Document:

EXHIBIT 10.9

                                     FORM OF

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

                This Agreement is made as of ___________, 2006 by and between
MEDIA & ENTERTAINMENT HOLDINGS, INC. (the "Company") and Continental Stock
Transfer & Trust Company ("Trustee").

                WHEREAS, the Company's Registration Statement on Form S-1, No.
333-128218 ("Registration Statement"), for its initial public offering of
securities ("IPO") has been declared effective as of the date hereof ("Effective
Date") by the Securities and Exchange Commission (capitalized terms used herein
and not otherwise defined herein shall have the meanings set forth in the
Registration Statement); and

                WHEREAS, Lazard Capital Markets LLC ("Lazard") and Ladenburg
Thalmann & Co. Inc. ("Ladenburg") are acting as co-representatives
("Co-Representatives") of the underwriters in the IPO; and

                WHEREAS, as described in the Company's Registration Statement,
in accordance with the Company's Certificate of Incorporation, $70,490,000 of
the gross proceeds of the IPO ($80,804,000 if the underwriters' over-allotment
option is exercised in full) will be delivered to the Trustee to be deposited
and held in a trust account for the benefit of the Company and the holders of
the Company's common stock, par value $.0001 per share, issued in the IPO, as
hereinafter provided. The amount to be delivered to the Trustee will be referred
to herein as the "Property"; the stockholders for whose benefit the Trustee
shall hold the Property will be referred to as the "Public Stockholders"; and
the Public Stockholders and the Company will be referred to together as the
"Beneficiaries"); and

                WHEREAS, the Company and the Trustee desire to enter into this
Agreement to set forth the terms and conditions pursuant to which the Trustee
shall hold the Property;

                IT IS AGREED:

1.      AGREEMENTS AND COVENANTS OF TRUSTEE. The Trustee hereby agrees and
covenants to:

                (a)     Hold the Property in trust for the Beneficiaries in
accordance with the terms of this Agreement, in a segregated trust account
("Trust Account") established by the Trustee;

                (b)     Manage, supervise and administer the Trust Account
subject to the terms and conditions set forth herein;

                (c)     In a timely manner, upon the instruction of the Company,
to invest and reinvest the Property in United States "government securities"
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940
having a maturity of 180 days or less, or in any open ended investment company
registered under the Investment Company Act of 1940

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that holds itself out as a money market fund meeting the conditions of
paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 promulgated under the
Investment Company Act of 1940;

                (d)     Collect and receive, when due, all principal and income
arising from the Property, which shall become part of the "Property," as such
term is used herein;

                (e)     Notify the Company and the Co-Representatives of all
communications received by it with respect to any Property requiring action by
the Company;

                (f)     Supply any necessary information or documents as may be
requested by the Company in connection with the Company's preparation of the tax
returns for the Trust Account;

                (g)     Participate in any plan or proceeding for protecting or
enforcing any right or interest arising from the Property if, as and when
instructed by the Company and/or the Co-Representatives to do so;

                (h)     Render to the Company and the Co-Representatives, and to
such other person as the Company may instruct, monthly written statements of the
activities of and amounts in the Trust Account reflecting all receipts and
disbursements of the Trust Account; and

                (i)     Commence liquidation of the Trust Account only after,
and promptly after, receipt of, and only in accordance with, the terms of a
letter ("Termination Letter"), in a form substantially similar to that attached
hereto as either Exhibit A or Exhibit B hereto, signed on behalf of the Company
by its Chief Executive Officer or Chairman of the Board and Secretary or
Assistant Secretary, and affirmed by counsel for the Company, and complete the
liquidation of the Trust Account and distribute the Property in the Trust
Account only as directed in the Termination Letter and the other documents
referred to therein; PROVIDED, HOWEVER, that in the event that a Termination
Letter has not been received by the Trustee by the 18-month anniversary of the
closing ("Closing") of the IPO ("First Date"), or the 24-month anniversary of
the Closing ("Last Date") in the event that a letter of intent, agreement in
principle or definitive agreement for a Business Combination has been executed
on or prior to the First Date but the Business Combination has not been
consummated by the First Date, the Trust Account shall be liquidated in
accordance with the procedures set forth in the Termination Letter attached as
Exhibit B hereto to the stockholders of record on the record date established by
the Company for such purpose. The Company shall set the record date to be within
ten days of the Last Date, or as soon thereafter as reasonably practicable and
legally permissible. In all cases, the Trustee shall provide Ladenburg with a
copy of any Termination Letters and/or any other correspondence that it receives
with respect to any proposed withdrawal from the Trust Account promptly after it
receives same. This section may not be modified, amended or deleted under any
circumstances; and

                (j)     Upon one or more written requests from the Company,
which may be given not more than once in any calendar month period, the Trustee
shall distribute to the Company interest earned on the Trust Account, net of
taxes payable, up to a maximum of $1,800,000. The distributions requested by the
Company may be for any amount, provided that (i) in the aggregate, all
distributions under this Section 1(j) may not exceed $1,800,000 and

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(ii) such distributions may only be made if and to the extent that interest has
been earned on the amount initially deposited into the Trust Account. No other
distributions from the Trust Account shall be permitted except in accordance
with Section 1(i) and this Section 1(j) hereof.

2.      AGREEMENTS AND COVENANTS OF THE COMPANY. The Company hereby agrees and
covenants to:

                (a)     Give all instructions to the Trustee hereunder in
writing, signed by the Company's Chief Executive Officer or Chairman of the
Board. In addition, except with respect to its duties under paragraph 1(i)
above, the Trustee shall be entitled to rely on, and shall be protected in
relying on, any verbal or telephonic advice or instruction which it in good
faith believes to be given by any one of the persons authorized above to give
written instructions, provided that the Company shall promptly confirm such
instructions in writing;

                (b)     Hold the Trustee harmless and indemnify the Trustee from
and against any and all expenses, including reasonable counsel fees and
disbursements, or loss suffered by the Trustee in connection with any action,
suit or other proceeding brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to
this Agreement, the services of the Trustee hereunder, or the Property or any
income earned from investment of the Property, except for expenses and losses
resulting from the Trustee's gross negligence or willful misconduct. Promptly
after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee
intends to seek indemnification under this paragraph, it shall notify the
Company in writing of such claim (hereinafter referred to as the "Indemnified
Claim"). The Trustee shall have the right to conduct and manage the defense
against such Indemnified Claim, provided, that the Trustee shall obtain the
consent of the Company with respect to the selection of counsel, which consent
shall not be unreasonably withheld. The Trustee may not agree to settle any
Indemnified Claim without the prior written consent of the Company, unless such
settlement includes a full release with respect to such Indemnified Claim. The
Company may participate in such action with its own counsel; and

                (c)     Pay the Trustee an initial acceptance fee of $1,000 and
an annual fee of $3,000 (it being expressly understood that the Property shall
not be used to pay such fee). The Company shall pay the Trustee the initial
acceptance fee and first year's fee at the consummation of the IPO and
thereafter on the anniversary of the Effective Date. The Trustee shall refund to
the Company the fee (on a pro rata basis) with respect to any period after the
liquidation of the Trust Fund. The Company shall not be responsible for any
other fees or charges of the Trustee except as may be provided in paragraph 2(b)
hereof (it being expressly understood that the Property shall not be used to
make any payments to the Trustee under such paragraph).

                (d)     Provide to the Trustee any letter of intent, agreement
in principle or definitive agreement for a Business Combination that is executed
on or prior to the First Date; and

                (e)     In connection with any vote of the Company's
stockholders regarding a Business Combination, provide to the Trustee an
affidavit or certificate of a firm regularly engaged in the business of
soliciting proxies and/or tabulating stockholder votes (which firm

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<PAGE>

may be the Trustee) verifying the vote of the Company's stockholders regarding
such Business Combination.

3.      LIMITATIONS OF LIABILITY. The Trustee shall have no responsibility or
liability to:

                (a)     Take any action with respect to the Property, other than
as directed in paragraph 1 hereof and the Trustee shall have no liability to any
party except for liability arising out of its own gross negligence or willful
misconduct;

                (b)     Institute any proceeding for the collection of any
principal and income arising from, or institute, appear in or defend any
proceeding of any kind with respect to, any of the Property unless and until it
shall have received instructions from the Company given as provided herein to do
so and the Company shall have advanced or guaranteed to it funds sufficient to
pay any expenses incident thereto;

                (c)     Change the investment of any Property, other than in
compliance with paragraph 1(c);

                (d)     Refund any depreciation in principal of any Property;

                (e)     Assume that the authority of any person designated by
the Company to give instructions hereunder shall not be continuing unless
provided otherwise in such designation, or unless the Company shall have
delivered a written revocation of such authority to the Trustee;

                (f)     The other parties hereto or to anyone else for any
action taken or omitted by it, or any action suffered by it to be taken or
omitted, in good faith and in the exercise of its own best judgment, except for
its gross negligence or willful misconduct. The Trustee may rely conclusively
and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Trustee),
statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to
the truth and acceptability of any information therein contained) which is
believed by the Trustee, in good faith, to be genuine and to be signed or
presented by the proper person or persons. The Trustee shall not be bound by any
notice or demand, or any waiver, modification, termination or rescission of this
Agreement or any of the terms hereof, unless evidenced by a written instrument
delivered to the Trustee signed by the proper party or parties and, if the
duties or rights of the Trustee are affected, unless it shall give its prior
written consent thereto;

                (g)     Verify the correctness of the information set forth in
the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the
Registration Statement; and

                (h)     Pay any taxes on behalf of the Trust Account (it being
expressly understood that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from funds not held in
the Trust Account).

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<PAGE>

4.      TERMINATION. This Agreement shall terminate as follows:

                (a)     If the Trustee gives written notice to the Company that
it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee. At such time that the Company notifies
the Trustee that a successor trustee has been appointed by the Company and has
agreed to become subject to the terms of this Agreement, the Trustee shall
transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating
to the Trust Account, whereupon this Agreement shall terminate; provided,
however, that, in the event that the Company does not locate a successor trustee
within ninety days of receipt of the resignation notice from the Trustee, the
Trustee may submit an application to have the Property deposited with the United
States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever that arises
due to any actions or omissions to act by any party after such deposit;

                (b)     At such time that the Trustee has completed the
liquidation of the Trust Account in accordance with the provisions of paragraph
1(i) hereof, and distributed the Property in accordance with the provisions of
the Termination Letter, this Agreement shall terminate except with respect to
Paragraph 2(b).

5.      MISCELLANEOUS.

                (a)     The Company and the Trustee each acknowledge that the
Trustee will follow the security procedures set forth below with respect to
funds transferred from the Trust Account. Upon receipt of written instructions,
the Trustee will confirm such instructions with an Authorized Individual at an
Authorized Telephone Number listed on the attached Exhibit C. The Company and
the Trustee will each restrict access to confidential information relating to
such security procedures to authorized persons. Each party must notify the other
party immediately if it has reason to believe unauthorized persons may have
obtained access to such information, or of any change in its authorized
personnel. In executing funds transfers, the Trustee will rely upon account
numbers or other identifying numbers of a beneficiary, beneficiary's bank or
intermediary bank, rather than names. The Trustee shall not be liable for any
loss, liability or expense resulting from any error in an account number or
other identifying number, provided it has accurately transmitted the numbers
provided.

                (b)     This Agreement 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. It may be executed in several original or facsimile
counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument.

                (c)     This Agreement contains the entire agreement and
understanding of the parties hereto with respect to the subject matter hereof.
This Agreement or any provision hereof may only be changed, amended or modified
by a writing signed by each of the parties hereto; provided, however, that no
such change, amendment or modification may be made without the prior written
consent of the Co-Representatives. As to any claim, cross-claim or counterclaim
in any way relating to this Agreement, each party waives the right to trial by
jury.

                                       5
<PAGE>

                (d)     The parties hereto consent to the jurisdiction and venue
of any state or federal court located in the City of New York, Borough of
Manhattan, for purposes of resolving any disputes hereunder.

                (e)     Any notice, consent or request to be given in connection
with any of the terms or provisions of this Agreement shall be in writing and
shall be sent by express mail or similar private courier service, by certified
mail (return receipt requested), by hand delivery or by facsimile transmission:

                if to the Trustee, to:

                        Continental Stock Transfer
                        & Trust Company
                        17 Battery Place
                        New York, New York 10004
                        Attn:  Steven G. Nelson, Chairman
                        Fax No.:  (212) 509-5150

                if to the Company, to:
                        Media & Entertainment Holdings, Inc.
                        4429 Edmondson Avenue
                        Dallas, TX 75205
                        Attn:  Herbert A. Granath, Chief Executive Officer
                        Fax No.:  (214) __________

                in either case with a copy to:

                        Lazard Capital Markets LLC
                        30 Rockefeller Plaza
                        New York, New York 10112
                        Attn: Robert Lagay

                        and

                        Ladenburg Thalmann & Co. Inc.
                        153  East 53rd Street
                        New York, New York 10022
                        Attn:    Peter H. Blum
                        Fax No.:

                        and

                        Greenberg Traurig, LLP
                        MetLife Building
                        200 Park Avenue
                        New York, New York 10166
                        Attn: Alan I. Annex, Esq.
                        Fax No.: (212) 801-6400

                (f)     This Agreement may not be assigned by the Trustee
without the prior written consent of the Company and the Co-Representatives.

                (g)     Each of the Trustee and the Company hereby represents
that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated
hereunder. The Trustee acknowledges and agrees that it

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<PAGE>

shall not make any claims or proceed against the Trust Account, including by way
of set-off, and shall not be entitled to any funds in the Trust Account under
any circumstance.

                IN WITNESS WHEREOF, the parties have duly executed this
Investment Management Trust Agreement as of the date first written above.

                                        CONTINENTAL STOCK TRANSFER & TRUST
                                        COMPANY, as Trustee

                                        By: ____________________________________
                                            Name:      Steven G. Nelson
                                            Title:     Chairman

                                        MEDIA & ENTERTAINMENT HOLDINGS, INC.

                                        By: ____________________________________
                                            Name:      Herbert A. Granath
                                            Title:     Chief Executive Officer

                                       7
<PAGE>

                                    EXHIBIT A

                             [LETTERHEAD OF COMPANY]

[INSERT DATE]

Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:  Steven G. Nelson

                Re:    Trust Account No. [                  ] Termination Letter

Gentlemen:

                Pursuant to paragraph 1(i) of the Investment Management Trust
Agreement between Media & Entertainment Holdings, Inc. ("Company") and
Continental Stock Transfer & Trust Company ("Trustee"), dated as of __________,
2005 ("Trust Agreement"), this is to advise you that the Company has entered
into an agreement ("Business Agreement") with __________________ ("Target
Business") to consummate a business combination with Target Business ("Business
Combination") on or about [insert date]. The Company shall notify you at least
48 hours in advance of the actual date of the consummation of the Business
Combination ("Consummation Date").

                In accordance with the terms of the Trust Agreement, we hereby
authorize you to commence liquidation of the Trust Account to the effect that,
on the Consummation Date, all of funds held in the Trust Account will be
immediately available for transfer to the account or accounts that the Company
shall direct on the Consummation Date.

                On the Consummation Date (i) counsel for the Company shall
deliver to you written notification that the Business Combination has been
consummated and (ii) the Company shall deliver to you (a) [AN AFFIDAVIT] [A
CERTIFICATE] of __________, which verifies the vote of the Company's
stockholders in connection with the Business Combination, and (b) written
instructions with respect to the transfer of the funds held in the Trust Account
("Instruction Letter"). You are hereby directed and authorized to transfer the
funds held in the Trust Account immediately upon your receipt of the counsel's
letter and the Instruction Letter, in accordance with the terms of the
Instruction Letter. In the event that certain deposits held in the Trust Account
may not be liquidated by the Consummation Date without penalty, you will notify
the Company of the same and the Company shall direct you as to whether such
funds should remain in the Trust Account and distributed after the Consummation
Date to the Company. Upon the distribution of all the funds in the Trust Account
pursuant to the terms hereof, the Trust Agreement shall be terminated.

                In the event that the Business Combination is not consummated on
the Consummation Date described in the notice thereof and we have not notified
you on or before the original Consummation Date of a new Consummation Date, then
the funds held in the Trust

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<PAGE>

Account shall be reinvested as provided in the Trust Agreement on the business
day immediately following the Consummation Date as set forth in the notice.

                            Very truly yours,

                            MEDIA & ENTERTAINMENT HOLDINGS, INC.

                                By:
                                    --------------------------------------------
                                    Herbert A. Granath, Chief Executive Officer

                                By:
                                    --------------------------------------------
                                    Bruce Maggin, Executive Vice President and
                                    Secretary

cc:     Lazard Capital Markets LLC
        Ladenburg Thalmann & Co. Inc.

                                       9
<PAGE>

                                    EXHIBIT B

                             [LETTERHEAD OF COMPANY]

[INSERT DATE]

Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:  Steven G. Nelson

               Re:    Trust Account No. [             ] Termination Letter

Gentlemen:

        Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Media & Entertainment Holdings, Inc. ("Company") and Continental Stock
Transfer & Trust Company ("Trustee"), dated as of , 2006 ("Trust Agreement"),
this is to advise you that the Company has been unable to effect a Business
Combination with a Target Company within the time frame specified in the
Company's Certificate of Incorporation, as described in the Company's prospectus
relating to its IPO.

        In accordance with the terms of the Trust Agreement, we hereby authorize
you to commence liquidation of the Trust Account. The Company will establish a
record date for the purposes of determining the stockholders entitled to receive
their share of liquidation proceeds. The record date shall be within ten (10)
days of the date of this letter or as soon thereafter as is reasonably
practicable and legally permissible. You will notify the Company in writing as
to when all of the funds in the Trust Account will be available for immediate
transfer ("Transfer Date") in accordance with the terms of the Trust Agreement
and the Certificate of Incorporation of the Company. You shall commence
distribution of such funds in accordance with the terms of the Trust Agreement
and the Certificate of Incorporation of the Company and you shall oversee the
distribution of the funds. Upon the distribution of all the funds in the Trust
Account, your obligations under the Trust Agreement shall be terminated.

                            Very truly yours,

                            MEDIA & ENTERTAINMENT HOLDINGS, INC.

                                By:
                                    --------------------------------------------
                                    Herbert A. Granath, Chief Executive Officer

                                By:
                                    --------------------------------------------
                                    Bruce Maggin, Executive Vice President and
                                    Secretary

                                       10
<PAGE>

                                    EXHIBIT C

---------------------------------------- ---------------------------------------
AUTHORIZED INDIVIDUAL(S)                 AUTHORIZED
FOR TELEPHONE CALL BACK                  TELEPHONE NUMBER(S)
-----------------------                  -------------------
---------------------------------------- ---------------------------------------

---------------------------------------- ---------------------------------------

---------------------------------------- ---------------------------------------
COMPANY:
---------------------------------------- ---------------------------------------

---------------------------------------- ---------------------------------------
Media & Entertainment Holdings, Inc.
4429 Edmondson Avenue
Dallas, TX 75205
Attn: Herbert A. Granath,
      Chief Executive Officer            (214) 522-9893
---------------------------------------- ---------------------------------------

---------------------------------------- ---------------------------------------
TRUSTEE:
---------------------------------------- ---------------------------------------

---------------------------------------- ---------------------------------------
Continental Stock Transfer
  & Trust Company
17 Battery Place
New York, New York 10004
Attn:  Steven G. Nelson                  (212) 845-3200
---------------------------------------- ---------------------------------------

                                       11Exhibit 10.10

                                     FORM OF

                             STOCK ESCROW AGREEMENT

                STOCK ESCROW AGREEMENT, dated as of ___________ ___, 2006
("Agreement") by and among Media & Entertainment Holdings, Inc., a Delaware
corporation ("Company"), the undersigned parties listed as Initial Stockholders
on the signature page hereto (collectively, the "Initial Stockholders") and
Continental Stock Transfer & Trust Company, a New York corporation ("Escrow
Agent").

                WHEREAS, the Company has entered into an Underwriting Agreement,
dated _______ __, 2006 ("Underwriting Agreement") with Lazard Capital Markets
LLC ("Lazard") and Ladenburg Thalmann & Co. Inc. ("Ladenburg") acting as
co-representatives of the several underwriters (collectively with Lazard and
Ladenburg, the "Underwriters"), pursuant to which, among other matters, the
Underwriters have agreed to purchase 9,000,000 units ("Units") of the Company.
Each Unit consists of one share of the Company's Common Stock, par value $.0001
per share, and two Warrants, each Warrant to purchase one share of Common Stock,
all as more fully described in the Company's definitive Prospectus, dated
________ __, 2006 ("Prospectus") comprising part of the Company's Registration
Statement on Form S-1 (File No. 333-128218) under the Securities Act of 1933, as
amended ("Registration Statement"), declared effective on ________ __, 2006
("Effective Date").

                WHEREAS, the Initial Stockholders have agreed as a condition of
the sale of the Units to deposit their shares of Common Stock of the Company, as
set forth opposite their respective names in Exhibit A attached hereto
(collectively "Escrow Shares"), in escrow as hereinafter provided.

                WHEREAS, the Company and the Initial Stockholders desire that
the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed
as hereinafter provided.

                IT IS AGREED:

        1.      APPOINTMENT OF ESCROW AGENT. The Company and the Initial
Stockholders hereby appoint the Escrow Agent to act in accordance with and
subject to the terms of this Agreement and the Escrow Agent hereby accepts such
appointment and agrees to act in accordance with and subject to such terms.

        2.      DEPOSIT OF ESCROW SHARES. On or before the Effective Date, each
of the Initial Stockholders shall deliver to the Escrow Agent certificates
representing his or her respective Escrow Shares, to be held and disbursed
subject to the terms and conditions of this Agreement. Each Initial Stockholder
acknowledges that the certificate representing his or her Escrow Shares is
legended to reflect the deposit of such Escrow Shares under this Agreement.

        3.      DISBURSEMENT OF THE ESCROW SHARES. The Escrow Agent shall hold
the Escrow Shares until the first anniversary of the completion by the Company
of a business combination ("Escrow Period"), on which date it shall, upon
written instructions from each Initial

<PAGE>

Stockholder, disburse each of the Initial Stockholder's Escrow Shares to such
Initial Stockholder; provided, however, that if the Escrow Agent is notified by
the Company pursuant to Section 6.7 hereof that the Company is being liquidated
at any time during the Escrow Period, then the Escrow Agent shall promptly
destroy the certificates representing the Escrow Shares; provided further, that
if, after the Company consummates a Business Combination (as such term is
defined in the Registration Statement), it (or the surviving entity)
subsequently consummates a liquidation, merger, stock exchange or other similar
transaction which results in all of its stockholders of such entity having the
right to exchange their shares of Common Stock for cash, securities or other
property, then the Escrow Agent will, upon receipt of a certificate, executed by
either the Chairman of the Board or President of the Company, in form reasonably
acceptable to the Escrow Agent, that such transaction is then being consummated,
release the Escrow Shares to the Initial Stockholders so that they can similarly
participate. The Escrow Agent shall have no further duties hereunder after the
disbursement or destruction of the Escrow Shares in accordance with this Section
3.

        4.      RIGHTS OF INITIAL STOCKHOLDERS IN ESCROW SHARES.

                4.1.    VOTING RIGHTS AS A STOCKHOLDER. Subject to the terms of
the Insider Letter described in Section 4.4 hereof and except as herein
provided, the Initial Stockholders shall retain all of their rights as
stockholders of the Company during the Escrow Period, including, without
limitation, the right to vote such shares.

                4.2.    DIVIDENDS AND OTHER DISTRIBUTIONS IN RESPECT OF THE
ESCROW SHARES. During the Escrow Period, all dividends payable in cash with
respect to the Escrow Shares shall be paid to the Initial Stockholders, but all
dividends payable in stock or other non-cash property ("Non-Cash Dividends")
shall be delivered to the Escrow Agent to hold in accordance with the terms
hereof. As used herein, the term "Escrow Shares" shall be deemed to include the
Non-Cash Dividends distributed thereon, if any.

                4.3.    RESTRICTIONS ON TRANSFER. During the Escrow Period, no
sale, transfer or other disposition may be made of any or all of the Escrow
Shares except (i) by gift to a member of Initial Stockholder's immediate family
or to a trust or other entity, the beneficiary of which is an Initial
Stockholder or a member of an Initial Stockholder's immediate family, (ii) by
virtue of the laws of descent and distribution upon death of any Initial
Stockholder, or (iii) pursuant to a qualified domestic relations order;
provided, however, that such permissive transfers may be implemented only upon
the respective transferee's written agreement to be bound by the terms and
conditions of this Agreement and of the Insider Letter signed by the Initial
Stockholder transferring the Escrow Shares. During the Escrow Period, the
Initial Stockholders shall not pledge or grant a security interest in the Escrow
Shares or grant a security interest in their rights under this Agreement.

                4.4.    INSIDER LETTERS. Each of the Initial Stockholders has
executed a letter agreement with Lazard and Ladenburg and the Company, dated as
indicated on Exhibit A hereto, and which is filed as an exhibit to the
Registration Statement ("Insider Letter"), respecting the rights and obligations
of such Initial Stockholder in certain events, including but not limited to the
liquidation of the Company.

                                       2
<PAGE>

        5.      CONCERNING THE ESCROW AGENT.

                5.1.    GOOD FAITH RELIANCE. The Escrow Agent shall not be
liable for any action taken or omitted by it in good faith and in the exercise
of its own best judgment, and may rely conclusively and shall be protected in
acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or
other paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person or persons. The
Escrow Agent shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement unless evidenced by a
writing delivered to the Escrow Agent signed by the proper party or parties and,
if the duties or rights of the Escrow Agent are affected, unless it shall have
given its prior written consent thereto.

                5.2.    INDEMNIFICATION. The Escrow Agent shall be indemnified
and held harmless by the Company from and against any expenses, including
counsel fees and disbursements, or loss suffered by the Escrow Agent in
connection with any action, suit or other proceeding involving any claim which
in any way, directly or indirectly, arises out of or relates to this Agreement,
the services of the Escrow Agent hereunder, or the Escrow Shares held by it
hereunder, other than expenses or losses arising from the gross negligence or
willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow
Agent of notice of any demand or claim or the commencement of any action, suit
or proceeding, the Escrow Agent shall notify the other parties hereto in
writing. In the event of the receipt of such notice, the Escrow Agent, in its
sole discretion, may commence an action in the nature of interpleader in an
appropriate court to determine ownership or disposition of the Escrow Shares or
it may deposit the Escrow Shares with the clerk of any appropriate court or it
may retain the Escrow Shares pending receipt of a final, non appealable order of
a court having jurisdiction over all of the parties hereto directing to whom and
under what circumstances the Escrow Shares are to be disbursed and delivered.
The provisions of this Section 5.2 shall survive in the event the Escrow Agent
resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

                5.3.    COMPENSATION. The Escrow Agent shall be entitled to
reasonable compensation from the Company for all services rendered by it
hereunder. The Escrow Agent shall also be entitled to reimbursement from the
Company for all expenses paid or incurred by it in the administration of its
duties hereunder including, but not limited to, all counsel, advisors' and
agents' fees and disbursements and all taxes or other governmental charges.

                5.4.    FURTHER ASSURANCES. From time to time on and after the
date hereof, the Company and the Initial Stockholders shall deliver or cause to
be delivered to the Escrow Agent such further documents and instruments and
shall do or cause to be done such further acts as the Escrow Agent shall
reasonably request to carry out more effectively the provisions and purposes of
this Agreement, to evidence compliance herewith or to assure itself that it is
protected in acting hereunder.

                5.5.    RESIGNATION. The Escrow Agent may resign at any time and
be discharged from its duties as escrow agent hereunder by its giving the other
parties hereto written notice and such resignation shall become effective as
hereinafter provided. Such resignation shall become

                                       3
<PAGE>

effective at such time that the Escrow Agent shall turn over to a successor
escrow agent appointed by the Company, the Escrow Shares held hereunder. If no
new escrow agent is so appointed within the 60 day period following the giving
of such notice of resignation, the Escrow Agent may deposit the Escrow Shares
with any court it deems appropriate.

                5.6.    DISCHARGE OF ESCROW AGENT. The Escrow Agent shall resign
and be discharged from its duties as escrow agent hereunder if so requested in
writing at any time by the other parties hereto, jointly, provided, however,
that such resignation shall become effective only upon acceptance of appointment
by a successor escrow agent as provided in Section 5.5.

                5.7.    LIABILITY. Notwithstanding anything herein to the
contrary, the Escrow Agent shall not be relieved from liability hereunder for
its own gross negligence or its own willful misconduct.

        6.      MISCELLANEOUS.

                6.1.    GOVERNING LAW. This Agreement shall for all purposes be
deemed to be made under and shall be construed in accordance with the laws of
the State of New York. Each of the parties 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.
Each of the parties hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum.

                6.2.    THIRD PARTY BENEFICIARIES. Each of the Initial
Stockholders hereby acknowledges that the Underwriters are third party
beneficiaries of this Agreement and this Agreement may not be modified or
changed without the prior written consent of Lazard and Ladenburg.

                6.3.    ENTIRE AGREEMENT. This Agreement contains the entire
agreement of the parties hereto with respect to the subject matter hereof and,
except as expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to the charged. It may be executed in
several original or facsimile counterparts, each one of which shall constitute
an original, and together shall constitute but one instrument.

                6.4.    HEADINGS. The headings contained in this Agreement are
for reference purposes only and shall not affect in any way the meaning or
interpretation thereof.

                6.5.    BINDING EFFECT. This Agreement shall be binding upon and
inure to the benefit of the respective parties hereto and their legal
representatives, successors and assigns.

                6.6.    NOTICES. Any notice or other communication required or
which may be given hereunder shall be in writing and either be delivered
personally or be mailed, certified or registered mail, or by private national
courier service, return receipt requested, postage prepaid, and shall be deemed
given when so delivered personally or, if mailed, two days after the date of
mailing, as follows:

                                       4
<PAGE>

                If to the Company, to:

                        Media & Entertainment Holdings, Inc.
                        4429 Edmondson Avenue
                        Dallas, TX 75205
                        Attn:  Herbert A. Granath, Chief Executive Officer

                If to a Stockholder, to his address set forth in Exhibit A.

                and if to the Escrow Agent, to:

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

                A copy of any notice sent hereunder shall be sent to:

                        Greenberg Traurig LLP
                        MetLife Building
                        200 Park Avenue
                        New York, New York 10166
                        Attn:  Alan I. Annex, Esq.

                and:

                        Lazard Capital Markets LLC
                        30 Rockefeller Plaza
                        New York, New York 10112
                        Attn:    Robert Lagay

                and:

                        Ladenburg Thalmann & Co. Inc.
                        153 East 53rd Street
                        New York, New York 10022
                        Attn:    Peter H. Blum

                and:

                        Kirkpatrick and Lockhart Nicholson Graham LLP
                        599 Lexington Avenue
                        New York, New York 10022
                        Attn:  Robert S. Matlin, Esq.

               The parties may change the persons and addresses to which the
notices or other communications are to be sent by giving written notice to any
such change in the manner provided herein for giving notice.

                6.7.    LIQUIDATION OF COMPANY. The Company shall give the
Escrow Agent written notification of the liquidation and dissolution of the
Company in the event that the Company fails to consummate a Business Combination
within the time period(s) specified in the Prospectus.

                                       5
<PAGE>

                WITNESS the execution of this Agreement as of the date first
above written.

                            MEDIA & ENTERTAINMENT HOLDINGS, INC.

                            By:
                                -------------------------------------------
                                Herbert A. Granath, Chief Executive Officer

                           INITIAL STOCKHOLDERS:

                                ---------------------------------
                                Herbert A. Granath

                                ---------------------------------
                                Harvey M. Seslowsky

                                ---------------------------------
                                Robert C. Clauser, Jr.

                                ---------------------------------
                                Bruce Maggin

                           HEARST CORPORATION

                           By:________________________________
                                 Name:
                                 Title:

                           CONTINENTAL STOCK TRANSFER
                           & TRUST COMPANY

                           By:________________________________
                                 Name:  Steven G. Nelson
                                 Title: Chairman

                                       6
<PAGE>

                                    EXHIBIT A

Name and Address of           Number           Stock                 Date of
Initial Stockholder         of Shares    Certificate Number       Insider Letter
-------------------

Herbert A. Granath           495,000           [__]               April 25, 2006

Harvey M. Seslowsky          495,000           [__]               April 25, 2006

Robert C. Clauser, Jr.,      495,000           [__]               April 25, 2006

Bruce Maggin                 495,000           [__]               April 25, 2006

The Hearst Corporation       270,000           [__]               April 27, 2006

                                       7

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