without cause if, in the reasonable judgement of a majority of the Board, such termination would be in the best interests of the SBS Group. In the
event the Appointment is so terminated, the Executive shall be entitled to receive all amounts provided for under clause 6 for the remaining term of this Agreement and shall be entitled to
immediate vesting of all the Option Shares. The period in which the Executive may exercise the Option Shares shall be determined in accordance with clause 7.5 above. In terms of the Bonus
payable to the Executive under clause 6.3, the parties agree that the Executive shall be entitled to receive the amount of the Bonus last paid to the Executive by SBS under this Agreement (or
any other service agreement) for each remaining year of the Appointment and each such payment will be pro rated on a time basis where any remaining period of the Appointment is less than twelve
(12) months. (By way of example only if the Executive received a bonus of US$100,000 for 2002, if the Executive's services were terminated in 2003, he would receive an aggregate termination
bonus of US$175,000.)

	12.2
	The
Appointment shall be subject to summary termination at any time on notice in writing by the Company if the Executive shall have committed any material breach of this Agreement or
(after warning in writing) any repeated or continued breach of his obligations hereunder or shall have been convicted of any act of dishonesty or fraud or breach of the rules, regulations or orders of
the Securities and Exchange Commission. Subject to any applicable statutes of limitations, any delay by the Company in exercising such right of termination shall not constitute a waiver thereof. The
Executive shall be given written notice of any breach and 5 (five) business days to cure such breach, it being recognised that certain types of breach are incapable of cure.

	12.3
	If
the Appointment is terminated pursuant to clause 12.2, the Executive shall have no claim for compensation or otherwise (other than for compensation which shall have accrued
as at the date of termination or to any Option Shares which have already vested in accordance with this Agreement or any prior agreement or arrangement between the Company and the Executive). The
period in which the Executive may exercise the Option Shares which have vested as at the date of termination, shall be the period referred to in clause 7.5 above. 

13.   OBLIGATIONS UPON TERMINATION

	13.1
	Upon
the termination of the Appointment howsoever arising the Executive shall:

	(a)
	at
any time or from time to time thereafter upon the request of the Company, resign without claim for post termination compensation other than as specifically contemplated by this
Agreement from all offices held in the Company or the SBS Group and from membership of any organisation acquired by reason of or in connection with the Appointment and should he fail to do so each
member of the Board is hereby irrevocably jointly and severally appointed by the Executive to be the Executive's attorney in his name and on his behalf to execute any documents and to do any things
necessary or requisite to give effect to this sub-clause; and 

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	(b)
	deliver
to the Company or to such other person as it may direct, all documents (including, but not limited to, correspondence, lists of clients or customers, keys, credit cards,
notes, memoranda, plans, drawings and other documents or property of whatsoever nature and all copies thereof) made or compiled or acquired by the Executive during the Appointment and concerning the
business, finances or affairs of the Company or any other member of the SBS Group.

	13.2
	After
the termination of the Executive's employment hereunder, unless he continues to be employed in some other capacity by the SBS Group, he shall not at any time thereafter
represent himself as being in any way connected with or interested in the business of or employed by any member of the SBS Group or use for trade or other purposes the name of SBS or any name capable
of confusion therewith.

	13.3
	The
termination of the Executive's employment hereunder for whatever reason shall not affect those terms of this Agreement which are expressed to have effect thereafter and shall be
without prejudice to any accrued rights or remedies of the parties. 

14.   ADVERSE CHANGE

	14.1
	If
during the Term, the Executive considers that there has been a material adverse change in his working environment caused by a Change of Control, a material breach of this
Agreement by the Company or other similar circumstance (the "Change"), the Executive shall have the right by notice in writing to the Company to
terminate this Agreement, whereupon:

	(a)
	the
Company shall forthwith pay to the Executive as a lump sum all amounts which would otherwise have been paid to him under clause 6 of this Agreement until the expiry of the
Term and any other payment or reimbursement which may have accrued to the Executive under the Agreement but remain unpaid as at the date of termination; and

	(b)
	all
Option Shares shall automatically vest in the Executive at the date of termination. The period in which the Executive may exercise the Option Shares shall be determined in
accordance with clause 7.5 above. 

For
the avoidance of doubt, any Bonus payable to the Executive under this clause 14 shall be calculated in accordance with the principles outlined in clause 12.1. 

	14.2
	Before
issuing any notice under clause 14.1 the Executive agrees, if requested, to discuss the circumstances giving rise to the Change and his future role and position in the
SBS Group with the Board.

	14.3
	For
the purposes of this clause:

	(a)
	"Change of Control" means the acquisition whether directly or indirectly of common shares of SBS by any person or persons connected
with each other or persons acting in concert with each other, as a result of which such person or persons would obtain control over that number of common shares in SBS which in aggregate confers 50%
or more of the voting rights normally exercisable at General Meetings of SBS or any merger, consolidation, reorganisation or similar transaction of like effect or any change in the composition of the
Board whereby any such person or persons shall have the ability to control the decisions of the Board or any similar circumstances;

	(b)
	"connected" in the context of determining whether one person is connected with another, shall be determined in accordance with the
provisions of Section 839 of the Income and Corporation Taxes Act 1988 (UK); and 

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	(c)
	"acting in concert" shall have the meaning set out in the City Code on Takeovers and Mergers (UK). 

15.   NOTICES

        Any
notice to be given hereunder shall be in writing. Notices may be given by either party by personal delivery or post or by fax addressed to the other party at (in the case of the
Company) its registered
office for the time being and (in the case of the Executive) his last known address first above written and any such notice given by letter or fax shall be deemed to have been served at the time at
which the letter was delivered personally or transmitted or if sent by post would be delivered in the ordinary course of post. 

16.   PROPER LAW

	16.1
	Any
dispute, controversy, proceedings or claim of whatsoever nature arising out of or relating to a breach of this Agreement shall be governed and construed in all respects in
accordance with the laws of the State of California.

	16.2
	The
Parties agree to submit to the non-exclusive jurisdiction of the courts in the State of California for the purpose of hearing and determining any suit, action or
proceeding and/or to settle any disputes arising out of or in connection with this Agreement. 

17.   CONSTRUCTION

	17.1
	The
headings in this Agreement are inserted for convenience only and shall not affect its construction.

	17.2
	Any
reference to a statutory provision shall be construed as a reference to any statutory modification or re-enactment thereof (whether before or after the date hereof)
for the time being in force. 

18.   GENERAL

        No
failure or delay by the Company in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or partial exercise by the
Company of any right, power or privilege preclude any further exercise thereof or the exercise of any right, power or privilege. 

19.   OTHER AGREEMENTS

        This
Agreement shall supersede and replace all previous agreements between the Company or any other member of the SBS Group and the Executive, if any, in relation to his employment. 

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        IN WITNESS whereof this Agreement has been executed as at the date first written above. 

	Signed by:	/s/ Harry Evans Sloan	 	)
	 	HARRY EVANS SLOAN	 	)
	 	 	 	)
	 	 	 	)
	

Signed by:	

/s/ Anthony William Ghee	
 	

)
	 	ANTHONY WILLIAM GHEE	 	)
	 	for and on behalf of	 	)
	 	SCANDINAVIAN BROADCASTING	 	)
	 	SYSTEM (JERSEY) LIMITED	 	)

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QuickLinks

Exhibit 4.43

CONTENTS

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