Document:

EXHIBIT 4.4

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE  HEREOF,  AGREES
THAT IT WILL NOT SELL,  TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED  HOLDER OF THIS PURCHASE  OPTION AGREES THAT IT WILL
NOT SELL,  TRANSFER,  ASSIGN,  PLEDGE OR HYPOTHECATE  THIS PURCHASE OPTION FOR A
PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED  BELOW) TO ANYONE OTHER
THAN (I) THE SHEMANO GROUP,  INC.  ("THE SHEMANO  GROUP") OR AN UNDERWRITER OR A
SELECTED DEALER IN CONNECTION WITH THE OFFERING,  OR (II) A BONA FIDE OFFICER OR
PARTNER OF THE SHEMANO GROUP OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

THIS  PURCHASE  OPTION  IS NOT  EXERCISABLE  PRIOR  TO  THE  LATER  OF  (I)  THE
CONSUMMATION BY SANTA MONICA MEDIA CORPORATION  ("COMPANY") OF A MERGER, CAPITAL
STOCK  EXCHANGE,   ASSET  ACQUISITION  OR  OTHER  SIMILAR  BUSINESS  COMBINATION
("BUSINESS  COMBINATION") (AS DESCRIBED MORE FULLY IN THE COMPANY'S REGISTRATION
STATEMENT (DEFINED HEREIN)) AND (II) ______________,  2006. VOID AFTER 5:00 P.M.
PACIFIC TIME, _____________, 2010.

                              UNIT PURCHASE OPTION

                               FOR THE PURCHASE OF

                                15,600,000 UNITS

                                       OF

                         SANTA MONICA MEDIA CORPORATION

      1. PURCHASE OPTION.

      THIS CERTIFIES THAT, in  consideration of $_____ duly paid by or on behalf
of ____________________ ("Holder"), as registered owner of this Purchase Option,
to Santa Monica Media Corporation  ("Company"),  Holder is entitled, at any time
or from  time to time  upon the  later  of (i) the  consummation  of a  Business
Combination AND (ii) ___________,  2006 ("Commencement  Date"), and at or before
5:00 p.m.,  Pacific  Time,  _____________,  2010  ("Expiration  Date"),  but not
thereafter,  to subscribe for, purchase and receive,  in whole or in part, up to
Fifteen  Million  Six  Hundred  Thousand  (15,600,000)  units  ("Units")  of the
Company,  each Unit consisting of one share of common stock of the Company,  par
value $.001 per share ("Common  Stock"),  and one warrant  ("Warrant")  expiring
four  years  from the  effective  date  ("Effective  Date") of the  registration
statement  ("Registration  Statement")  pursuant  to which Units are offered for
sale to the  public  ("Offering").  Each  Warrant  is the  same as the  warrants
included  in the Units  being  registered  for sale to the  public by way of the
Registration  Statement  ("Public  Warrants")  except that the Warrants  have an
exercise  price of $9.60 per  share.  If the  Expiration  Date is a day on which
banking  institutions are authorized by law to close,  then this Purchase Option
may  be  exercised  on the  next  succeeding  day,  which  is not  such a day in
accordance  with the terms herein.  During the period  ending on the  Expiration
Date,  the  Company  agrees not to take any  action  that  would  terminate  the
Purchase Option. This Purchase Option is initially exercisable at $9.60 per Unit
so purchased;  provided,  however, that upon the occurrence of any of the events
specified  in Section 6 hereof,  the rights  granted  by this  Purchase  Option,
including  the  exercise  price per Unit and the number of Units (and  shares of
Common Stock and Warrants) to be received upon such exercise,  shall be adjusted
as therein specified.  The term "Exercise Price" shall mean the initial exercise
price or the adjusted exercise price, depending on the context.

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      2. EXERCISE.

            2.1 EXERCISE  FORM. In order to exercise this Purchase  Option,  the
exercise form attached  hereto must be duly executed and completed and delivered
to the Company,  together with this Purchase  Option and payment of the Exercise
Price for the Units being  purchased  payable in cash or by  certified  check or
official bank check. If the subscription  rights represented hereby shall not be
exercised at or before 5:00 p.m.,  Pacific  Time,  on the  Expiration  Date this
Purchase  Option shall become and be void without  further force or effect,  and
all rights represented hereby shall cease and expire.

            2.2 LEGEND. Each certificate for the securities purchased under this
Purchase  Option shall bear a legend as follows unless such securities have been
registered under the Securities Act of 1933, as amended ("Act"):

            "The  securities  represented  by this  certificate  have  not  been
            registered  under the Securities Act of 1933, as amended  ("Act") or
            applicable  state law. The  securities  may not be offered for sale,
            sold  or  otherwise  transferred  except  pursuant  to an  effective
            registration  statement  under the Act, or pursuant to an  exemption
            from registration under the Act and applicable state law."

            2.3 INTENTIONALLY OMITTED.

      3. TRANSFER.

            3.1 GENERAL  RESTRICTIONS.  The  registered  Holder of this Purchase
Option,  by its  acceptance  hereof,  agrees  that it will not  sell,  transfer,
assign,  pledge or  hypothecate  this  Purchase  Option for a period of one year
following  the  Effective  Date to anyone other than (i) The Shemano Group or an
underwriter or a selected dealer in connection with the Offering, or (ii) a bona
fide  officer or  partner of The  Shemano  Group or of any such  underwriter  or
selected  dealer.  On and after the second  anniversary  of the Effective  Date,
transfers to others may be made subject to compliance  with or  exemptions  from
applicable  securities  laws.  In order to make any  permitted  assignment,  the
Holder must  deliver to the Company the  assignment  form  attached  hereto duly
executed and  completed,  together  with the Purchase  Option and payment of all
transfer  taxes,  if any,  payable in  connection  therewith.  The Company shall
within five business  days  transfer  this  Purchase  Option on the books of the
Company and shall execute and deliver a new Purchase Option or Purchase  Options
of like tenor to the appropriate  assignee(s)  expressly evidencing the right to
purchase the aggregate number of Units purchasable  hereunder or such portion of
such number as shall be contemplated by any such assignment.

            3.2  RESTRICTIONS  IMPOSED BY THE ACT. The  securities  evidenced by
this Purchase  Option shall not be transferred  unless and until (i) the Company
has  received the opinion of counsel for the Holder that the  securities  may be
transferred  pursuant  to an  exemption  from  registration  under  the  Act and
applicable  state  securities  laws, the availability of which is established to
the reasonable satisfaction of the Company (the Company hereby agreeing that the
opinion of Blank Rome shall be deemed satisfactory  evidence of the availability
of an exemption), or (ii) a registration statement or a post-effective amendment
to the Registration  Statement relating to such securities has been filed by the
Company and declared  effective by the  Securities  and Exchange  Commission and
compliance with applicable state securities law has been established.

      4. NEW PURCHASE OPTIONS TO BE ISSUED.

            4.1 PARTIAL  EXERCISE OR TRANSFER.  Subject to the  restrictions  in
Section 3 hereof,  this Purchase Option may be exercised or assigned in whole or
in part.  In the event of the exercise or assignment  hereof in part only,  upon
surrender  of this  Purchase  Option for  cancellation,  together  with the duly
executed  exercise or assignment  form and funds  sufficient to pay any Exercise
Price and/or transfer tax, the Company shall cause to be delivered to the Holder
without  charge a new Purchase  Option of like tenor to this Purchase  Option in
the name of the Holder evidencing the right of the Holder to purchase the number
of Units  purchasable  hereunder as to which this  Purchase  Option has not been
exercised or assigned.

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<PAGE>

            4.2 LOST  CERTIFICATE.  Upon  receipt  by the  Company  of  evidence
satisfactory  to it of the  loss,  theft,  destruction  or  mutilation  of  this
Purchase Option and of reasonably satisfactory indemnification or the posting of
a bond,  the Company  shall  execute and deliver a new  Purchase  Option of like
tenor and date. Any such new Purchase  Option executed and delivered as a result
of such loss,  theft,  mutilation or destruction  shall  constitute a substitute
contractual obligation on the part of the Company.

      5. REGISTRATION RIGHTS.

            5.1 DEMAND REGISTRATION.

                  5.1.1  GRANT  OF  RIGHT.  The  Company,  upon  written  demand
("Initial  Demand  Notice")  of the  Holder(s)  of at least 51% of the  Purchase
Options and/or the underlying Units and/or the underlying  securities ("Majority
Holders"),  agrees  to  register  on one  occasion,  all or any  portion  of the
Purchase Options  requested by the Majority Holders in the Initial Demand Notice
and all of the securities underlying such Purchase Options, including the Units,
Common  Stock,  the  Warrants  and the  Common  Stock  underlying  the  Warrants
(collectively, the "Registrable Securities"). On such occasion, the Company will
file a registration statement or a post-effective  amendment to the Registration
Statement covering the Registrable Securities within sixty days after receipt of
the Initial  Demand  Notice and use its best  efforts to have such  registration
statement or  post-effective  amendment  declared  effective as soon as possible
thereafter.  The demand for registration may be made at any time during a period
of five years beginning on the Effective Date. The Company  covenants and agrees
to give  written  notice of its  receipt  of any  Initial  Demand  Notice by any
Holder(s) to all other  registered  Holders of the Purchase  Options  and/or the
Registrable  Securities within ten days from the date of the receipt of any such
Initial Demand Notice.

                  5.1.2  TERMS.  The  Company  shall bear all fees and  expenses
attendant to registering the Registrable  Securities,  including the expenses of
any legal counsel  selected by the Holders to represent them in connection  with
the sale of the  Registrable  Securities,  but the Holders shall pay any and all
underwriting commissions.  The Company agrees to use its reasonable best efforts
to  qualify  or  register  the  Registrable  Securities  in such  States  as are
reasonably requested by the Majority Holder(s);  provided,  however,  that in no
event shall the Company be required to register the Registrable  Securities in a
State in which such registration  would cause (i) the Company to be obligated to
qualify to do business in such State,  or would  subject the Company to taxation
as a  foreign  corporation  doing  business  in such  jurisdiction  or (ii)  the
principal  stockholders of the Company to be obligated to escrow their shares of
capital stock of the Company. The Company shall cause any registration statement
or  post-effective  amendment  filed pursuant to the demand rights granted under
Section 5.1.1 to remain effective for a period of nine  consecutive  months from
the effective date of such registration statement or post-effective amendment.

            5.2 "PIGGY-BACK" REGISTRATION.

                  5.2.1  GRANT OF RIGHT.  In  addition  to the  demand  right of
registration,  the Holders of the  Purchase  Options  shall have the right for a
period  of  seven  years  commencing  on the  Effective  Date,  to  include  the
Registrable  Securities as part of any other registration of securities filed by
the Company (other than in connection  with a transaction  contemplated  by Rule
145(a)  promulgated under the Act or pursuant to Form S-8);  provided,  however,
that if,  in the  written  opinion  of the  Company's  managing  underwriter  or
underwriters,  if any,  for such  offering,  the  inclusion  of the  Registrable
Securities,  when added to the securities being registered by the Company or the
selling  stockholder(s),  will  exceed  the  maximum  amount  of  the  Company's
securities  which can be  marketed  (i) at a price  reasonably  related to their
thenx current market value, and (ii) without materially and adversely  affecting
the entire  offering,  then the  Company  will still be  required to include the
Registrable  Securities,  but may require the Holders to agree,  in writing,  to
delay the sale of all or any portion of the Registrable  Securities for a period
of 90 days from the effective date of the offering,  provided,  further, that if
the  sale of any  Registrable  Securities  is so  delayed,  then the  number  of
securities to be sold by all stockholders in such public offering during such 90
day period shall be  apportioned  PRO RATA among all such selling  stockholders,
including  all holders of the  Registrable  Securities,  according  to the total
amount  of  securities  of the  Company  owned  by  said  selling  stockholders,
including all holders of the Registrable Securities.

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<PAGE>

                  5.2.2  TERMS.  The  Company  shall bear all fees and  expenses
attendant to registering the Registrable  Securities,  including the expenses of
any legal counsel  selected by the Holders to represent them in connection  with
the sale of the  Registrable  Securities  but the Holders  shall pay any and all
underwriting commissions related to the Registrable Securities.  In the event of
such a proposed  registration,  the Company  shall  furnish the then  Holders of
outstanding  Registrable  Securities  with not less than  fifteen  days  written
notice prior to the proposed date of filing of such registration statement. Such
notice  to  the  Holders  shall  continue  to  be  given  for  each   applicable
registration  statement filed (during the period in which the Purchase Option is
exercisable) by the Company until such time as all of the Registrable Securities
have been registered and sold. The holders of the Registrable  Securities  shall
exercise the  "piggy-back"  rights provided for herein by giving written notice,
within ten days of the receipt of the Company's  notice of its intention to file
a registration  statement.  The Company shall cause any  registration  statement
filed pursuant to the above "piggyback"  rights to remain effective for at least
nine  months from the date that the Holders of the  Registrable  Securities  are
first given the opportunity to sell all of such securities.

            5.3 DAMAGES.  Should the registration or the  effectiveness  thereof
required by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such  provisions,  the Company shall, in addition
to any other equitable or other relief available to the Holder(s), be liable for
any and all  incidental,  special and  consequential  damages  sustained  by the
Holder(s),  including,  but not limited  to, the loss of any profits  that might
have been  received  by the  holder  upon the sale of shares of Common  Stock or
Warrants (and shares of Common Stock  underlying the Warrants)  underlying  this
Purchase Option.

            5.4 GENERAL TERMS.

                  5.4.1   INDEMNIFICATION.   The  Company  shall  indemnify  the
Holder(s) of the Registrable  Securities to be sold pursuant to any registration
statement  hereunder and each person,  if any, who controls such Holders  within
the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange
Act of 1934,  as amended  ("Exchange  Act"),  against all loss,  claim,  damage,
expense  or  liability  (including  all  reasonable  attorneys'  fees and  other
expenses  reasonably  incurred in investigating,  preparing or defending against
litigation, commenced or threatened, or any claim whatsoever whether arising out
of any action between the underwriter and the Company or between the underwriter
and any third party or otherwise) to which any of them may become  subject under
the Act, the Exchange Act or otherwise, arising from such registration statement
but only to the same extent and with the same effect as the provisions  pursuant
to which the Company  has agreed to  indemnify  the  underwriters  contained  in
Section 5 of the Underwriting  Agreement between the Company,  The Shemano Group
and the other underwriters named therein dated the Effective Date. The Holder(s)
of  the  Registrable  Securities  to  be  sold  pursuant  to  such  registration
statement,  and their successors and assigns, shall severally,  and not jointly,
indemnify the Company,  its officers and directors and each person,  if any, who
controls  the  Company  within  the  meaning of Section 15 of the Act or Section
20(a) of the Exchange Act, against all loss, claim, damage, expense or liability
(including all reasonable attorneys' fees and other expenses reasonably incurred
in investigating,  preparing or defending against any claim whatsoever) to which
they may become  subject under the Act, the Exchange Act or  otherwise,  arising
from information  furnished by or on behalf of such Holders, or their successors
or assigns, in writing, for specific inclusion in such registration statement to
the same extent and with the same effect as the provisions  contained in Section
5 of the Underwriting  Agreement  pursuant to which the underwriters have agreed
to indemnify the Company.

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<PAGE>

                  5.4.2 EXERCISE OF PURCHASE OPTIONS.  Nothing contained in this
Purchase  Option shall be construed as requiring the Holder(s) to exercise their
Purchase Options or Warrants  underlying such Purchase Options prior to or after
the initial filing of any registration statement or the effectiveness thereof.

                  5.4.3  DOCUMENTS  DELIVERED  TO  HOLDERS.  The  Company  shall
furnish The Shemano Group, as representative of the Holders participating in any
of the foregoing offerings, a signed counterpart, addressed to the participating
Holders,  of (i) an opinion of counsel to the Company,  dated the effective date
of  such  registration   statement  (and,  if  such  registration   includes  an
underwritten public offering, an opinion dated the date of the closing under any
underwriting  agreement related thereto), and (ii) a "cold comfort" letter dated
the effective date of such  registration  statement  (and, if such  registration
includes an underwritten public offering, a letter dated the date of the closing
under the underwriting  agreement) signed by the independent  public accountants
who have issued a report on the Company's financial  statements included in such
registration  statement,  in each case covering  substantially  the same matters
with  respect  to such  registration  statement  (and  the  prospectus  included
therein) and, in the case of such  accountants'  letter,  with respect to events
subsequent to the date of such financial statements,  as are customarily covered
in  opinions  of  issuer's  counsel and in  accountants'  letters  delivered  to
underwriters in underwritten  public offerings of securities.  The Company shall
also deliver  promptly to The Shemano Group,  as  representative  of the Holders
participating in the offering,  the correspondence and memoranda described below
and copies of all  correspondence  between the Commission  and the Company,  its
counsel  or  auditors  and  all  memoranda  relating  to  discussions  with  the
Commission  or its staff with respect to the  registration  statement and permit
The Shemano Group, as representative of the Holders,  to do such  investigation,
upon  reasonable  advance  notice,  with respect to information  contained in or
omitted  from the  registration  statement as it deems  reasonably  necessary to
comply with applicable  securities laws or rules of the National  Association of
Securities  Dealers,  Inc. ("NASD").  Such investigation shall include access to
books,  records and properties and  opportunities to discuss the business of the
Company with its  officers  and  independent  auditors,  all to such  reasonable
extent  and at such  reasonable  times  and as often as The  Shemano  Group,  as
representative of the Holders,  shall reasonably request.  The Company shall not
be required to disclose any  confidential  information  or other  records to The
Shemano Group, as representative of the Holders,  or to any other person,  until
and unless such  persons  shall have  entered  into  reasonable  confidentiality
agreements (in form and substance reasonably  satisfactory to the Company), with
the Company with respect thereto.

                  5.4.4 UNDERWRITING AGREEMENT.  The Company shall enter into an
underwriting agreement with the managing underwriter(s), if any, selected by any
Holders  whose  Registrable  Securities  are being  registered  pursuant to this
Section 5, which  managing  underwriter  shall be  reasonably  acceptable to the
Company.  Such agreement shall be reasonably  satisfactory in form and substance
to the Company,  each Holder and such managing  underwriters,  and shall contain
such  representations,  warranties  and  covenants by the Company and such other
terms as are  customarily  contained  in  agreements  of that  type  used by the
managing underwriter. The Holders shall be parties to any underwriting agreement
relating to an  underwritten  sale of their  Registrable  Securities and may, at
their  option,  require  that  any or all the  representations,  warranties  and
covenants of the Company to or for the benefit of such  underwriters  shall also
be made to and for the  benefit  of such  Holders.  Such  Holders  shall  not be
required to make any  representations  or warranties  to or agreements  with the
Company or the underwriters  except as they may relate to such Holders and their
intended methods of  distribution.  Such Holders,  however,  shall agree to such
covenants  and   indemnification   and  contribution   obligations  for  selling
stockholders as are customarily contained in agreements of that type used by the
managing  underwriter.  Further,  such Holders shall execute appropriate custody
agreements and otherwise  cooperate fully in the preparation of the registration
statement  and other  documents  relating to any  offering in which they include
securities  pursuant to this  Section 5. Each Holder  shall also  furnish to the
Company such information  regarding itself,  the Registrable  Securities held by
it,  and the  intended  method of  disposition  of such  securities  as shall be
reasonably required to effect the registration of the Registrable Securities.

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<PAGE>

                  5.4.5 RULE 144 SALE.  Notwithstanding  anything  contained  in
this Section 5 to the contrary, the Company shall have no obligation pursuant to
Sections 5.1 or 5.2 for the  registration of Registrable  Securities held by any
Holder  (i) where such  Holder  would  then be  entitled  to sell under Rule 144
within any three-month period (or such other period prescribed under Rule 144 as
may be provided by amendment  thereof) all of the  Registrable  Securities  then
held by such Holder, and (ii) where the number of Registrable Securities held by
such Holder is within the volume  limitations  under  paragraph  (e) of Rule 144
(calculated as if such Holder were an affiliate within the meaning of Rule 144).

                  5.4.6 SUPPLEMENTAL  PROSPECTUS.  Each Holder agrees, that upon
receipt of any notice from the Company of the happening of any event as a result
of which the  prospectus  included  in the  Registration  Statement,  as then in
effect,  includes  an untrue  statement  of a material  fact or omits to state a
material fact required to be stated  therein or necessary to make the statements
therein not misleading in light of the circumstances then existing,  such Holder
will immediately  discontinue  disposition of Registrable Securities pursuant to
the  Registration  Statement  covering such  Registrable  Securities  until such
Holder's receipt of the copies of a supplemental or amended prospectus,  and, if
so desired by the  Company,  such  Holder  shall  deliver to the Company (at the
expense of the Company) or destroy (and deliver to the Company a certificate  of
such  destruction)  all copies,  other than  permanent  file copies then in such
Holder's  possession,  of the prospectus  covering such  Registrable  Securities
current at the time of receipt of such notice.

      6. ADJUSTMENTS.

            6.1  ADJUSTMENTS  TO EXERCISE  PRICE AND NUMBER OF  SECURITIES.  The
Exercise Price and the number of Units  underlying the Purchase  Option shall be
subject to adjustment from time to time as hereinafter set forth:

                  6.1.1 STOCK  DIVIDENDS - SPLIT-UPS.  If after the date hereof,
and subject to the  provisions of Section 6.4 below,  the number of  outstanding
shares of Common  Stock is increased  by a stock  dividend  payable in shares of
Common Stock or by a split-up of shares of Common Stock or other similar  event,
then,  on the  effective  date  thereof,  the  number of shares of Common  Stock
underlying  each of the  Units  purchasable  hereunder  shall  be  increased  in
proportion to such increase in outstanding  shares.  In such case, the number of
shares of Common Stock,  and the exercise price applicable  thereto,  underlying
the  Warrants  underlying  each of the  Units  purchasable  hereunder  shall  be
adjusted in  accordance  with the terms of the  Warrants.  For  example,  if the
Company  declares a two-for-one  stock dividend and at the time of such dividend
this Purchase Option is for the purchase of one Unit at $[ ] per whole Unit (the
Warrant  underlying  the  Units  is  exercisable  for  $[  ]  per  share),  upon
effectiveness  of the dividend,  this Purchase  Option will be adjusted to allow
for the purchase of one Unit at $[ ] per Unit, each Unit entitling the holder to
receive two shares of Common Stock and four Warrants  (each Warrant  exercisable
for $[ ] per share).

                  6.1.2  AGGREGATION  OF SHARES.  If after the date hereof,  and
subject to the  provisions of Section 6.4, the number of  outstanding  shares of
Common Stock is decreased by a consolidation, combination or reclassification of
shares of Common Stock or other  similar  event,  then,  on the  effective  date
thereof,  the  number of shares of  Common  Stock  underlying  each of the Units
purchasable  hereunder  shall be decreased  in  proportion  to such  decrease in
outstanding  shares. In such case, the number of shares of Common Stock, and the
exercise price applicable  thereto,  underlying the Warrants  underlying each of
the Units  purchasable  hereunder shall be adjusted in accordance with the terms
of the Warrants.

                  6.1.3 REPLACEMENT OF SECURITIES UPON  REORGANIZATION,  ETC. In
case of any  reclassification  or  reorganization  of the outstanding  shares of
Common  Stock other than a change  covered by Section  6.1.1 or 6.1.2  hereof or
that solely affects the par value of such shares of Common Stock, or in the case
of any merger or consolidation  of the Company with or into another  corporation
(other than a  consolidation  or merger in which the  Company is the  continuing
corporation and that does not result in any  reclassification  or reorganization
of the  outstanding  shares  of  Common  Stock),  or in the  case of any sale or
conveyance to another corporation or entity of the property of the Company as an
entirety or substantially as an entirety in connection with which the Company is
dissolved,  the Holder of this Purchase  Option shall have the right  thereafter
(until the  expiration  of the right of  exercise  of this  Purchase  Option) to
receive upon the exercise hereof,  for the same aggregate Exercise Price payable
hereunder  immediately  prior to such  event,  the kind and  amount of shares of
stock or other  securities or property  (including  cash)  receivable  upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution
following  any such sale or  transfer,  by a Holder  of the  number of shares of
Common Stock of the Company obtainable upon exercise of this Purchase Option and
the  underlying   Warrants   immediately   prior  to  such  event;  and  if  any
reclassification  also results in a change in shares of Common Stock  covered by
Section 6.1.1 or 6.1.2,  then such adjustment shall be made pursuant to Sections
6.1.1,  6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall
similarly  apply to successive  reclassifications,  reorganizations,  mergers or
consolidations, sales or other transfers.

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<PAGE>

                  6.1.4  CHANGES  IN  FORM  OF  PURCHASE  OPTION.  This  form of
Purchase  Option  need not be changed  because of any  change  pursuant  to this
Section,  and  Purchase  Options  issued  after  such  change may state the same
Exercise  Price  and the same  number  of Units as are  stated  in the  Purchase
Options  initially  issued  pursuant to this  Agreement.  The  acceptance by any
Holder  of the  issuance  of new  Purchase  Options  reflecting  a  required  or
permissive  change  shall not be deemed  to waive  any  rights to an  adjustment
occurring after the Commencement Date or the computation thereof.

            6.2 [Intentionally Omitted]

            6.3 SUBSTITUTE  PURCHASE OPTION. In case of any consolidation of the
Company  with,  or merger of the Company  with,  or merger of the Company  into,
another  corporation (other than a consolidation or merger which does not result
in  any  reclassification  or  change  of the  outstanding  Common  Stock),  the
corporation  formed by such consolidation or merger shall execute and deliver to
the Holder a  supplemental  Purchase  Option  providing  that the holder of each
Purchase  Option  then  outstanding  or to be  outstanding  shall have the right
thereafter  (until the stated  expiration of such  Purchase  Option) to receive,
upon  exercise of such Purchase  Option,  the kind and amount of shares of stock
and other securities and property  receivable upon such consolidation or merger,
by a holder of the  number of shares of Common  Stock of the  Company  for which
such  Purchase  Option  might  have  been  exercised  immediately  prior to such
consolidation, merger, sale or transfer. Such supplemental Purchase Option shall
provide for adjustments which shall be identical to the adjustments  provided in
Section  6.  The  above  provision  of this  Section  shall  similarly  apply to
successive consolidations or mergers.

            6.4  ELIMINATION OF FRACTIONAL  INTERESTS.  The Company shall not be
required to issue certificates  representing fractions of shares of Common Stock
or Warrants upon the exercise of the Purchase  Option,  nor shall it be required
to issue  scrip or pay cash in lieu of any  fractional  interests,  it being the
intent of the parties  that all  fractional  interests  shall be  eliminated  by
rounding  any fraction up to the nearest  whole  number of  Warrants,  shares of
Common Stock or other securities, properties or rights.

      7.  RESERVATION  AND LISTING.  The Company  shall at all times reserve and
keep  available out of its  authorized  shares of Common  Stock,  solely for the
purpose of  issuance  upon  exercise  of the  Purchase  Options or the  Warrants
underlying the Purchase  Option,  such number of shares of Common Stock or other
securities, properties or rights as shall be issuable upon the exercise thereof.
The Company covenants and agrees that, upon exercise of the Purchase Options and
payment of the  Exercise  Price  therefor,  all shares of Common Stock and other
securities  issuable upon such exercise shall be duly and validly issued,  fully
paid and non-assessable and not subject to preemptive rights of any stockholder.
The Company  further  covenants  and agrees that upon  exercise of the  Warrants
underlying the Purchase  Options and payment of the respective  Warrant exercise
price therefor,  all shares of Common Stock and other  securities  issuable upon
such exercise shall be duly and validly  issued,  fully paid and  non-assessable
and not subject to preemptive rights of any stockholder. As long as the Purchase
Options  shall be  outstanding,  the Company shall use its best efforts to cause
all (i) Units and shares of Common Stock  issuable upon exercise of the Purchase
Options,  (iii) Warrants issuable upon exercise of the Purchase Options and (iv)
shares of Common Stock  issuable upon  exercise of the Warrants  included in the
Units  issuable  upon exercise of the Purchase  Option to be listed  (subject to
official  notice of issuance) on all securities  exchanges (or, if applicable on
the Nasdaq National Market, SmallCap Market, OTC Bulletin Board or any successor
trading  market) on which the Units,  the  Common  Stock or the Public  Warrants
issued to the public in connection herewith may then be listed and/or quoted.

                                       7
<PAGE>

      8. CERTAIN NOTICE REQUIREMENTS.

            8.1  HOLDER'S  RIGHT TO  RECEIVE  NOTICE.  Nothing  herein  shall be
construed  as  conferring  upon the  Holders  the right to vote or  consent as a
stockholder for the election of directors or any other matter,  or as having any
rights  whatsoever as a stockholder  of the Company.  If,  however,  at any time
prior to the expiration of the Purchase  Options and their exercise,  any of the
events  described  in  Section  8.2 shall  occur,  then,  in one or more of said
events,  the Company  shall give written  notice of such event at least  fifteen
days  prior to the  date  fixed as a  record  date or the  date of  closing  the
transfer  books  for the  determination  of the  stockholders  entitled  to such
dividend,  distribution,  conversion or exchange of  securities or  subscription
rights, or entitled to vote on such proposed dissolution,  liquidation,  winding
up or sale.  Such  notice  shall  specify  such  record  date or the date of the
closing  of the  transfer  books,  as  the  case  may  be.  Notwithstanding  the
foregoing,  the Company shall deliver to each Holder a copy of each notice given
to the other stockholders of the Company at the same time and in the same manner
that such notice is given to the stockholders.

            8.2 EVENTS REQUIRING  NOTICE.  The Company shall be required to give
the notice described in this Section 8 upon one or more of the following events:
(i) if the  Company  shall take a record of the  holders of its shares of Common
Stock for the purpose of  entitling  them to receive a dividend or  distribution
payable  otherwise  than in cash,  or a cash  dividend or  distribution  payable
otherwise  than  out of  retained  earnings,  as  indicated  by  the  accounting
treatment of such dividend or distribution on the books of the Company,  or (ii)
the Company  shall offer to all the holders of its Common  Stock any  additional
shares  of  capital  stock of the  Company  or  securities  convertible  into or
exchangeable for shares of capital stock of the Company, or any option, right or
warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up
of the Company (other than in connection  with a  consolidation  or merger) or a
sale of all or substantially  all of its property,  assets and business shall be
proposed.

            8.3 NOTICE OF CHANGE IN EXERCISE PRICE. The Company shall,  promptly
after an event  requiring a change in the Exercise  Price  pursuant to Section 6
hereof,  send notice to the Holders of such event and change  ("Price  Notice").
The Price Notice shall  describe the event  causing the change and the method of
calculating  same and  shall be  certified  as being  true and  accurate  by the
Company's President and Chief Financial Officer.

            8.4  TRANSMITTAL  OF NOTICES.  All notices,  requests,  consents and
other communications under this Purchase Option shall be in writing and shall be
deemed to have been duly made when hand delivered,  or mailed by express mail or
private courier service: (i) If to the registered Holder of the Purchase Option,
to the address of such Holder as shown on the books of the  Company,  or (ii) if
to the Company, to the following address or to such other address as the Company
may designate by notice to the Holders:

                           Santa Monica Media Corporation
                           9229 Sunset Boulevard, Suite 505
                           Los Angeles, CA 90069
                           Attn: David Marshall, Chairman

      9. MISCELLANEOUS.

                                       8
<PAGE>

            9.1  AMENDMENTS.  The Company and The Shemano Group may from time to
time supplement or amend this Purchase Option without the approval of any of the
Holders in order to cure any  ambiguity,  to correct or supplement any provision
contained herein that may be defective or inconsistent with any other provisions
herein,  or to make any  other  provisions  in regard to  matters  or  questions
arising  hereunder  that the Company and The Shemano Group may deem necessary or
desirable  and that the Company and The Shemano  Group deem shall not  adversely
affect the interest of the Holders.  All other modifications or amendments shall
require  the  written  consent  of  and be  signed  by the  party  against  whom
enforcement of the modification or amendment is sought.

            9.2 HEADINGS. The headings contained herein are for the sole purpose
of  convenience  of  reference,  and shall  not in any way  limit or affect  the
meaning or  interpretation  of any of the terms or  provisions  of this Purchase
Option.

      10.  ENTIRE  AGREEMENT.  This  Purchase  Option  (together  with the other
agreements and documents being delivered  pursuant to or in connection with this
Purchase  Option)  constitutes  the entire  agreement of the parties hereto with
respect to the subject  matter hereof,  and supersedes all prior  agreements and
understandings  of the parties,  oral and  written,  with respect to the subject
matter hereof.

            10.1 BINDING EFFECT.  This Purchase Option shall inure solely to the
benefit of and shall be binding  upon,  the  Holder  and the  Company  and their
permitted assignees,  respective  successors,  legal representative and assigns,
and no other  person  shall have or be  construed to have any legal or equitable
right,  remedy or claim  under or in  respect  of or by virtue of this  Purchase
Option or any provisions herein contained.

            10.2 GOVERNING LAW; SUBMISSION TO JURISDICTION. This Purchase Option
shall be governed by and construed  and enforced in accordance  with the laws of
the State of New York,  without  giving effect to conflict of laws.  The Company
hereby agrees that any action, proceeding or claim against it arising out of, or
relating in any way to this Purchase Option shall be brought and enforced in the
courts  of the State of New York or of the  United  States  of  America  for the
Southern  District of New York, and  irrevocably  submits to such  jurisdiction,
which jurisdiction  shall be exclusive.  The Company hereby waives any objection
to such exclusive  jurisdiction  and that such courts  represent an inconvenient
forum.  Any  process or summons to be served  upon the  Company may be served by
transmitting  a copy thereof by registered  or certified  mail,  return  receipt
requested,  postage prepaid, addressed to it at the address set forth in Section
8 hereof.  Such mailing shall be deemed personal  service and shall be legal and
binding upon the Company in any action, proceeding or claim. The Company and the
Holder agree that the prevailing party(ies) in any such action shall be entitled
to recover from the other  party(ies) all of its reasonable  attorneys' fees and
expenses  relating to such action or  proceeding  and/or  incurred in connection
with the preparation therefor.

            10.3 WAIVER, ETC. The failure of the Company or the Holder to at any
time enforce any of the  provisions of this Purchase  Option shall not be deemed
or construed to be a waiver of any such provision,  nor to in any way affect the
validity of this  Purchase  Option or any  provision  hereof or the right of the
Company or any Holder to  thereafter  enforce  each and every  provision of this
Purchase Option. No waiver of any breach,  non-compliance or  non-fulfillment of
any of the  provisions  of this  Purchase  Option shall be effective  unless set
forth in a written  instrument  executed by the party or parties against whom or
which  enforcement  of such waiver is sought;  and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of
any other or subsequent breach, non-compliance or non-fulfillment.

            10.4 EXECUTION IN COUNTERPARTS. This Purchase Option may be executed
in one or more  counterparts,  and by the different  parties  hereto in separate
counterparts,  each of which shall be deemed to be an original, but all of which
taken together shall  constitute  one and the same  agreement,  and shall become
effective when one or more  counterparts  has been signed by each of the parties
hereto and delivered to each of the other parties hereto.

                                       9
<PAGE>

            10.5 EXCHANGE AGREEMENT.  As a condition of the Holder's receipt and
acceptance of this Purchase Option, Holder agrees that, at any time prior to the
complete  exercise  of this  Purchase  Option by Holder,  if the Company and The
Shemano Group enter into an agreement  ("Exchange  Agreement") pursuant to which
they  agree  that  all  outstanding  Purchase  Options  will  be  exchanged  for
securities  or cash or a  combination  of both,  then Holder shall agree to such
exchange and become a party to the Exchange Agreement.

            10.6 UNDERLYING  WARRANTS.  At any time after exercise by the Holder
of this  Purchase  Option,  the Holder may exchange  his Warrants  (with a $9.60
exercise  price) for Public  Warrants (with a $5.00 exercise price) upon payment
to the Company of the  difference  between the exercise price of his Warrant and
the exercise price of the Public Warrants.

      IN WITNESS  WHEREOF,  the Company has caused  this  Purchase  Option to be
signed by its duly authorized officer as of the ____ day of __________, 2005.

                                            SANTA MONICA MEDIA CORPORATION

                                            By: ________________________________
                                                Name:   David Marshall
                                                Title:  Chairman of the Board

Form to be used to exercise Purchase Option:

Santa Monica Media Corporation
9229 Sunset Boulevard, Suite
Los Angeles, CA 90069

Date:_________________, 200__

      The undersigned  hereby elects irrevocably to exercise all or a portion of
the within  Purchase  Option and to purchase  ____ Units of Santa  Monica  Media
Corporation and hereby makes payment of $____________ (at the rate of $_________
per Unit) in payment of the Exercise  Price pursuant  thereto.  Please issue the
Common  Stock and  Warrants as to which this  Purchase  Option is  exercised  in
accordance with the instructions given below.

                                       OR

      The undersigned hereby elects irrevocably to convert its right to purchase
_________ Units purchasable under the within Purchase Option by surrender of the
unexercised  portion of the attached  Purchase  Option (with a "Value"  based of
$_______  based on a "Market  Price" of $_______).  Please issue the  securities
comprising the Units as to which this Purchase Option is exercised in accordance
with the instructions given below.

                                            ____________________________________
                                            Signature

                                            ____________________________________
                                            Signature Guaranteed

                                       10
<PAGE>

                   INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name _______________________________________
             (Print in Block Letters)

Address ____________________________________

      NOTICE:  THE  SIGNATURE  TO THIS  FORM  MUST  CORRESPOND  WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR  WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER,  AND MUST BE GUARANTEED BY A
BANK,  OTHER THAN A SAVINGS  BANK,  OR BY A TRUST  COMPANY  OR BY A FIRM  HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

Form to be used to assign Purchase Option:

                                   ASSIGNMENT

      (To be  executed  by the  registered  Holder to effect a  transfer  of the
within Purchase Option):

      FOR  VALUE   RECEIVED,______________________________________________  does
hereby sell, assign and transfer  unto______________________________________ the
right to purchase __________ Units of Santa Monica Media Corporation ("Company")
evidenced by the within Purchase Option and does hereby authorize the Company to
transfer such right on the books of the Company.

Dated:______________________________________, 200__

                                            ____________________________________
                                            Signature

                                            ____________________________________
                                            Signature Guaranteed

      NOTICE:  THE  SIGNATURE  TO THIS  FORM  MUST  CORRESPOND  WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR  WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER,  AND MUST BE GUARANTEED BY A
BANK,  OTHER THAN A SAVINGS  BANK,  OR BY A TRUST  COMPANY  OR BY A FIRM  HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

                                       11EXHIBIT 4.5

                                WARRANT AGREEMENT

      Agreement  made as of  __________  ___,  2005  between  Santa Monica Media
Corporation,  a Delaware  corporation,  with  offices at 9229 Sunset  Boulevard,
Suite 505, Los Angeles,  CA 90069 ("Company"),  and Continental Stock Transfer &
Trust Company,  a New York  corporation,  with offices at 17 Battery Place,  New
York, New York 10004 ("Warrant Agent").

      WHEREAS,  the Company is engaged in a public offering ("Public  Offering")
of Units  ("Units")  and, in connection  therewith,  has determined to issue and
deliver  up to  (i)  15,600,000  Warrants  ("Public  Warrants")  to  the  public
investors, and (ii) 1,560,000 Warrants to The Shemano Group ("Shemano Group") or
its  designees  ("Representative's  Warrants"  and,  together  with  the  Public
Warrants, the "Warrants"),  each of such Public Warrants evidencing the right of
the holder  thereof to purchase one share of common  stock,  par value $.001 per
share,  of the Company's  Common Stock  ("Common  Stock") for $6.00,  subject to
adjustment as described herein; and

      WHEREAS, the Company has filed with the Securities and Exchange Commission
a  Registration   Statement,   No.   333-________  on  Form  S-1  ("Registration
Statement") for the  registration,  under the Securities Act of 1933, as amended
("Act") of, among other  securities,  the Warrants and the Common Stock issuable
upon exercise of the Warrants; and

      WHEREAS,  the Company  desires  the Warrant  Agent to act on behalf of the
Company,  and the  Warrant  Agent is willing to so act, in  connection  with the
issuance,  registration,  transfer,  exchange,  redemption  and  exercise of the
Warrants; and

      WHEREAS, the Company desires to provide for the form and provisions of the
Warrants,  the terms upon which  they  shall be issued  and  exercised,  and the
respective  rights,  limitation of rights,  and  immunities of the Company,  the
Warrant Agent, and the holders of the Warrants; and

      WHEREAS,  all acts and  things  have  been  done and  performed  which are
necessary  to make the  Warrants,  when  executed  on behalf of the  Company and
countersigned  by or on behalf of the Warrant  Agent,  as provided  herein,  the
valid,  binding and legal  obligations  of the  Company,  and to  authorize  the
execution and delivery of this Agreement.

      NOW,   THEREFORE,   in  consideration  of  the  mutual  agreements  herein
contained, the parties hereto agree as follows:

1.  APPOINTMENT OF WARRANT AGENT.  The Company hereby appoints the Warrant Agent
to act as agent for the Company for the  Warrants,  and the Warrant Agent hereby
accepts such  appointment  and agrees to perform the same in accordance with the
terms and conditions set forth in this Agreement.

2. WARRANTS.

      2.1 FORM OF WARRANT. Each Warrant shall be issued in registered form only,
shall be in substantially the form of Exhibit A hereto,  the provisions of which
are incorporated  herein and shall be signed by, or bear the facsimile signature
of, the Chairman of the Board or President and Treasurer, Secretary or Assistant
Secretary of the Company and shall bear a facsimile of the  Company's  seal.  In
the event the person whose facsimile  signature has been placed upon any Warrant
shall  have  ceased to serve in the  capacity  in which such  person  signed the
Warrant before such Warrant is issued,  it may be issued with the same effect as
if he or she had not ceased to be such at the date of issuance.

<PAGE>

      2.2  EFFECT OF  COUNTERSIGNATURE.  Unless and until  countersigned  by the
Warrant Agent pursuant to this  Agreement,  a Warrant shall be invalid and of no
effect and may not be exercised by the holder thereof.

      2.3 REGISTRATION.

            2.3.1  WARRANT  REGISTER.  The Warrant  Agent shall  maintain  books
("Warrant  Register"),  for  the  registration  of  original  issuance  and  the
registration  of transfer  of the  Warrants.  Upon the  initial  issuance of the
Warrants,  the Warrant  Agent shall issue and register the Warrants in the names
of the  respective  holders  thereof  in such  denominations  and  otherwise  in
accordance with instructions delivered to the Warrant Agent by the Company.

            2.3.2 REGISTERED  HOLDER.  Prior to due presentment for registration
of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose  name such  Warrant  shall be  registered  upon the  Warrant
Register  ("registered  holder"),  as the absolute  owner of such Warrant and of
each Warrant represented thereby  (notwithstanding  any notation of ownership or
other writing on the Warrant  Certificate  made by anyone other than the Company
or the Warrant  Agent),  for the purpose of any  exercise  thereof,  and for all
other purposes,  and neither the Company nor the Warrant Agent shall be affected
by any notice to the contrary.

            2.3.3 DETACHABILITY OF WARRANTS. The securities comprising the Units
will not be separately  transferable  until 90 days after the date hereof unless
Shemano  Group  informs the Company of its  decision to allow  earlier  separate
trading,  but in no event  will  Shemano  Group  allow  separate  trading of the
securities comprising the Units until the Company files a Current Report on Form
8-K which  includes  an audited  balance  sheet  reflecting  the  receipt by the
Company of the gross  proceeds of the Public  Offering  including  the  proceeds
received by the Company  from the exercise of the  Underwriter's  over-allotment
option,  if the  over-allotment  option is exercised  prior to the filing of the
Form 8-K.

      2.4 WARRANTS AND REPRESENTATIVE'S  WARRANTS. The Representative's Warrants
shall have the same terms and be in the same form as the Public  Warrants except
with respect to the Warrant Price as set forth below in Section 3.1.

3. TERMS AND EXERCISE OF WARRANTS

      3.1 WARRANT PRICE.  Each Public Warrant shall,  when  countersigned by the
Warrant Agent, entitle the registered holder thereof,  subject to the provisions
of such  Public  Warrant and of this  Warrant  Agreement,  to purchase  from the
Company the number of shares of Common  Stock  stated  therein,  at the price of
$6.00 per whole share,  subject to the adjustments  provided in Section 4 hereof
and in the last  sentence of this Section  3.1.  Each  Representative's  Warrant
shall,  when  countersigned by the Warrant Agent,  entitle the registered holder
thereof,  subject to the provisions of such Representative's Warrant and of this
Warrant  Agreement,  to purchase from the Company the number of shares of Common
Stock  stated  therein,  at the price of $7.50 per whole  share,  subject to the
adjustments  provided in Section 4 hereof.  The term "Warrant  Price" as used in
this Warrant  Agreement  refers to the price per share at which Common Stock may
be  purchased  at the time a  Warrant  is  exercised.  The  Company  in its sole
discretion may lower the Warrant Price at any time prior to the Expiration Date.

      3.2  DURATION  OF  WARRANTS.  A Warrant may be  exercised  only during the
period  ("Exercise  Period")  commencing on the later of (i) the consummation by
the Company of a merger,  capital stock  exchange,  asset  acquisition  or other
similar business combination  ("Business  Combination") (as described more fully
in the  Company's  Registration  Statement)  and (ii)  ________  __,  2006,  and
terminating  at 5:00  p.m.,  Los  Angeles  time on the  earlier  to occur of (i)
_________  ___,  2009 or (ii) the date fixed for  redemption  of the Warrants as
provided in Section 6 of this Agreement ("Expiration Date"). Except with respect
to the  right to  receive  the  Redemption  Price  (as set  forth in  Section  6
hereunder),  each Warrant not exercised on or before the  Expiration  Date shall
become void, and all rights  thereunder and all rights in respect  thereof under
this Agreement shall cease at the close of business on the Expiration  Date. The
Company in its sole  discretion  may  extend the  duration  of the  Warrants  by
delaying the Expiration Date.

                                       2
<PAGE>

      3.3 EXERCISE OF WARRANTS.

            3.3.1  PAYMENT.  Subject to the  provisions  of the Warrant and this
Warrant  Agreement,  a Warrant,  when countersigned by the Warrant Agent, may be
exercised by the registered  holder thereof by surrendering it, at the office of
the Warrant Agent,  or at the office of its successor as Warrant  Agent,  in the
Borough of Manhattan, City and State of New York, with the subscription form, as
set forth in the Warrant, duly executed,  and by paying in full, in lawful money
of the United States,  in cash,  good certified check or good bank draft payable
to the order of the  Company (or as  otherwise  agreed to by the  Company),  the
Warrant  Price for each full  share of Common  Stock as to which the  Warrant is
exercised and any and all applicable  taxes due in connection  with the exercise
of the  Warrant,  the  exchange  of the Warrant  for the Common  Stock,  and the
issuance of the Common Stock.

            3.3.2 ISSUANCE OF  CERTIFICATES.  As soon as  practicable  after the
exercise of any Warrant and the clearance of the funds in payment of the Warrant
Price,  the  Company  shall  issue to the  registered  holder of such  Warrant a
certificate  or  certificates  for the number of full shares of Common  Stock to
which he is  entitled,  registered  in such name or names as may be  directed by
him, her or it, and if such Warrant shall not have been exercised in full, a new
countersigned  Warrant for the number of shares as to which such  Warrant  shall
not have been exercised. Notwithstanding the foregoing, the Company shall not be
obligated to deliver any securities pursuant to the exercise of a Warrant unless
a  registration  statement  under the Act with  respect to the  Common  Stock is
effective.  Warrants  may not be  exercised  by, or  securities  issued  to, any
registered holder in any state in which such exercise would be unlawful.

            3.3.3 VALID  ISSUANCE.  All shares of Common  Stock  issued upon the
proper  exercise of a Warrant in conformity with this Agreement shall be validly
issued, fully paid and nonassessable.

            3.3.4  DATE  OF  ISSUANCE.  Each  person  in  whose  name  any  such
certificate  for  shares of Common  Stock is issued  shall for all  purposes  be
deemed to have  become the holder of record of such  shares on the date on which
the  Warrant  was  surrendered  and  payment  of the  Warrant  Price  was  made,
irrespective  of the date of delivery of such  certificate,  except that, if the
date of such  surrender and payment is a date when the stock  transfer  books of
the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business  on the next  succeeding  date on which the
stock transfer books are open.

            3.3.5 INTENTIONALLY OMITTED.

4. ADJUSTMENTS.

      4.1 STOCK DIVIDENDS - SPLIT-UPS.  If after the date hereof, and subject to
the provisions of Section 4.6 below, the number of outstanding  shares of Common
Stock is increased by a stock dividend  payable in shares of Common Stock, or by
a split-up of shares of Common  Stock,  or other  similar  event,  then,  on the
effective date of such stock dividend,  split-up or similar event, the number of
shares of Common Stock  issuable on exercise of each Warrant  shall be increased
in proportion to such increase in outstanding shares of Common Stock.

      4.2  AGGREGATION OF SHARES.  If after the date hereof,  and subject to the
provisions of Section 4.6, the number of  outstanding  shares of Common Stock is
decreased   by  a   consolidation,   combination,   reverse   stock   split   or
reclassification  of shares of Common Stock or other similar event, then, on the
effective  date  of  such  consolidation,   combination,  reverse  stock  split,
reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in
outstanding shares of Common Stock.

                                       3
<PAGE>

      4.3 ADJUSTMENTS IN EXERCISE PRICE. Whenever the number of shares of Common
Stock purchasable upon the exercise of the Warrants is adjusted,  as provided in
Section 4.1 and 4.2 above,  the Warrant  Price shall be adjusted (to the nearest
cent) by multiplying such Warrant Price  immediately prior to such adjustment by
a fraction  (x) the  numerator  of which shall be the number of shares of Common
Stock  purchasable upon the exercise of the Warrants  immediately  prior to such
adjustment,  and (y) the  denominator  of which shall be the number of shares of
Common Stock so purchasable immediately thereafter.

      4.4  REPLACEMENT OF SECURITIES  UPON  REORGANIZATION,  ETC. In case of any
reclassification  or  reorganization  of the outstanding  shares of Common Stock
(other than a change covered by Section 4.1 or 4.2 hereof or that solely affects
the par value of such shares of Common  Stock),  or in the case of any merger or
consolidation  of the Company  with or into  another  corporation  (other than a
consolidation  or merger in which the Company is the continuing  corporation and
that  does  not  result  in  any   reclassification  or  reorganization  of  the
outstanding shares of Common Stock), or in the case of any sale or conveyance to
another  corporation or entity of the assets or other property of the Company as
an entirety or substantially as an entirety in connection with which the Company
is dissolved,  the Warrant  holders shall  thereafter have the right to purchase
and receive,  upon the basis and upon the terms and conditions  specified in the
Warrants  and in lieu of the shares of Common  Stock of the Company  immediately
theretofore   purchasable  and  receivable  upon  the  exercise  of  the  rights
represented  thereby, the kind and amount of shares of stock or other securities
or   property   (including   cash)   receivable   upon  such   reclassification,
reorganization,  merger or  consolidation,  or upon a dissolution  following any
such sale or  transfer,  that the  Warrant  holder  would have  received if such
Warrant  holder had exercised his, her or its  Warrant(s)  immediately  prior to
such event;  and if any  reclassification  also results in a change in shares of
Common Stock covered by Section 4.1 or 4.2, then such  adjustment  shall be made
pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The  provisions of this
Section   4.4   shall   similarly   apply   to   successive   reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

      4.5 NOTICES OF CHANGES IN WARRANT.  Upon every  adjustment  of the Warrant
Price or the number of shares  issuable upon exercise of a Warrant,  the Company
shall give written notice thereof to the Warrant Agent, which notice shall state
the Warrant Price  resulting from such  adjustment and the increase or decrease,
if any, in the number of shares purchasable at such price upon the exercise of a
Warrant,  setting forth in reasonable  detail the method of calculation  and the
facts upon which such  calculation  is based.  Upon the  occurrence of any event
specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company
shall give written notice to the Warrant  holder,  at the last address set forth
for such holder in the  warrant  register,  of the record date or the  effective
date of the event. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of such event.

      4.6 NO FRACTIONAL SHARES.  Notwithstanding any provision contained in this
Warrant Agreement to the contrary, the Company shall not issue fractional shares
upon exercise of Warrants. If, by reason of any adjustment made pursuant to this
Section 4, the holder of any Warrant  would be  entitled,  upon the  exercise of
such Warrant,  to receive a fractional  interest in a share,  the Company shall,
upon such  exercise,  round up to the  nearest  whole  number  the number of the
shares of Common Stock to be issued to the Warrant holder.

      4.7 FORM OF WARRANT.  The form of Warrant  need not be changed  because of
any  adjustment  pursuant  to this  Section 4, and  Warrants  issued  after such
adjustment  may state the same Warrant Price and the same number of shares as is
stated in the Warrants initially issued pursuant to this Agreement. However, the
Company  may at any time in its sole  discretion  make any change in the form of
Warrant  that the  Company  may deem  appropriate  and that does not  affect the
substance thereof,  and any Warrant thereafter issued or countersigned,  whether
in exchange or substitution for an outstanding  Warrant or otherwise,  may be in
the form as so changed.

                                       4
<PAGE>

5. TRANSFER AND EXCHANGE OF WARRANTS.

      5.1  REGISTRATION  OF  TRANSFER.  The  Warrant  Agent shall  register  the
transfer,  from  time to time,  of any  outstanding  Warrant  upon  the  Warrant
Register,  upon surrender of such Warrant for transfer,  properly  endorsed with
signatures properly  guaranteed and accompanied by appropriate  instructions for
transfer.  Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the
Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

      5.2 PROCEDURE FOR SURRENDER OF WARRANTS.  Warrants may be  surrendered  to
the Warrant Agent, together with a written request for exchange or transfer, and
thereupon  the Warrant  Agent shall issue in exchange  therefor  one or more new
Warrants as requested by the registered  holder of the Warrants so  surrendered,
representing an equal aggregate number of Warrants;  provided,  however, that in
the event that a Warrant  surrendered  for transfer bears a restrictive  legend,
the  Warrant  Agent  shall not cancel  such  Warrant  and issue new  Warrants in
exchange therefor until the Warrant Agent has received an opinion of counsel for
the Company  stating that such transfer may be made and  indicating  whether the
new Warrants must also bear a restrictive legend.

      5.3 FRACTIONAL WARRANTS. The Warrant Agent shall not be required to effect
any  registration of transfer or exchange which will result in the issuance of a
warrant certificate for a fraction of a warrant.

      5.4 SERVICE  CHARGES.  No service charge shall be made for any exchange or
registration of transfer of Warrants.

      5.5 WARRANT  EXECUTION AND  COUNTERSIGNATURE.  The Warrant Agent is hereby
authorized to countersign  and to deliver,  in accordance with the terms of this
Agreement, the Warrants required to be issued pursuant to the provisions of this
Section 5, and the Company,  whenever required by the Warrant Agent, will supply
the Warrant  Agent with Warrants duly executed on behalf of the Company for such
purpose.

6. REDEMPTION.

      6.1  REDEMPTION.  Subject to Section 6.4 hereof,  not less than all of the
outstanding Warrants may be redeemed,  at the option of the Company, at any time
after they become  exercisable and prior to their  expiration,  at the office of
the Warrant Agent,  upon the notice referred to in Section 6.2., at the price of
$.01 per Warrant ("Redemption Price"), provided that the last sales price of the
Common  Stock has been at least $8.50 per share,  on each of twenty (20) trading
days within any thirty (30) trading day period ending on the third  business day
prior to the date on which notice of redemption is given. The provisions of this
Section 6.1 may not be modified,  amended or deleted  without the prior  written
consent of Shemano Group.

      6.2 DATE FIXED FOR,  AND NOTICE OF,  REDEMPTION.  In the event the Company
shall elect to redeem all of the Warrants,  the Company shall fix a date for the
redemption.  Notice of redemption  shall be mailed by first class mail,  postage
prepaid,  by the  Company  not less  than 30 days  prior to the date  fixed  for
redemption  to the  registered  holders of the  Warrants to be redeemed at their
last addresses as they shall appear on the registration books. Any notice mailed
in the manner herein provided shall be  conclusively  presumed to have been duly
given whether or not the registered holder received such notice.

      6.3 EXERCISE AFTER NOTICE OF REDEMPTION.  The Warrants may be exercised in
accordance  with  Section  3 of this  Agreement  at any  time  after  notice  of
redemption  shall have been given by the Company pursuant to Section 6.2. hereof
and prior to the time and date fixed for redemption. On and after the redemption
date,  the record holder of the Warrants  shall have no further rights except to
receive, upon surrender of the Warrants, the Redemption Price.

                                       5
<PAGE>

      6.4 OUTSTANDING WARRANTS ONLY. The Company understands that the redemption
rights provided for by this Section 6 apply only to outstanding Warrants. To the
extent a person holds rights to purchase  Warrants,  such purchase  rights shall
not be  extinguished  by  redemption.  However,  once such  purchase  rights are
exercised,  the  Company  may  redeem the  Warrants  issued  upon such  exercise
provided that the criteria for redemption is met. The provisions of this Section
6.4 may not be modified, amended or deleted without the prior written consent of
Shemano Group.

7. OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS.

      7.1 NO RIGHTS AS  STOCKHOLDER.  A Warrant does not entitle the  registered
holder thereof to any of the rights of a stockholder of the Company,  including,
without  limitation,  the right to receive  dividends,  or other  distributions,
exercise  any  preemptive  rights to vote or to consent or to receive  notice as
stockholders  in respect of the  meetings  of  stockholders  or the  election of
directors of the Company or any other matter.

      7.2 LOST,  STOLEN,  MUTILATED,  OR DESTROYED  WARRANTS.  If any Warrant is
lost, stolen,  mutilated, or destroyed, the Company and the Warrant Agent may on
such terms as to indemnity or otherwise as they may in their  discretion  impose
(which  shall,  in the  case  of a  mutilated  Warrant,  include  the  surrender
thereof),  issue a new  Warrant  of like  denomination,  tenor,  and date as the
Warrant so lost,  stolen,  mutilated,  or destroyed.  Any such new Warrant shall
constitute a substitute  contractual  obligation of the Company,  whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time
enforceable by anyone.

      7.3  RESERVATION  OF COMMON STOCK.  The Company shall at all times reserve
and keep  available a number of its  authorized  but  unissued  shares of Common
Stock that will be sufficient to permit the exercise in full of all  outstanding
Warrants issued pursuant to this Agreement.

      7.4  REGISTRATION  OF COMMON STOCK.  The Company  agrees that prior to the
commencement  of the  Exercise  Period,  it shall file with the  Securities  and
Exchange Commission a post-effective amendment to the Registration Statement, or
a new registration  statement,  for the registration,  under the Act, of, and it
shall take such action as is necessary  to qualify for sale,  in those states in
which the  Warrants  were  initially  offered by the  Company,  the Common Stock
issuable upon exercise of the Warrants. In either case, the Company will use its
best  efforts  to  cause  the  same to  become  effective  and to  maintain  the
effectiveness  of  such  registration  statement  until  the  expiration  of the
Warrants in accordance with the provisions of this Agreement.  The provisions of
this  Section  7.4 may not be  modified,  amended or deleted  without  the prior
written consent of Shemano Group.

8. CONCERNING THE WARRANT AGENT AND OTHER MATTERS.

      8.1 PAYMENT OF TAXES.  The Company will from time to time promptly pay all
taxes and charges that may be imposed  upon the Company or the Warrant  Agent in
respect of the  issuance or delivery of shares of Common Stock upon the exercise
of Warrants, but the Company shall not be obligated to pay any transfer taxes in
respect of the Warrants or such shares.

      8.2 RESIGNATION, CONSOLIDATION, OR MERGER OF WARRANT AGENT.

            8.2.1  APPOINTMENT OF SUCCESSOR WARRANT AGENT. The Warrant Agent, or
any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities  hereunder after giving sixty (60) days'
notice in writing to the  Company.  If the office of the Warrant  Agent  becomes
vacant by  resignation  or  incapacity  to act or  otherwise,  the Company shall
appoint in writing a successor  Warrant Agent in place of the Warrant Agent.  If
the Company shall fail to make such appointment within a period of 30 days after
it has been notified in writing of such resignation or incapacity by the Warrant
Agent or by the holder of the Warrant (who shall,  with such notice,  submit his
Warrant for inspection by the Company), then the holder of any Warrant may apply
to the Supreme Court of the State of New York for the County of New York for the
appointment  of a successor  Warrant Agent at the Comp any's cost. Any successor
Warrant  Agent,  whether  appointed by the Company or by such court,  shall be a
corporation  organized and existing  under the laws of the State of New York, in
good standing and having its principal office in the Borough of Manhattan,  City
and State of New York,  and  authorized  under such laws to  exercise  corporate
trust  powers and  subject to  supervision  or  examination  by federal or state
authority.  After appointment,  any successor Warrant Agent shall be vested with
all the authority,  powers, rights,  immunities,  duties, and obligations of its
predecessor  Warrant  Agent with like effect as if  originally  named as Warrant
Agent  hereunder,  without  any  further  act or deed;  but if for any reason it
becomes  necessary or appropriate,  the predecessor  Warrant Agent shall execute
and deliver, at the expense of the Company,  an instrument  transferring to such
successor  Warrant  Agent  all  the  authority,   powers,  and  rights  of  such
predecessor  Warrant Agent hereunder;  and upon request of any successor Warrant
Agent the Company  shall  make,  execute,  acknowledge,  and deliver any and all
instruments in writing for more fully and effectually  vesting in and confirming
to such successor Warrant Agent all such authority,  powers, rights, immunities,
duties, and obligations.

                                       6
<PAGE>

            8.2.2 NOTICE OF SUCCESSOR  WARRANT  AGENT.  In the event a successor
Warrant Agent shall be appointed,  the Company shall give notice  thereof to the
predecessor  Warrant Agent and the transfer agent for the Common Stock not later
than the effective date of any such appointment.

            8.2.3 MERGER OR CONSOLIDATION OF WARRANT AGENT. Any corporation into
which the Warrant  Agent may be merged or with which it may be  consolidated  or
any corporation  resulting from any merger or consolidation to which the Warrant
Agent shall be a party shall be the successor Warrant Agent under this Agreement
without any further act.

      8.3 FEES AND EXPENSES OF WARRANT AGENT.

            8.3.1  REMUNERATION.  The Company  agrees to pay the  Warrant  Agent
reasonable  remuneration  for its services as such Warrant  Agent  hereunder and
will  reimburse  the  Warrant  Agent upon demand for all  expenditures  that the
Warrant Agent may reasonably incur in the execution of its duties hereunder.

            8.3.2 FURTHER  ASSURANCES.  The Company agrees to perform,  execute,
acknowledge, and deliver or cause to be performed,  executed,  acknowledged, and
delivered all such further and other acts,  instruments,  and  assurances as may
reasonably  be required by the Warrant  Agent for the carrying out or performing
of the provisions of this Agreement.

      8.4 LIABILITY OF WARRANT AGENT.

            8.4.1 RELIANCE ON COMPANY STATEMENT.  Whenever in the performance of
its  duties  under this  Warrant  Agreement,  the  Warrant  Agent  shall deem it
necessary or desirable  that any fact or matter be proved or  established by the
Company prior to taking or suffering any action  hereunder,  such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may
be deemed to be conclusively proved and established by a statement signed by the
President  or Chairman of the Board of the Company and  delivered to the Warrant
Agent.  The Warrant  Agent may rely upon such  statement for any action taken or
suffered in good faith by it pursuant to the provisions of this Agreement.

            8.4.2  INDEMNITY.  The Warrant Agent shall be liable  hereunder only
for its own negligence,  willful  misconduct or bad faith. The Company agrees to
indemnify  the  Warrant  Agent  and  save  it  harmless   against  any  and  all
liabilities,  including  judgments,  costs  and  reasonable  counsel  fees,  for
anything done or omitted by the Warrant Agent in the execution of this Agreement
except as a result of the Warrant Agent's negligence, willful misconduct, or bad
faith.

                                       7
<PAGE>

            8.4.3  EXCLUSIONS.  The Warrant  Agent shall have no  responsibility
with respect to the  validity of this  Agreement or with respect to the validity
or execution of any Warrant (except its countersignature  thereof); nor shall it
be  responsible  for any breach by the  Company  of any  covenant  or  condition
contained in this  Agreement or in any Warrant;  nor shall it be  responsible to
make any  adjustments  required  under  the  provisions  of  Section 4 hereof or
responsible  for the manner,  method,  or amount of any such  adjustment  or the
ascertaining  of the existence of facts that would require any such  adjustment;
nor  shall it by any act  hereunder  be  deemed  to make any  representation  or
warranty as to the authorization or reservation of any shares of Common Stock to
be issued  pursuant to this Agreement or any Warrant or as to whether any shares
of Common Stock will when issued be valid and fully paid and nonassessable.

      8.5  ACCEPTANCE  OF AGENCY.  The Warrant  Agent hereby  accepts the agency
established  by this Agreement and agrees to perform the same upon the terms and
conditions  herein set forth and among other things,  shall account  promptly to
the Company with respect to Warrants exercised and concurrently account for, and
pay to the Company, all moneys received by the Warrant Agent for the purchase of
shares of the Company's Common Stock through the exercise of Warrants.

9. MISCELLANEOUS PROVISIONS.

      9.1  SUCCESSORS.  All the covenants and provisions of this Agreement by or
for the benefit of the Company or the Warrant  Agent shall bind and inure to the
benefit of their respective successors and assigns.

      9.2 NOTICES.  Any notice,  statement or demand  authorized by this Warrant
Agreement  to be given or made by the  Warrant  Agent  or by the  holder  of any
Warrant to or on the Company shall be sufficiently given when so delivered if by
hand or  overnight  delivery  or if sent by  certified  mail or private  courier
service  within  five  days  after  deposit  of such  notice,  postage  prepaid,
addressed  (until  another  address is filed in writing by the Company  with the
Warrant Agent), as follows:

                  Santa Monica Media Corporation
                  9229 Sunset Boulevard, Suite 505
                  Los Angeles, CA 90069
                  Attn: Chairman

Any notice, statement or demand authorized by this Agreement to be given or made
by the holder of any Warrant or by the Company to or on the Warrant  Agent shall
be sufficiently  given when so delivered if by hand or overnight  delivery or if
sent by certified mail or private courier service within five days after deposit
of such notice,  postage  prepaid,  addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows:

                  Continental Stock Transfer & Trust
                  Company
                  17 Battery Place
                  New York, New York 10004
                  Attn: Compliance Department

                  with a copy in each case to:

                  Bingham McCutchen LLP
                  399 Park Avenue
                  New York, New York 10022
                  Attn: Floyd I.  Wittlin, Esq.

                  And

                                       8
<PAGE>

                  Troy & Gould, PC
                  1801 Century Park East, 16th Floor
                  Los Angeles, CA 90067
                  Attn: David L Ficksman.

                  The Shemano Group
                  601 California Street, Suite 1150
                  New York, New York 10016
                  Attn: Steven Levine

      9.3 APPLICABLE LAW. The validity,  interpretation, and performance of this
Agreement  and of the Warrants  shall be governed in all respects by the laws of
the State of New York,  without  giving effect to conflict of laws.  The Company
hereby agrees that any action,  proceeding or claim against it arising out of or
relating  in any way to this  Agreement  shall be brought  and  enforced  in the
courts  of the State of New York or the  United  States  District  Court for the
Southern  District of New York, and  irrevocably  submits to such  jurisdiction,
which jurisdiction  shall be exclusive.  The Company hereby waives any objection
to such exclusive  jurisdiction  and that such courts represent an inconvenience
forum.  Any such  process or summons to be served upon the Company may be served
by transmitting a copy thereof by registered or certified  mail,  return receipt
requested,  postage prepaid, addressed to it at the address set forth in Section
9.2 hereof. Such mailing shall be deemed personal service and shall be legal and
binding upon the Company in any action, proceeding or claim.

      9.4 PERSONS HAVING RIGHTS UNDER THIS AGREEMENT.  Nothing in this Agreement
expressed and nothing that may be implied from any of the  provisions  hereof is
intended,  or shall be  construed,  to confer  upon,  or give to,  any person or
corporation  other than the  parties  hereto and the  registered  holders of the
Warrants and, for the purposes of Sections 6.1, 6.4, 7.4 and 9.2hereof,  Shemano
Group, any right,  remedy, or claim under or by reason of this Warrant Agreement
or of any  covenant,  condition,  stipulation,  promise,  or  agreement  hereof.
Shemano Group shall be deemed to be a third-party  beneficiary of this Agreement
with  respect  to  Sections  6.1,  6.4,  7.4  and  9.2  hereof.  All  covenants,
conditions,  stipulations,  promises,  and agreements  contained in this Warrant
Agreement shall be for the sole and exclusive benefit of the parties hereto (and
Shemano  Group with  respect to the Sections  6.1,  6.4, 7.4 and 9.2 hereof) and
their successors and assigns and of the registered holders of the Warrants.

      9.5 EXAMINATION OF THE WARRANT  AGREEMENT.  A copy of this Agreement shall
be available at all  reasonable  times at the office of the Warrant Agent in the
Borough  of  Manhattan,  City  and  State of New  York,  for  inspection  by the
registered holder of any Warrant.  The Warrant Agent may require any such holder
to submit his Warrant for inspection by it.

      9.6  COUNTERPARTS.  This  Agreement  may  be  executed  in any  number  of
counterparts and each of such  counterparts  shall for all purposes be deemed to
be an original,  and all such counterparts shall together constitute but one and
the same instrument.

      9.7 EFFECT OF HEADINGS.  The Section  headings  herein are for convenience
only and are not  part of this  Warrant  Agreement  and  shall  not  affect  the
interpretation thereof.

      IN WITNESS  WHEREOF,  this Agreement has been duly executed by the parties
hereto as of the day and year first above written.

                                       9
<PAGE>

Attest:                                     SANTA MONICA MEDIA CORPORATION

                                            By:
------------------------------------------     ---------------------------------
                                                Name:     David Marshall
                                                Title:    Chairman

Attest:                                     CONTINENTAL STOCK TRANSFER & TRUST
                                            COMPANY

                                            By:
------------------------------------------     ---------------------------------
                                                Name:     Steven Nelson
                                                Title:    Chairman

                                       10

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