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Exhibit 4.51    
    

 
  [CONFORMED COPY]    
    

	Client's No.:  12168295	 	Transaction No.:  HF-230-24/03
	

 	
 	

Administrator:  Lehoczky Artúr

LOAN AGREEMENT  

concluded
by and between 

MTM-SBS Television Company Limited by Shares

Abbreviated name: MTM-SBS Rt

Registered seat: 1045 Budapest, Róna u. 174

Main activity: Radio and television program broadcasting

Company registry number: 01-10-043174

Tax number: 12168295-2-44

Central Statistics Code: 12168295-9214-114-01

Names and status of the representatives of the Company: Szilágyi Miklós member of the Board of Directors, Dr. Benke Gábor member of the Board of
Directors

as borrower (hereinafter referred to as: the "Client") on the one hand 

and

Postabank és Takarékpénztár Rt.

Registered seat: 1132 Budapest, Váci út 48.

Name and status of the representatives of the Company: Koltai Zsolt senior executive director, dr. Koji Ferenc senior executive director

Company registry number: 01-10-041107

Tax number: 10215418-2-44

Central Statistics Code: 10215418-6512-114-01

as the lending bank (hereinafter referred to as: the "Bank") on the other hand, together referred to as the "Parties" 

at
the time and place indicated below and under the following terms and conditions: 

Preamble  

        Simultaneously with the conclusion of the present loan agreement, the contracting Parties shall also conclude an Agreement to determine the antecedents of their
legal relationships and the organizing principles for settling them. 

Subject of the agreement—amount, purpose, costs, availability and maturity of the loan  

        1. The Bank shall grant the Client a loan in the amount of 

        1,400,000,000 HUF that is one billion and four hundred million Hungarian forints.

        2. The purpose of the loan: Settlement of the debt arising from Loan Agreement No. HF-0024/97. - present registration number:
HF-230-24/97. 

        3. The Bank shall make the amount of the loan available as follows:  

        3.1. Condition for disbursement of the loan: incorporation of the Primary Surety Agreement specified in Section 15 of the present
agreement into a notarial deed. 

        3.2. The Bank shall transfer 1,400,000,000 HUF that is one billion and four hundred million Hungarian forints within
one banking day following the fulfillment of the condition set forth for 

 

disbursement
of the loan to the Client's bank account No 11991102-02199996804-10000049 at the Bank. Upon signing the present loan agreement, the Client gives its irrevocable
commission to the Bank to transfer the disbursed amount to bank account No. 11991102-02196804-00010009 of the Bank for the total repayment of the
1,400,000,000 HUF loan outstanding on the day the present agreement comes into effect arising from Loan Agreement No. HF-0024/97. concluded between the Client and Postabank
és Takarékpénztár Rt. on 1 December, 1997. 

        4. Date of maturity: 

        The 1,400,000,000 HUF shall be due on March 24, 2006 in one amount.

        under
the condition that the Client shall be entitled to partially or totally prepay the outstanding principal and accrued interest before the maturity date. 

        5. The Client shall pay a disbursement fee of HUF 57,195,833 after the disbursed amount at the time of the conclusion of the
present agreement, in such manner, that the Bank shall be entitled without any express instruction from the Client to debit Client's bank account
No.: 11991102-02196804-00070003 with the amount of the disbursement fee. The balance of the bank account specified in this Section is HUF 73,306,298 on
March 24, 2003. Following the collection of the disbursement fee the Bank shall transfer the balance of the account to Client's current account
No.: 11991102-02196804-00000000. 

        6. The annual interest rate for the disbursed amount of the loan shall be fixed 9.24% from the starting date of the disbursement. 

        The
interest shall be computed—with daily interest calculation—according to the formula set forth below by applying annual interest rate on the basis of
365/360 days a year. 

Principal
* calendar days of the period * interest rate

360 * 100 

        Interests
shall be payable for the period between the disbursement date and the day directly prior to the one on which the Client performs its payment obligation. Interest shall accrue
from the date of disbursement as referred to in Section 3.2 hereto. 

        7. Interests shall be paid quarterly (in every three month) in arrears, on the last day of the calendar quarter. Should the loan fall due
or be repaid on a day other than the last day of a month for any reason, the due date of the interest shall be the maturity date or repayment date of the loan. In case the due date of interest is not
a working day or banking day than the due date is the next working day. 

        8. The Bank shall notify the Client of every payment transaction in connection with the Loan by sending a written statement of account.
Each statement of account shall contain the account number on which the loan is registered, the number of any other bank account used for other payment transactions relating to the Loan and in case of
borrowers, who do not have an account at the Bank, also the number of the technical accounts opened for the client. 

        9. The disbursement date shall be the date on which the Bank debits the loan registration account
No. 11991102-02196804-10000049. with the amount of the Loan. The Client acknowledges that the Bank is entitled to credit bank account
No. 11991102-02196804-00010009. with the amount of the Loan on the same day without any express instruction from the Client to do so. 

        On
payment dates the Client shall provide—without any request of the Bank—on its current account a coverage for the total amount of the Loan and its accrued
interests payable on the payment dates specified in Section 4 and 7. The Client acknowledges that on the due date the Bank is entitled without any express instruction from the Client to
transfer the amounts due and payable and available on the account specified above to the loan registration account. 

2

 

        Payment
obligations shall be considered performed by the Client the day on which the Bank credits the loan registration account of the Client with the repaid amount. 

        10. The principal amount of the Loan and its accrued interests at all times shall be determined on the basis of the business books and
accounts maintained by the Bank except in case of a manifest error. The Client shall accept this stipulation by signing the present agreement. 

Rights and Obligations  

        11. The Client shall notify the Bank without any delay in writing if winding-up, liquidation or
bankruptcy proceeding is initiated against it and if any change occurs in its operation (financial position, cash flow, amount, maturity date or nature of its debts, etc.) or organization which may
affect its ability to perform its obligations stipulated in the present agreement. 

        The
Client shall notify the Bank within 5 days in writing if it opens a current account at another financial institution during the term of this agreement, or if it intends to
apply for a loan at another financial institution or intends to conclude a contract (e.g. primary surety agreement) with another financial institution stipulating financial obligation. 

        Failure
to perform any of the obligations stipulated in this Section shall be considered as serious breach of contract, provided that such breach relates to a matter the value of which
exceeds HUF 50,000,000. 

        12. Until the final repayment date the Bank is entitled to inspect and continuously monitor the business operation of the Client even in
the premises of the Client (including in particular the inspection of the data stated in its books and balance sheets). The Bank may assign such inspection tasks to independent consultant agencies or
persons as its authorized representatives, provided that the proceeding representatives shall present their powers of attorney duly signed by the Bank. 

        Any
data or information constituting bank secrets and/or business secrets obtained by the Bank during the performance of this Agreement shall be deemed bank secrets and treated by the
Bank according to the confidentiality standards described in its General Business Terms and Conditions and in the applicable provisions of law and the Bank shall be liable for the similar confidential
treatment of any such information or data by its representatives. 

        The
Client shall permit such inspection and shall cooperate with the Bank in the course of monitoring. 

        13. The Client declares that it does not have any outstanding liabilities of taxes or public debts and that all such liabilities of the
Client shall be regularly paid when due, or in case the Client fails to perform such obligation, it shall report its failure to the Bank in writing within 3 days from the relevant due date.
Upon the request of the Bank, the Client shall present to the Bank the documents certifying the performance of the obligations stipulated herein at any time. 

        14. The Client undertakes not to conclude any agreement with any other bank, or any other creditor—hereinafter referred to as:
the ?creditors"—under the term of this loan agreement, or as long as the Client has any payment obligation towards the Bank, which would decrease the amount or enforceability
of the securities stipulated to guarantee the loan provided under this agreement or which would put the loan provided by the Bank into a subordinated position compared to other obligations arisen in
the future. 

        The
above stipulation has no relevance to the fact that the present Loan is fully subordinated to loans based on Loan Agreements concluded among EBRD, Országos
Takarékpénztár és Kereskedelmi Bank Rt., Kereskedelmi és Hitelbank Rt. and the Client on 12 December 1997, provided in
the total amount of USD 14.3 million and DEM 23.6 million, to the extent of the outstanding amount of this loan at the time of conclusion of the present agreement and the
amount of their interests accrued in 

3

 

the
future, but exclusively until 2 January, 2006. As a consequence, the Client is not obliged to perform its obligations based on the present agreement, not even in case of the termination of
the present agreement,—except for cases defined in the last paragraph of this Section—until it has repaid its outstanding debt arising from the above EBRD,
Országos Takarékpénztár és Kereskedelmi Bank Rt. and Kereskedelmi és Hitelbank Rt. loans.(subordination) 

        The
Parties agree that the above-defined subordination does not affect the contractual and default interest due and payable under this agreement, including also the interest, which
becomes due as a result of termination defined in Section 17. 

Securities  

        15. To secure the payment of the Client "s debts towards the Bank based on the present agreement, the Bank and SBS
Broadcasting S.A. (8-10. rue Mathias Hardt, BP 39., L-2010, Luxemburg) conclude a Primary Surety Agreement which is the exclusive security of the debts specified herein. The
Primary Surety Agreement is attached to the present agreement as Annex 1 and is inseparable of the present agreement. 

        In
case the Client fails to perform its contractual obligations or the Client "s performance does not fully comply with the terms and conditions of the present Agreement, the Bank shall
be entitled to use the above security in order to enforce its claims. 

        The
Bank is not entitled to require any other security than the security specified herein, with the exception of the impossibility of the enforcement of claims based on the Primary
Surety undertaken by SBS Broadcasting S.A. for any reason—including specifically the invalidity of the security agreement or the termination of the primary surety company. 

        16. The Client authorises the Bank—in case the Client does not provide the necessary amount on its bank account when it falls
due—to debit any of the accounts that the Client has at the Bank, during the time of existence of the outstanding loan, in accordance with Para (2) Section 6 of Government
Decree No. 232/2001. (10 Dec.) on transferring money, services of money transfer and electronic payments, succeeding the order of the privileged payment orders, but preceding any payment
orders, exercising its right specified in the Lending Business Standards to set off debts and to collect this amount with a prompt collection order from the account specified in the Authorization
Letter constituting Annex 2 of the present agreement. 

        The
Client shall grant the Bank the right to submit a prompt collection order to the Client's bank specified below in the form it is required by the Client's bank and authorises the Bank
to submit the prompt collection order to the bank. 

        Specification
of the bank: 

Kereskedelmi
és Hitelbank Rt (1 051 Budapest Vigadó tér 1.) (Company registry number: 01-10-041043) 

Bank
account number: 10402142-21418684-00000000

Bank account number: 25250044 USD

Bank account number: 25250044 EUR 

        The
Client shall not withdraw the authorisation defined in this Section as long as it has an outstanding debt arising from the present agreement towards the Bank. 

        The
above obligations shall apply to the Client with regards to accounts opened at other banks at a later date. 

        Regarding
the accounts, which the Client has at the Bank, the Client shall not grant the right to submit a prompt collection order to any third person in the future. 

4

 

        The
above specified right to set off debts and the right to submit a prompt collection order—with the exception of the right to set off debts and the right to submit a prompt
collection order related to the enforcement of the due contractual and default interests—may only be exercised after the subordination defined in Section 14 of the present agreement
was terminated. 

Termination of the Agreement  

        17. The Bank shall be entitled to terminate the loan agreement with immediate effect if the Client fails to comply
with any of its obligations undertaken in the present Agreement, furthermore in cases set forth in Section 525 of the Civil Code; in this respect the termination of the bank account agreement
and notice of a bankruptcy, or liquidation procedure or initiation of an execution procedure, in case the claim enforced in the execution procedure exceeds HUF 50,000,000. shall be deemed as
cover-depriving behavior; infringement of Sections 11.; 12.; 13.; and 14. and 16 of the present loan agreement and any infringement by the Client and/or any other person issuing the security
set forth in Section 15 and 16 in connection with the provision of the said security shall be deemed as serious breach of contract. 

        The
Bank shall be entitled to terminate the loan agreement with immediate effect beyond the above, if the TV2 television channel owned by the Client ceases to exist or its broadcasting
or Broadcasting Concession is suspended for a period of more than two weeks, or the Broadcasting Agreement is terminated by the competent authorities for any reason. 

        Also,
the Bank shall be entitled to terminate the present agreement if the Client infringes its obligation towards any other banks undertaken by a contract or infringes any of its
obligations towards the Bank based on other contracts in a manner that serves as a reason for termination of the above contracts and the Bank or the other bank lawfully terminates these contracts. 

        18. Upon termination of the agreement by the Bank and by any reason the debt of the Client towards the Bank still existing becomes due.
The Bank claims 6 per cent per annum interests on default for the time of default on the principal sum due by the Agreement or by its termination of any reason beyond the contractual interest, set
forth in the legal regulations governing bank loans—6 per cent per annum at the moment—and on other due debts—contractual interest, commissions, fees and costs. 

        The
Parties agree that in case of termination of the agreement by any reason, the Bank treats the sum not repaid as a short term loan. 

Jurisdiction and Applicable Law  

        19. The parties hereby agree that all disputes arising from or in connection with the present contract, its
breach, termination, validity or interpretation, shall be exclusively decided by the Permanent Court of Arbitration to Money and Capital Markets (Budapest) ("PCAM") in accordance with its own Rules of
Proceedings. The number of arbitrators shall be three. The language to be used in the arbitral proceedings shall be Hungarian. Furthermore the parties agree that the presiding arbitrator shall be
elected from the following persons: dr. Kovács Erika, dr. Tajthy Attila, dr. Szabó Boldizsár, dr. Õsi Zsolt, dr. Kraudi Adrienne. In case
the arbitrators appointed by the parties do not appoint the presiding arbitrator within eight days of the nomination of the second arbitrator, the member of the Board of PCAM shall appoint the
presiding arbitrator from the mentioned five persons. The losing party shall reimburse the duly verified costs and expenses of the victorious party emerged in connection with the said proceedings. 

        20. In any matters not regulated herein the provisions of the bank account agreement executed between the Parties on November 28,
1997, the General Business Terms and Conditions of the Bank, the Lending Business Standards, the general standards of agreements and specific standards of loan 

5

 

agreements
and credit agreements all as provided in the Hungarian Civil Code and the laws and regulations of financial transactions and bank loans shall apply. With the signing of the present
agreement the Client acknowledges that it has gained knowledge of the General Business Terms and Conditions of the Bank and accepted the provisions therein. 

Effectiveness  

        21. The present loan agreement shall become effective upon the due execution of the Client and the Bank. 

Miscellaneous  

        22. Simultaneously with the performance of the obligations set forth in Section 3 of the present agreement the loan agreement
(No.: HF-0024/97.) executed between the Parties December 1, 1997 shall cease to have effect. 

        23. The Parties undertake to incorporate the present agreement in a notarial document simultaneously with its execution at the Bank's
expense. 

        Budapest,
24 March 2003. 

	MTM-SBS TELEVISION COMPANY LIMITED BY SHARES	 	POSTABANK ÉS TAKARÉKPÉNZTÁR RT.
	 	 	 	 	 	 	 
	
MTM-SBS Televízió Rt.	 	
Postabank és Takarékpénztár Rt.
	 	 	 	 	 	 	 
	By:	 	/s/  SZILÁGYI MIKLÓS      
Szilágyi Miklós

Member of the Board of Directors	 	By:	 	/s/  KOLTAI ZSOLT      
Koltai Zsolt

Senior Executive Director
	 	 	 	 	 	 	 
	By:	 	/s/  DR. BENKE GÁBOR      
Dr. Benke Gábor

Member of the Board of Directors	 	By:	 	/s/  DR. KOJI FERENC      
Dr. Koji Ferenc

Senior Executive Director

6

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Exhibit 4.51

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Exhibit 4.52    
    

[CONFORMED
COPY] 

AGREEMENT  

concluded between 

MTM-SBS TELEVIZIÓ Rt.,  

 SBS BROADCASTING S.A.  

and 

POSTABANK
ÉS TAKARÉKPÉNZTÁR Rt. 

Dated
24 March 2003 

 

This
agreement (hereinafter: Agreement) 

is
concluded by and between 

MTM-SBS TELEVÍZIÓ Rt.    (registered seat: 1045-Budapest, Róna u. 174,
Hungary, company registry number: 01-10-043174, names and positions of the persons entitled to representation: Szilágyi Miklós member of
the Board of Directors, Dr. Benke Gábor member of the Board of Directors), as borrower (hereinafter: ?Borrower", in the Loan Agreement: ?Customer", in the
Advertising Service Agreement: ?Service Provider"), 

and

SBS BROADCASTING S.A.    (registered seat: 8.10. rue Mathias Hardt, BP 39, L-1717, Luxembourg, company registry number: B
31996—Registere de Commerce et des Sociétés, Luxembourg, names and positions of the persons entitled to representation: David Stogel appointed
Attorney-in-Fact) (hereinafter: "SBS"), 

and

POSTABANK ÉS TAKARÉKPÉNZTÁR Rt.    (registered seat: 1132-Budapest,
Váci út 48., Hungary, company registry number: 01-10-041107, represented by: Operational and Special Risk Management Division, names and positions
of the persons entitled to representation: Dr. Koji Ferenc senior executive director, Lehoczky Artúr section manager) (hereinafter and with respect to all contracts: "Bank")
(hereinafter collectively referred to as the "Parties" and the "Parties concerned" with respect to the given contract) 

On
the place and date set forth below with the following terms and conditions: 

	I.	 	RECITALS
	 	 	 
	1.1.	 	Whereas the Bank and the Customer concluded a Loan Agreement dated December 1, 1997 ("Loan Agreement") on the basis of which the Bank lends the sum of HUF 1.000.000.000 to the Customer (hereinafter: the "Loan")
under the terms and conditions set forth in the Loan Agreement. In compliance with the provisions defined in that Loan Agreement the Bank paid the total sum of the Loan to the Customer.
	 	 	 
	1.2.	 	Whereas the Bank and the Customer concluded an Advertising Service Agreement dated December 1, 1997 (hereinafter: "Advertising Agreement") pursuant to which the Bank has undertaken the obligation to use the
advertising services of the Customer to an extent that fully covers the Loan under the Loan Agreement.
	 	 	 
	1.3.	 	According to Section 2.3 of the Loan Agreement the Customer performs its payment obligation in a manner that the Customer is entitled to include the net fee due to it on the basis of the Advertising Agreement to
offset its debts on interests due and the potential remainders to offset its debt on the principal sum.
	 	 	 
	 	 	Based on the Loan Agreement in case repayment of the total sum of the loan does not take place until October 15, 2002 as stipulated by the provisions of the Advertising Agreement, the remaining sum of the loan shall
no longer bear any interest and the Bank remains entitled to use the Customer's advertising services until December 31, 2005 as long as the loan of the Customer provided by the Consortium led by EBRD becomes due. In accordance with the Loan
Agreement that part of the Loan outstanding that is not used by the provision of advertising service becomes due January 2, 2006.
	 	 	 
	 	 	 

2

 

	1.4.	 	Whereas the Bank and the Buyer concluded an option agreement dated December 23, 1997 for the purchase of claims (hereinafter: Put Option Agreement) on the basis of which the Buyer granted an option to the Bank with
which the Bank unilaterally became entitled to sell its claims arising from the Loan Agreement to the Buyer in the cases set forth in the Put Option Agreement. The Bank—with respect to the deadline set forth in Section 6. of the Put Option
Agreement—validated its option to sell December 19, 2002. The Buyer did not accept that the Bank exercised its option right to sell and declared it unlawful.
	 	 	 
	II.	 	TERMINATION OF THE AGREEMENTS, NEW AGREEMENTS
	 	 	 
	2.1.	 	The Parties concerned in the Loan Agreement hereby agree that the Bank shall release HUF 425,548,672 debt out of the HUF 1,825,548,672 outstanding debt in accordance with the Loan Agreement and simultaneously
with that they conclude a new loan agreement (hereinafter: the "New Loan Agreement") secured by the primary surety of the owner issued by SBS (hereinafter: the "Primary Surety Agreement"). On the basis of the New Loan Agreement the Bank lends a loan
of HUF 1.4 billion, which amount shall be used for the repayment of the HUF 1,400,000,000 outstanding debt of the Customer arising from the Loan Agreement, with the fixed interest rate of 9.24 percent per annum, the maturity date
being March 24, 2006. On the basis of the New Loan Agreement, upon its execution the Borrower is obliged to pay a disbursement fee of HUF 57,195,833.
	 	 	 
	2.2.	 	The Parties concerned in the Advertising Agreement hereby agree that the Advertising Agreement was terminated as of December 1, 2002. The Parties acknowledge that between the Bank and the Service Provider
negotiations are in process for the conclusion of new advertising agreement.
	 	 	 
	2.3.	 	The Parties concerned in the Put Option Agreement agree that the Bank withdraws its unilateral statement of December 19, 2002. SBS hereby accepts the withdrawal and declares that it has no claim under no legal title
in connection with the Put Option Agreement and/or its withdrawal and explicitly, unconditionally and irrevocably waives the right to enforce such claims. The Bank declares that it does not have any claim arising from the Put Option Agreement towards
the Borrower or SBS.
	 	 	 
	III.	 	SETTLEMENT OF CLAIMS
	 	 	 
	 	 	 

3

 

	3.1	 	The Parties agree that as of the day of this Agreement the aggregate outstanding amount of principal and interest that is the total amount of the debt under the Loan Agreement is HUF 1,825,548, 672
(hereinafter:"Debt"). The amount of the Debt was calculated by the Parties in a way that the total amount of the aggregate principal and interest of the Loan, outstanding as of October 15, 2002 is reduced by the net fee payable for the
advertisement services rendered by the Client to the Bank in the period between October 15, 2002 and November 31, 2002. In addition, the Parties agree that—considering the release of interests due under the Loan Agreement by the Bank
as specified in Section 2.1 herein—the total amount of HUF 1,400,000,000 to be disbursed pursuant to the New loan Agreement, shall be used to repay all the debts of the Client under the Loan Agreement, whereby the Loan Agreement
terminates. From December 1, 2002 until the execution of the present agreement the Bank used the advertising service in the value of HUF 73,306,298—net with which the collateral sub-account of the Customer specified in the Loan
Agreement was credited. The Parties concerned in the Loan Agreement agree that the sum of the consideration for the advertising service defined above shall be used by the Borrower for paying the disbursement fee specified in Section 2.1. herein,
and the Borrower shall be free to use the remaining amount in accordance with Section 5 of the New Loan Agreement.
	 	 	 
	3.2	 	The Parties concerned consider the obligations of SBS towards the Bank on the basis of the Put Option Agreement terminated with retroactive effect as of 1 December 2002.
	 	 	 
	3.3	 	The Parties concerned—with respect to the termination of the Loan Agreement and the Advertising Agreement, and with respect to the execution of the New Loan Agreement and the Primary Surety Agreement securing the New
Loan Agreement—explicitly, unconditionally and irrevocably waive all of their rights and possible claims towards the other parties arising from the Loan Agreement, the Advertising Agreement and the Put Option Agreement and declare that with
respect to the waiver of rights they do not enforce any such right or claim under no legal title towards the other party and/or parties.
	 	 	 
	IV.	 	MISCELLANEOUS
	 	 	 
	4.1	 	The present Agreement shall enter into effect upon the duly execution of the New Loan Agreement and the Guarantee Agreement by the persons duly authorized and representing the Parties and all these new agreements enter
into effect.
	 	 	 
	4.2	 	The parties hereby agree that all disputes arising from or in connection with the present contract, its breach, termination, validity or interpretation, shall be exclusively decided by the Permanent Court of Arbitration
to Money and Capital Markets (Budapest) ("PCAM") in accordance with its own Rules of Proceedings. The number of arbitrators shall be three. The language to be used in the arbitral proceedings shall be Hungarian. Furthermore the parties agree that the
presiding arbitrator shall be elected from the following persons: dr. Kovács Erika, dr. Tajthy Attila, dr. Szabó Boldizsár, dr. ...si Zsolt, dr. Kraudi Adrienne. In case the arbitrators appointed by the parties do not appoint the
presiding arbitrator within eight days of the nomination of the second arbitrator, the member of the Board of PCAM shall appoint the presiding arbitrator from the mentioned five persons. The losing party shall reimburse the duly verified costs and
expenses of the victorious party emerged in connection with the said proceedings.
	 	 	 
	4.3	 	For any matters not regulated in the present Agreement the provisions of the law of Hungary, especially those of the Hungarian Civil Code shall apply.

4

 

EXECUTION  

The
Parties approvingly sign the present Agreement on a mutual interpretation and reading as fully corresponding to their will as follows. 

Budapest,
24 March 2003 

	POSTABANK ÉS TAKARÉKPÉNZTÁR RT.

Operational and Special Risk Management Division	 	MTM-SBS TELEVISION COMPANY LIMITED BY SHARES
	

By: \s\ DR. KOJI FERENC
 Dr. Koji Ferenc	
 	

By: \s\ SZILÁGYI MIKLÓS
 Szilágyi Miklós
	

By: \s\ LEHOCZKY ARTÚR
 Lehoczky Artúr	
 	

By: \s\ DR. BENKE GÁBOR
 Dr. Benke Gábor

SBS BROADCASTING S.A.  

By: \s\ DAVID STOGEL

        David Stogel

5

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Exhibit 4.52

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