Document:

<PAGE>

                                                                 EXHIBIT 10.9.1

                   LOEWS CINEPLEX ENTERTAINMENT CORPORATION

                                FIRST AMENDMENT
                              TO CREDIT AGREEMENT

          This FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is dated
as of February 29, 2000 and entered into by and among LOEWS CINEPLEX
ENTERTAINMENT CORPORATION, a Delaware corporation ("Company"), THE FINANCIAL
INSTITUTIONS LISTED ON THE SIGNATURE PAGES HEREOF (each individually referred to
herein as a "Lender" and collectively as "Lenders"), BANKERS TRUST COMPANY
("BTCo"), as administrative agent for Lenders (in such capacity, "Administrative
Agent") and as a Co-Syndication Agent, BANK OF AMERICA, N.A., as a Co-
Syndication Agent, THE BANK OF NEW YORK, as a Co-Syndication Agent and CREDIT
SUISSE FIRST BOSTON, as a Co-Syndication Agent, and is made with reference to
that certain Credit Agreement dated as of May 14, 1998 (the "Credit Agreement"),
by and among Company, Lenders, Administrative Agent and Co-Syndication Agents.
The Credit Agreement as amended by this Amendment is referred to herein as the
"Amended Agreement."  Capitalized terms used herein without definition shall
have the same meanings herein as set forth in the Credit Agreement.

                                   RECITALS

          WHEREAS, Company and Lenders desire to amend the Credit Agreement to
make certain amendments as set forth below.

          NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

          Section 1.  AMENDMENTS TO THE CREDIT AGREEMENT

          1.1  Amendments to Section 1: Provisions Relating to Defined Terms

          A.   Subsection 1.1 of the Credit Agreement is hereby amended by
adding thereto the following definition, which shall be inserted immediately
following the definition of "Financial Plan":

          "First Amendment Effective Date" means the date on which that certain
     First Amendment to Credit Agreement by and among Company, the Lenders
     listed on the signature pages thereof, BTCo, Bank of America, N.A., The
     Bank of New York and Credit Suisse First Boston amending the Agreement
     becomes effective.
<PAGE>

          B.   The definition of "Subsidiary Pledge Agreement" is hereby amended
by deleting therefrom the word "or" following the phrase "each Subsidiary
Guarantor on the Closing Date" and inserting the word "and" in substitution
therefor.

          C.   The definition of "Subsidiary Security Agreement" is hereby
amended by deleting therefrom the word "or" following the phrase "each
Subsidiary Guarantor on the Closing Date" and inserting the word "and" in
substitution therefor.

          D.   The definition of "Subsidiary Trademark Security Agreement" is
hereby amended by deleting therefrom the word "or" following the phrase "each
Subsidiary Guarantor on the Closing Date" and inserting the word "and" in
substitution therefor.

          1.2  Amendments to Section 2: Amounts and Terms of Commitments and
               -------------------------------------------------------------
Loans
-----

          A.   Subsection 2.1A of the Credit Agreement is hereby amended by
deleting therefrom the phrase "Tranche A" following the words "shall expire on
the" in the third to last sentence of clause (i) thereof.

          B.   Subsection 2.1B of the Credit Agreement is hereby amended by
deleting the phrase "Total Utilization of Tranche A Revolving Loans" from clause
(vi) of the fourth sentence thereof and substituting the following:  "Total
Utilization of Tranche A Revolving Loan Commitments".

          C.   Subsection 2.2A of the Credit Agreement is hereby amended by
replacing the Applicable Margin percentage "1.75%" with the Applicable Margin
percentage "2.125%" in the chart in subsection (b) thereof.

          1.3  Amendments to Section 7:  Company's Negative Covenants
               ------------------------------------------------------

          A.   Subsection 7.6A of the Credit Agreement is hereby amended by
deleting the chart included in such subsection and replacing such chart in its
entirety with the following:

<TABLE>
<CAPTION>
               --------------------------------------------------------------------------------
                        Period                               Maximum Total Leverage Ratio
               --------------------------------------------------------------------------------
               <S>                                           <C>
                Closing Date - First Amendment                         5.25:1.00
                Effective Date
               --------------------------------------------------------------------------------
                First Amendment Effective Date -                       6.25:1.00
                August 31, 2001
               --------------------------------------------------------------------------------
                September 1, 2001 - February 28,                       4.60:1.00
                2002
               --------------------------------------------------------------------------------
                March 1, 2002 and thereafter                           4.25:1.00
               --------------------------------------------------------------------------------
</TABLE>

                                       2
<PAGE>

          B.   Subsection 7.6B of the Credit Agreement is hereby amended by
deleting the chart included in such subsection and replacing such chart in its
entirety with the following:

<TABLE>
<CAPTION>
               -------------------------------------------------------------------------------
                        Period                                   Maximum Consolidated
                                                                    Leverage Ratio
               --------------------------------------------------------------------------------
               <S>                                                <C>
                Closing Date - First Amendment                            5.00:1.00
                Effective Date
               --------------------------------------------------------------------------------
                First Amendment Effective Date -                          5.85:1.00
                August 31, 2001
               --------------------------------------------------------------------------------
                September 1, 2001 - February 28,                          4.25:1.00
                2002
               --------------------------------------------------------------------------------
                March 1, 2002 and thereafter                              3.75:1.00
               --------------------------------------------------------------------------------
</TABLE>

          C.   Subsection 7.6C of the Credit Agreement is hereby amended by
deleting the chart included in such subsection and replacing such chart in its
entirety with the following:

<TABLE>
<CAPTION>
               --------------------------------------------------------------------------------
                        Period                            Minimum Debt Service Coverage Ratio
               --------------------------------------------------------------------------------
               <S>                                          <C>
                Closing Date - First Amendment                          1.35:1.00
                Effective Date
               --------------------------------------------------------------------------------
                First Amendment Effective Date -                        1.30:1.00
                February 28, 2001
               --------------------------------------------------------------------------------
                March 1, 2001 - August 31, 2001                         1.35:1.00
               --------------------------------------------------------------------------------
                September 1, 2001 - February 28,                        1.40:1.00
                2002
               --------------------------------------------------------------------------------
                March 1, 2002 and thereafter                            1.45:1.00
               --------------------------------------------------------------------------------
</TABLE>

          Section 2.     CONDITIONS TO EFFECTIVENESS

          2.1  General
               -------

          Section 1 of this Amendment shall become effective only upon the
satisfaction of all of the conditions precedent (the date of satisfaction of
such conditions being referred to herein as the "First Amendment Effective
Date") set forth in this Section 2.

          2.2  Deliveries by Company
               ---------------------

          A.   Company shall deliver to Lenders (or to Administrative Agent for
Lenders with sufficient originally executed copies, where appropriate, for each
Lender and its counsel) the following, each, unless otherwise noted, dated the
First Amendment Effective Date:

                                       3
<PAGE>

          (i)   an Officers' Certificate, in form and substance satisfactory to
     Administrative Agent, to the effect that the representations and warranties
     in Section 5 of the Credit Agreement are true, correct and complete in all
     material respects on and as of the First Amendment Effective Date to the
     same extent as though made on and as of that date (or, to the extent such
     representations and warranties specifically relate to an earlier date, that
     such representations and warranties were true, correct and complete in all
     material respects on and as of such earlier date) and that Company shall
     have performed in all material respects all agreements and satisfied all
     conditions which the Credit Agreement provides shall be performed or
     satisfied by it on or before the First Amendment Effective Date;

          (ii)  executed copies of this Amendment; and

          (iii) such other documents as Administrative Agent shall reasonably
     request.

          2.3  Completion of Proceedings
               -------------------------

          On or before the First Amendment Effective Date, all corporate and
other proceedings taken or to be taken in connection with the transactions
contemplated hereby and all documents incidental thereto not previously found
acceptable by Administrative Agent, acting on behalf of Lenders, and its counsel
shall be satisfactory in form and substance to Administrative Agent and such
counsel, and Agent and such counsel shall have received all such counterpart
originals or certified copies of such documents as Administrative Agent may
reasonably request.

          2.4  Fees.
               ----

          Company shall have paid to Administrative Agent, for distribution to
those Lenders who have executed and delivered this Amendment on or before
February 22, 2000 (the "Consenting Lenders"), an amendment fee equal to 0.125%
of the aggregate Commitments of the Consenting Lenders.  As soon as practicable
following the First Amendment Effective Date, the Administrative Agent shall
distribute to each Consenting Lender an amount determined by multiplying (a) the
                                                             -----------
total amount of such amendment fee by (b) a fraction the numerator of which is
the Commitment of that Consenting Lender and the denominator of which is the
aggregate Commitments of the Consenting Lenders.

          Section 3.  COMPANY'S REPRESENTATIONS AND WARRANTIES

          3.1  Representations and Warranties
               ------------------------------

          In order to induce Lenders to enter into this Amendment and to amend
the Credit Agreement in the manner provided herein, Company represents and
warrants to each Lender that the following statements are true, correct and
complete:

          A.   Company has all requisite corporate power and authority to enter
into this Amendment and to carry out the transactions contemplated by, and
perform its obligations under, the Amended Agreement.

                                       4
<PAGE>

          B.   The execution and delivery by Company of this Amendment and the
performance by Company of the Amended Agreement have been duly authorized by all
necessary corporate action on the part of Company.

          C.   The execution and delivery by Company of this Amendment and the
performance by Company of the Amended Agreement do not and will not (i) violate
any provision of any law or any governmental rule or regulation applicable to
Company or any of its Subsidiaries, the constating documents of Company or any
of its Subsidiaries or any order, judgment or decree of any court or other
agency of government binding on Company or any of its Subsidiaries, (ii)
conflict with, result in a breach of or constitute (with due notice or lapse of
time or both) a default under any Contractual Obligation of Company or any of
its Subsidiaries, (iii) result in or require the creation or imposition of any
Lien upon any of the properties or assets of Company or any of its Subsidiaries,
or (iv) require any approval of stockholders or any approval or consent of any
Person under any Contractual Obligation of Company or any of its Subsidiaries.

          D.   The execution and delivery by Company of this Amendment and the
performance by Company of the Amended Agreement do not and will not require any
registration with, consent or approval of, or notice to, or other action to,
with or by, any federal, state or other governmental authority or regulatory
body.

          E.   This Amendment and the Amended Agreement have been duly executed
and delivered by Company and are the legally valid and binding obligations of
Company, enforceable against Company in accordance with their respective terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditors' rights generally or by
equitable principles relating to enforceability.

          F.   The representations and warranties contained in Section 5 of the
Credit Agreement are and will be true, correct and complete in all material
respects on and as of the First Amendment Effective Date to the same extent as
though made on and as of that date, except to the extent such representations
and warranties specifically relate to an earlier date, in which case they were
true, correct and complete in all material respects on and as of such earlier
date.

          G.   No event has occurred and is continuing or will result from the
consummation of the transactions contemplated by this Amendment that would
constitute an Event of Default or a Potential Event of Default.

          Section 4.  MISCELLANEOUS
                      -------------

          4.1  Reference to and Effect on the Credit Agreement and the Other
Loan Documents

          A.   On and after the First Amendment Effective Date, each reference
in the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or
words of like import referring to the Credit Agreement, and each reference in
the other Loan Documents to the "Credit

                                       5
<PAGE>

Agreement", "thereunder", "thereof" or words of like import referring to the
Credit Agreement shall mean and be a reference to the Amended Agreement.

          B.   Except as specifically amended by this Amendment, the Credit
Agreement and the other Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed.

          C.   The execution, delivery and performance of this Amendment shall
not, except as expressly provided herein, constitute a waiver of any provision
of, or operate as a waiver of any right, power or remedy of any Agent or any
Lender under, the Credit Agreement or any of the other Loan Documents.

          4.2  Fees and Expenses
               -----------------

          Company acknowledges that all costs, fees and expenses as described in
subsection 10.2 of the Credit Agreement incurred by Administrative Agent and its
counsel with respect to this Amendment and the documents and transactions
contemplated hereby shall be for the account of Company.

          4.3  Headings
               --------

          Section and subsection headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose or be given any substantive effect.

          4.4  Applicable Law
               --------------

          THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION
5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD
TO CONFLICTS OF LAWS PRINCIPLES.

          4.5  Counterparts; Effectiveness
               ---------------------------

          This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument; signature pages may
be detached from multiple separate counterparts and attached to a single
counterpart so that all signature pages are physically attached to the same
document.  This Amendment (other than the provisions of Section 1 hereof, the
effectiveness of which is governed by Section 2 hereof) shall become effective
upon the execution of a counterpart hereof by Company and Requisite Lenders and
an acknowledgment hereof by each of the Subsidiary Guarantors and each of
Company's other Subsidiaries and receipt by Company and Administrative Agent of
written or telephonic notification of such execution and authorization of
delivery thereof.

                                       6
<PAGE>

                  [Remainder of page intentionally left blank]

                                       7
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed and delivered by their respective officers thereunto duly
authorized as of the date first written above.

                              COMPANY:

                              LOEWS CINEPLEX ENTERTAINMENT CORPORATION

                              By:  /s/  JOHN J. WALKER
                                  __________________________________________
                                  Name:  John J. Walker
                                  Title: Senior Vice President and
                                         Chief Financial Officer

                              LENDERS:

                              BANKERS TRUST COMPANY,
                              as Administrative Agent, Co-Syndication Agent and
                              as a Lender

                              By:  /s/  G. ANDREW KEITH
                                  __________________________________________
                                  Name:  G. Andrew Keith
                                  Title: Vice President

                              CREDIT SUISSE FIRST BOSTON,
                              as a Co-Syndication Agent and as a Lender

                              By:  /s/  KRISTEN LEPRI
                                  __________________________________________
                                  Name:  Kristen Lepri
                                  Title: Associate

                              By:  /s/  JOEL GLODOWSKI
                                  __________________________________________
                                  Name:  Joel Glodowski
                                  Title: Managing Director

                              BANK OF AMERICA, N.A.,
                              as a Co-Syndication Agent and as a Lender

                              By:  /s/  SEAN W. CASSIDY
                                  __________________________________________
                                  Name:  Sean W. Cassidy
                                  Title: Vice President

                                      S-1
<PAGE>

                              THE BANK OF NEW YORK,
                              as a Co-Syndication Agent and as a Lender

                              By:  /s/  GEOFFREY C. BROOKS
                                  __________________________________________
                                  Name:  Geoffrey C. Brooks
                                  Title: Vice President

                              ABN AMRO BANK N.V.

                              By:  /s/  TOM HELSENFELD
                                  __________________________________________
                                  Name:  Tom Helsenfeld
                                  Title: GVP

                              THE BANK OF NOVA SCOTIA

                              By:  /s/  VINCENT J. FITZGERALD, JR.
                                  __________________________________________
                                  Name:  Vincent J. Fitzgerald, Jr.
                                  Title: Authorized Signatory

                              THE BANK OF TOKYO MITSUBISHI TRUST

                              By:  /s/  EMILE ELNEMS
                                  __________________________________________
                                  Name:  Emile Elnems
                                  Title: Vice President

                              BARCLAYS BANK PLC

                              By:  /s/  ANDREW M. WYNN
                                  __________________________________________
                                  Name:  Andrew M. Wynn
                                  Title: Managing Director

                              CREDIET INDUSTRIEL ET COMMERCIAL

                              By:  /s/  ANTHONY ROCK
                                  __________________________________________
                                  Name:  Anthony Rock
                                  Title: Vice President

                              By:  /s/  MARCUS EDWARD
                                  __________________________________________
                                  Name:  Marcus Edward
                                  Title: Vice President

                                      S-2
<PAGE>

                              THE DAI-ICHI KANGYO BANK, LTD.

                              By:  /s/ DANIEL GUEVARA
                                  __________________________________________
                                  Name:  Daniel Guevara
                                  Title: Assistant Vice President

                              ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG

                              By:  /s/ DAVID MANHEIM
                                  __________________________________________
                                  Name:  David Manheim
                                  Title: Assistant Vice President

                              FLEET NATIONAL BANK

                              By:  /s/ MANUEL BURGUENO
                                  __________________________________________
                                  Name:  Manuel Burgueno
                                  Title: Vice President

                              THE FUJI BANK, LIMITED - NEW YORK BRANCH

                              By:  /s/ JOHN D. DOYLE
                                  __________________________________________
                                  Name:  John D. Doyle
                                  Title: Vice President and Manager

                              THE INDUSTRIAL BANK OF JAPAN, LIMITED

                              By:  /s/ ALLISON KING
                                  __________________________________________
                                  Name:   Allison King
                                  Title:

                                      S-3
<PAGE>

                              RIGGS BANK, N.A.

                              By:  /s/ DOUGLAS KLAMFOTH
                                  __________________________________________
                                  Name: Douglas Klamfoth
                                  Title:

                              SUMMIT BANK

                              By:  /s/ RICHARD BANNING
                                  __________________________________________
                                  Name:   Richard Banning
                                  Title:  Vice President

                              THE MITSUBISHI TRUST AND BANKING CORPORATION

                              By:  /s/ BEATRICE E. KOSSODO
                                  __________________________________________
                                  Name:   Beatrice E. Kossodo
                                  Title:  Senior Vice President

                              BANK LEUMI USA

                              By:  /s/ JOUNG HEE HONG
                                  __________________________________________
                                  Name:   Joung Hee Hong
                                  Title:  Vice President

                              GENERAL ELECTRIC CAPITAL CORPORATION

                              By:  /s/ W. JEROME McDERMOTT
                                  __________________________________________
                                  Name:   W. Jerome McDermott
                                  Title:  Duly Authorized Signatory

                                      S-4
<PAGE>

                              PNC BANK, NATIONAL ASSOCIATION

                              By:  /s/ KAREN L. KOOMAN
                                  __________________________________________
                                  Name:   Karen L. Kooman
                                  Title:  Assistant Vice President

                              STB DELAWARE FUNDING TRUST I

                              By:  /s/ DONALD C. HARGADON
                                  __________________________________________
                                  Name:   Donald C. Hargadon
                                  Title:  Assistant Vice President

                              NATEXIS BANQUE -- BFCE

                              By:  /s/ PEYMAN PARHAMI
                                  __________________________________________
                                  Name:   Peyman Parhami
                                  Title:  Assistant Vice President

                              By:  /s/ IAIN A. WHYTE
                                  __________________________________________
                                  Name:  Iain A. Whyte
                                  Title: Vice President and Group Manager
                                         Corporate Finance

                                      S-5
<PAGE>

                               ACKNOWLEDGMENT OF
                      FIRST AMENDMENT TO CREDIT AGREEMENT

          Each of the undersigned, as (i) a Guarantor under that certain
Subsidiary Guaranty dated as of May 14, 1998, with an additional counterpart
thereof executed by certain of the undersigned on February 28, 2000 (the
"Guaranty") in favor of Bankers Trust Company ("BTCo") as agent for the benefit
of Lenders (as defined therein), any Interest Rate Exchangers (as defined
therein), and, subject to subsection 3.12 thereof, for the benefit of the other
Beneficiaries (as defined therein), (ii) a Grantor under that certain Subsidiary
Security Agreement dated as of May 14, 1998, with an additional counterpart
thereof executed by certain of the undersigned on February 28, 2000 (the
"Security Agreement") in favor of BTCo as agent for the benefit of Lenders (as
defined therein) and any Interest Rate Exchangers (as defined therein), (iii) a
Pledgor under that certain Subsidiary Pledge Agreement dated as of May 14, 1998,
with an additional counterpart thereof executed by certain of the undersigned on
February 28, 2000 (the "Pledge Agreement") in favor of BTCo as agent for the
benefit of Lenders (as defined therein) and any Interest Rate Exchangers (as
defined therein) and (iv) a Grantor under that certain Subsidiary Trademark
Security Agreement dated as of May 14, 1998, with an additional counterpart
thereof executed by certain of the undersigned on February 28, 2000 (the
"Trademark Security Agreement") in favor of BTCo as agent for the benefit of the
Lenders (as defined therein) and any Interest Rate Exchangers (as defined
therein), hereby acknowledges that it has read this First Amendment to Credit
Agreement (this "Agreement") and consents to the terms thereof and further
hereby confirms and agrees that, notwithstanding the effectiveness of this
Agreement, the obligations of the undersigned under the Guaranty, the Security
Agreement, the Pledge Agreement and the Trademark Security Agreement shall not
be impaired or affected and each of the Guaranty, the Security Agreement, the
Pledge Agreement and the Trademark Security Agreement is, and shall continue to
be, in full force and effect and is hereby confirmed and ratified in all
respects.

                         71ST & 3RD AVE. CORP.
                         ANDY CANDY CO., INC.
                         BEAVER VALLEY CINEMAS, INC.
                         BERKELEY CINEMA CORP.
                         BRICK PLAZA CINEMAS, INC.
                         BRICKTOWN PICTURE CORP.
                         CAMPUS CINEMAS, INC.
                         CASTLE THEATRE CORP.
                         CINNAMINSON THEATRE CORP.
                         CINE WEST, INC.
                         CINEMA DEVELOPMENT CORPORATION
                         CINEMA INVESTMENTS, INC.
                         CINEMA 275 EAST, INC.
                         CIRCLE TWIN CINEMA CORP.
                         CITYPLACE CINEMAS, INC.
                         COLLEGE THEATRE CORP.
                         COLORADO CINEMAS, INC.

                               Acknowledgement-1
<PAGE>

                         CONTINENT CINEMAS, INC.
                         CRESCENT ADVERTISING CORPORATION
                         CRESTWOOD CINEMAS, INC.
                         CROFTON QUAD CORPORATION
                         D.H. GARFIELD ADVERTISING AGENCY, INC.
                         DISTRICT AMUSEMENT CORPORATION
                         DOWNSTATE THEATRE CORPORATION
                         EAST WINDSOR PICTURE CORP.
                         EATONTOWN THEATRE CORP.
                         ETON AMUSEMENT CORPORATION
                         FALL RIVER CINEMA, INC.
                         FLAT WOODS THEATER CORPORATION
                         FORTY-SECOND STREET CINEMAS, INC.
                         FOUNTAIN CINEMAS, INC.
                         FREEHOLD CINEMA CENTER, INC.
                         FREEHOLD PICTURE CORP.
                         GERARD THEATRE CORPORATION
                         H&M CINEMA CORPORATION
                         HAWTHORNE AMUSEMENT CORPORATION
                         HINSDALE AMUSEMENT CORPORATION
                         I-75 THEATRES, INC.
                         J-TOWN CINEMAS, INC.
                         KIPS BAY CINEMAS, INC.
                         LANCE THEATRE CORPORATION
                         LEXINGTON MALL CINEMAS CORPORATION
                         LEXINGTON NORTH PARK CINEMAS, INC.
                         LEXINGTON SOUTH PARK CINEMAS, INC.
                         LIBERTY TREE CINEMA CORP.
                         LOEWS 34TH ST. SHOWPLACE CINEMAS, INC.
                         LOEWS AKRON CINEMAS, INC.
                         LOEWS ARLINGTON CINEMAS, INC.
                         LOEWS ARLINGTON WEST CINEMAS, INC.
                         LOEWS ASTOR PLAZA, INC.
                         LOEWS BALTIMORE CINEMAS, INC.
                         LOEWS BAY TERRACE CINEMAS, INC.
                         LOEWS BEREA CINEMAS, INC.
                         LOEWS BOULEVARD CINEMAS, INC.
                         LOEWS BRISTOL CINEMAS, INC.
                         LOEWS BROADWAY CINEMAS, INC.
                         LOEWS BROOKFIELD CINEMAS, INC.
                         LOEWS BURLINGTON CINEMAS, INC.
                         LOEWS CALIFORNIA THEATRES, INC.
                         LOEWS CEDAR CINEMAS, INC.
                         LOEWS CENTERPARK CINEMAS, INC.
                         LOEWS CENTURY MALL CINEMAS, INC.
                         LOEWS CHERI CINEMAS, INC.

                               Acknowledgement-2
<PAGE>

                         LOEWS CHERRY TREE MALL CINEMAS, INC.
                         LOEWS CHICAGO CINEMAS, INC.
                         LOEWS CHISHOLM PLACE CINEMAS, INC.
                         LOEWS CINEMAS ADVERTISING, INC.
                         LOEWS CLARKSVILLE CINEMAS, INC.
                         LOEWS CONNECTICUT CINEMAS, INC.
                         LOEWS CORAL SPRING CINEMAS, INC.
                         LOEWS CRYSTAL RUN CINEMAS, INC.
                         LOEWS DEAUVILLE GULF CINEMAS, INC.
                         LOEWS DEAUVILLE KINGWOOD CINEMAS, INC.
                         LOEWS DEAUVILLE NORTH CINEMAS, INC.
                         LOEWS DEAUVILLE SOUTHWEST CINEMAS, INC.
                         LOEWS DEWITT CINEMAS, INC.
                         LOEWS EAST VILLAGE CINEMAS, INC.
                         LOEWS EAST HANOVER CINEMAS, INC.
                         LOEWS ELMWOOD CINEMAS, INC.
                         LOEWS EXHIBITION RIDE INC.
                         LOEWS FINE ARTS CINEMAS, INC.
                         LOEWS FORT WORTH CINEMAS, INC.
                         LOEWS FREEHOLD MALL CINEMAS, INC.
                         LOEWS FRESH POND CINEMAS, INC.
                         LOEWS FRONT STREET CINEMAS, INC.
                         LOEWS FUQUA PARK CINEMAS, INC.
                         LOEWS GREECE CINEMAS, INC.
                         LOEWS GREENWICH CINEMAS, INC.
                         LOEWS GREENWOOD CINEMAS, INC.
                         LOEWS HARMON COVE CINEMAS, INC.
                         LOEWS-HARTZ MUSIC MAKERS THEATRES, INC.
                         LOEWS HOLIDAY CINEMAS, INC.
                         LOEWS HOUSTON CINEMAS, INC.
                         LOEWS I-45 CINEMAS, INC.
                         LOEWS INDIANA CINEMAS, INC.
                         LOEWS KENTUCKY CINEMAS, INC.
                         LOEWS LAFAYETTE CINEMAS, INC.
                         LOEWS LEVITTOWN CINEMAS, INC.
                         LOEWS LINCOLN PLAZA CINEMAS, INC.
                         LOEWS LINCOLN THEATRE HOLDING CORP.
                         LOEWS LOUISVILLE CINEMAS, INC.
                         LOEWS MEADOWLAND CINEMAS, INC.
                         LOEWS MEADOWLAND CINEMAS 8, INC.
                         LOEWS MEMORIAL CITY CINEMAS, INC.
                         LOEWS MERRILLVILLE CINEMAS, INC.
                         LOEWS MOHAWK MALL CINEMAS, INC.
                         LOEWS MONROE CINEMA, INC.
                         LOEWS MONTGOMERY CINEMAS, INC.
                         LOEWS MOUNTAINSIDE CINEMAS, INC.

                               Acknowledgement-3
<PAGE>

                         LOEWS NEW JERSEY CINEMAS, INC.
                         LOEWS NEWARK CINEMAS, INC.
                         LOEWS NORGATE CINEMAS, INC.
                         LOEWS NORWALK CINEMAS, INC.
                         LOEWS OPERATIONAL RIDE THEATERS INC.
                         LOEWS ORLAND PARK CINEMAS, INC.
                         LOEWS ORPHEUM CINEMAS, INC.
                         LOEWS PALISADES CENTER CINEMAS, INC.
                         LOEWS PARADISE CINEMAS, INC.
                         LOEWS PARK CENTRAL CINEMAS, INC.
                         LOEWS PEMBROKE PINES CINEMAS, INC.
                         LOEWS PENTAGON CITY CINEMAS, INC.
                         LOEWS PIPER'S THEATRES, INC.
                         LOEWS PITTSFORD CINEMAS, INC.
                         LOEWS POCONO CINEMAS, INC.
                         LOEWS POST CINEMAS, INC.
                         LOEWS PRESTON PARK CINEMAS, INC.
                         LOEWS RICHMOND MALL CINEMAS, INC.
                         LOEWS RIDGEFELD PARK CINEMAS, INC.
                         LOEWS ROLLING MEADOWS CINEMAS, INC.
                         LOEWS ROOSEVELT FIELD CINEMAS, INC.
                         LOEWS SAKS CINEMAS, INC.
                         LOEWS SHOWBOAT CINEMAS, INC.
                         LOEWS SOUTH SHORE CINEMAS, INC.
                         LOEWS SOUTHLAND CINEMAS, INC.
                         LOEWS STONYBROOK CINEMAS, INC.
                         LOEWS THEATRE MANAGEMENT CORP.
                         LOEWS THEATRES CLEARING CORP.
                         LOEWS TOMS RIVER CINEMAS, INC.
                         LOEWS TOWNE CINEMAS, INC.
                         LOEWS TRYLON THEATRE, INC.
                         LOEWS USA CINEMAS INC.
                         LOEWS VESTAL CINEMAS, INC.
                         LOEWS WASHINGTON CINEMAS, INC.
                         LOEWS WEST CINEMAS, INC.
                         LOEWS WEST LONG BRANCH CINEMAS, INC.
                         LOEWS WESTERVILLE CINEMAS, INC.
                         LOEWS WESTGATE CINEMAS, INC.
                         LOEWS WESTPORT CINEMAS, INC.
                         LOEWS WILLISTON CINEMAS, INC.
                         LOEWS WORLDGATE CINEMAS, INC.
                         LOEWS YORKTOWN CINEMAS, INC.
                         LTM NEW YORK, INC.
                         MALL PICTURE CORP.
                         MASSACHUSETTS CINEMA CORP.
                         MICKEY AMUSEMENTS, INC.

                               Acknowledgement-4
<PAGE>

                         MID-STATES THEATRES, INC.
                         MIDCIN INC.
                         MIDDLEBROOK THEATRE CORPORATION
                         MIDSTATE THEATRE CORP.
                         MIDTOWN CINEMA, INC.
                         MINNESOTA CINEMAS, INC.
                         MONTCLAIR CINEMAS, INC.
                         MOVIEHOUSE CINEMAS, INC.
                         MUSIC MAKERS THEATRES, INC.
                         NEW BRUNSWICK CINEMAS, INC.
                         NICKELODEON BOSTON, INC.
                         NORTHERN NEW ENGLAND THEATRES, INC.
                         NUTMEG THEATRE CIRCUIT, INC.
                         OXMOOR CINEMAS, INC.
                         PARAMAY PICTURE CORP.
                         PARKCHESTER AMUSEMENT CORPORATION
                         PARSIPPANY THEATRE CORP.
                         PLAINVILLE CINEMAS, INC.
                         PLAZA CINEMAS, INC.
                         POLI-NEW ENGLAND THEATRES, INC.
                         PUTNAM THEATRICAL CORPORATION
                         QUAD CINEMA CORP.
                         RACELAND CINEMAS, INC.
                         RED BANK THEATRE CORPORATION
                         ROCHESTER HILLS STAR THEATRES, INC.
                         S&J THEATRES INC.
                         SACK THEATRES, INC.
                         SALEM MALL THEATRE, INC.
                         STAR THEATRES, INC.
                         STAR THEATRES OF MICHIGAN, INC.
                         STROUD MALL CINEMAS, INC.
                         SYCAMORE THEATRE, INC.
                         TALENT BOOKING AGENCY, INC.
                         TAYLOR STAR THEATRES, INC.
                         THEATRE HOLDINGS, INC.
                         THI HOLDINGS, INC.
                         TIMES THEATRES CORPORATION
                         TOMS RIVER THEATRE CORP.
                         TOWNE CENTER CINEMAS, INC.
                         TRI-COUNTY CINEMAS, INC.
                         TRI-SON SUPPLY CORP.
                         TRIANGLE THEATRE CORP.
                         U.S.A. CINEMAS, INC.
                         VILLAGE CINEMAS, INC.
                         WEBSTER CHICAGO CINEMAS, INC.
                         WESTCHESTER CINEMAS, INC.

                               Acknowledgement-5
<PAGE>

                         WESTLAND CINEMAS, INC.
                         WHITE MARSH CINEMAS, INC.
                         WOODRIDGE CINEMAS, INC.
                         C.O.H. ENTERTAINMENT, INC.

                         CINEPLEX ODEON FILMS, INC.
                         CINEPLEX ODEON FILMS INTERNATIONAL, INC.
                         PLITT SOUTHERN THEATRES, INC.
                         PLITT THEATRES, INC.
                         RKO CENTURY WARNER THEATRES, INC.
                         SEDGWICK MUSIC COMPANY
                         THE WALTER READE ORGANIZATION, INC.
                         ILLINOIS CINEMAS, INC.
                         METHUEN CINEMAS, INC.
                         NORTH STAR CINEMAS, INC.
                         ROSEMONT CINEMAS, INC.
                         WOODFIELD CINEMAS, INC.
                         LOEWS CITYWALK THEATRE CORPORATION
                         BOSTON CINEMAS, INC.
                         SOUTH HOLLAND CINEMAS, INC.
                         LTM TURKISH HOLDINGS, INC.
                         SPRINGFIELD CINEMAS, INC.
                         SKOKIE CINEMAS, INC.
                         SEATTLE CINEMAS, INC.
                         LONG ISLAND CINEMAS, INC.

                         By:  /s/ JOHN J. WALKER
                             _____________________________________
                             Name:   John J. Walker
                             Title:  Senior Vice President and
                                     Chief Financial Officer
                                     of each of the foregoing

                         DOWNTOWN BOSTON CINEMAS, LLC
                         LOEWS PLAINVILLE CINEMAS, LLC
                         LOEWS NORTH VERSAILLES CINEMAS, LLC
                         RICHMOND MALL CINEMAS, LLC
                         LEWISVILLE CINEMAS, LLC
                         METHUEN CINEMAS, LLC
                         OHIO CINEMAS, LLC
                         SPRINGFIELD CINEMAS, LLC

                         By:  Plitt Theatres, Inc., sole member of each of the
                              foregoing

                                       By:   /s/ JOHN J. WALKER
                                            ____________________________________
                                            Name:  John J. Walker
                                            Title: Senior Vice President and
                                                   Chief Financial Officer

                               Acknowledgement-6<PAGE>

                                                                   EXHIBIT 10.15

                             EMPLOYMENT AGREEMENT
                             --------------------

     AGREEMENT (this "Agreement"), dated as of November 1, 1999, between LOEWS
CINEPLEX ENTERTAINMENT CORPORATION, a Delaware corporation which maintains
offices at 711 Fifth Avenue, New York, New York 10022 (the "Company"), and
Seymour H. Smith ("Employee"), residing at 140-10/84/th Drive, Jamaica, New York
11435.

     WHEREAS, Employee was a party to an employment agreement, dated as of May
1, 1990, amended as of November 14, 1991, March 9, 1993, May 10, 1995 and April
11, 1996 (the "Former Agreement"), with Loews Theatre Management Corp. ("LTMC"),
now a wholly-owned subsidiary of the Company, that expired pursuant to its terms
on April 30, 1998;

     WHEREAS, Employee continues to be employed by LTMC, generally upon the
terms and conditions set forth in the Former Agreement; and

     WHEREAS, the Company desires to directly enlist the services and employment
of Employee and Employee is willing to enter such relationship directly with the
Company, on the terms and conditions set forth herein.

     NOW, THEREFORE, the parties hereby agree as follows:

     1.   TERM OF EMPLOYMENT.  The Company hereby employs Employee, and Employee
          ------------------
hereby accepts employment, on the terms and subject to the conditions
hereinafter set forth, for a term (the "Employment Period") commencing on
November 1, 1999 and continuing until October 31, 2000.

     2.   DUTIES AND PRIVILEGES.  During the Employment Period, Employee shall
          ---------------------
serve as Senior Vice President and Deputy General Counsel of the Company and be
responsible to and report to the General Counsel of the Company or such other
executive as may be designated by the Chief Executive Officer of the Company
(the person to whom Employee reports being hereafter referred to as the
"Supervisory Officer").  During the Employment Period, Employee shall have such
authority and perform such duties which are consistent with Employee's title and
position as Senior Vice President and Deputy General Counsel of the Company as
the Supervisory Officer may from time to time prescribe; devote Employee's
entire business time, ability and energy exclusively to the performance of
Employee's duties hereunder (except that Employee may participate in charitable
and industry activities that do not interfere with his duties hereunder); and
use Employee's best efforts to advance the interests and businesses of the
Company, and its divisions and subsidiaries.  Employee's principal office shall
be located at the Company's offices in the New York metropolitan area.
<PAGE>

     3.   COMPENSATION.
          ------------

          (a)  The Company shall pay to Employee a base salary at the rate of
$381,629 per year during the Employment Period, increased effective as of
November 1, 2000 to reflect the increase (if any) in the cost of living during
the previous year based upon the Consumer Price Index for the New York-New
Jersey Metropolitan area, as reported by the Bureau of Labor Statistics of the
United States Department of Labor.

          (b)  During the Employment Period, Employee shall be eligible to
participate in all then operative employee benefit plans of the Company which
are applicable generally to the Company's senior executives ("Employee Benefit
Plans"), subject to the respective terms and conditions of such Employee Benefit
Plans.  Notwithstanding the foregoing, Employee shall be entitled to no less
than four weeks paid vacation each year during the Employment Period.  Nothing
contained in this Agreement shall obligate the Company to adopt or implement any
Employee Benefit Plan, or prevent or limit the Company from making any blanket
amendments, changes or modifications of the eligibility requirements or any
other provisions of, or terminating, any Employee Benefit Plan at any time
(whether during or after the Employment Period), and Employee's participation in
or entitlement under any such Employee Benefit Plan shall at all times be
subject in all respects thereto.  To the extent permitted by law and provided
for by the applicable Employee Benefit Plan, Employee shall be entitled to prior
service credit for his years of service with any group of which the Company (or
its predecessor) was a member in respect of any medical or retirement Employee
Benefit Plan for which years of service are generally applicable.

          (c)  Employee shall be eligible to receive a bonus each year during
the Employment Period, the amount and timing of such bonus to be determined by
the Company. However, there is no representation by the Company that any bonus
will be paid.

          (d)  To facilitate Employee's performance of Employee's duties
hereunder, the Company shall make available to Employee, during the Employment
Period, either a leased automobile or car allowance, each in accordance with the
Company's automobile policy as from time to time in effect.

     4.   EXPIRATION OF TERM AND TERMINATION.
          ----------------------------------

          (a)  Employee's employment by the Company and this Agreement shall
automatically expire and terminate on the Expiration Date unless sooner
terminated pursuant to the provisions of this Section 4.

                                      -2-
<PAGE>

          (b)  Employee's employment by the Company and this Agreement shall
automatically terminate upon Employee's death.

          (c)  The Company shall have the right and option, exercisable by
giving written notice to Employee, to terminate Employee's employment by the
Company and this Agreement at any time after Employee has been unable to perform
the services or duties required of Employee in connection with Employee's
employment by the Company as a result of physical or mental disability (or
disabilities) which has (or have) continued for a period of twelve (12)
consecutive weeks, or for a period of sixteen (16) weeks in the aggregate,
during any twelve (12) month period.

          (d)  The Company shall have the right and option, exercisable by
giving written notice to Employee, to terminate Employee's employment by the
Company and this Agreement at any time after the occurrence of any of the
following events or contingencies (any such termination being deemed to be a
termination "for cause"):

               (i)    Employee materially breaches, materially repudiates or
otherwise materially fails to comply with or perform any of the terms of this
Agreement, any duties of Employee in connection with Employee's employment by
the Company or any of the Company's policies or procedures, or deliberately
interferes with the material compliance by any other employee of the Company
with any of the foregoing and such action (if correctable) is not materially
corrected within 30 days after notice from the Company;

               (ii)   The conviction by Employee of a felony or the pleading by
Employee of no contest (or similar plea) to any felony (other than a crime for
which vicarious liability is imposed upon Employee solely by reason of
Employee's position with the Company, and not by reason of Employee's conduct);

               (iii)  Any act or omission by Employee constituting fraud, gross
negligence or willful misconduct in connection with Employee's employment by the
Company and, if correctable, is not corrected within 30 days after notice from
the Company; or

               (iv)   Any other act, omission, event or condition constituting
cause for the discharge of an employee under the laws of New York which, if
correctable, is not corrected within 30 days after notice from the Company.

          (e)  The Company shall have no obligation to renew or extend the
Employment Period.  Neither (i) the expiration of the Employment Period, nor
(ii) the failure or refusal of the Company to renew or extend the Employment
Period, this Agreement, or Employee's employment by the Company upon the
Expiration Date, nor (iii) the termination of this Agreement by the Company
pursuant to any provision of this Section 4 (except Section 4(g)), shall be
deemed to constitute a termination of Employee's employment by the Company
"without cause" for the purpose of triggering any rights of

                                      -3-
<PAGE>

or causes of action by Employee.

          (f)  If this Agreement, the Employment Period or Employee's employment
by the Company is terminated or expires pursuant to any provision of this
Section 4 (other than Section 4(g)), or is terminated by Employee by reason
other than Employer's material breach of this Agreement, Employee's right to
receive salary or other compensation from the Company and all other rights and
entitlements of Employee pursuant to this Agreement or as an employee of the
Company shall forthwith cease and terminate, and the Company shall have no
liability or obligation whatsoever to Employee, except that:

               (i)    The Company shall be obligated to pay to Employee not
later than the effective date of such termination all unpaid salary, car
allowance (if any), vacation and reimbursable expenses which shall have accrued
as of the effective date of such termination; and

               (ii)   The terms and conditions of applicable Employee Benefit
Plans, if any, shall control Employee's entitlement, if any, to receive benefits
thereunder.

          (g)  The Company shall have the unilateral right, at any time, without
notice, in the Company's sole and absolute discretion, to terminate Employee's
employment by the Company, without cause, and for any reason or for no reason
(the Company's "Termination Rights").  If the Company materially reduces the
duties or responsibilities of the Employee hereunder, or otherwise materially
breaches this Agreement, such action shall be deemed an exercise by the Company
of its Termination Rights.  The Company's Termination Rights are not limited or
restricted by, and shall supersede, any policy of the Company requiring or
favoring continued employment of its employees during satisfactory performance,
any seniority system or any procedure governing the manner in which the
Company's discretion is to be exercised.  No exercise by the Company of its
Termination Rights shall, under any circumstances, be deemed to constitute (i) a
breach by the Company of any term of this Agreement, express or implied
(including without limitation a breach of any implied covenant of good faith and
fair dealing), (ii) a wrongful discharge of Employee or a wrongful termination
of Employee's employment by the Company, (iii) a wrongful deprivation by the
Company of Employee's corporate office (or authority, opportunities or other
benefits relating thereto) or (iv) the breach by the Company of any other duty
or obligation, express or implied, which the Company may owe to Employee
pursuant to any principle or provision of law (whether contract or tort);
provided, however, that notwithstanding the foregoing, a breach by the Company
of its payment obligations pursuant to this Section 4(g) shall be deemed to be a
breach of this Agreement.  If the Company elects to terminate Employee's
employment or is deemed to exercise its Termination Rights pursuant to this
Section 4(g) prior to the Expiration Date, the Company shall have no obligation
or liability to Employee pursuant to this Agreement, or otherwise, except to pay
to Employee until the Expiration Date the salary and benefits (in each case as
if this Agreement had not been terminated) as

                                      -4-
<PAGE>

provided in Sections 3(a) and (b) hereof (excluding car allowance). If the
Company elects to terminate Employee's employment or is deemed to exercise its
Termination Rights pursuant to this Section 4(g) prior to the Expiration Date,
Employee shall have no obligation to mitigate. However, it is agreed that if
Employee receives employment income (whether direct or indirect salary,
compensation or otherwise) from subsequent employment (including self-
employment) after such termination and on or before the Expiration Date, such
employment income shall be set off against any payments to be made to Employee
by the Company in connection with its exercise or deemed exercise of its
Termination Rights.

          (h)  Immediately upon any termination of Employee's employment
hereunder or of this Agreement (whether or not pursuant to this Section 4),
Employee shall return to the Company all property of the Company heretofore
provided to Employee by the Company, or otherwise in the custody, possession or
control of Employee (including, without limitation, the "Confidential Materials"
described in Paragraph 6(b) of Exhibit A attached hereto).  Notwithstanding any
provision of this Agreement to the contrary, no termination of this Agreement or
of Employee's employment for any reason whatsoever shall in any manner operate
to terminate, limit or otherwise affect the Company's ownership of any of the
rights, properties or privileges granted to the Company hereunder.

     5.   STANDARD TERMS.  Attached as Exhibit A hereto and deemed a part hereof
          --------------
are the Company's Standard Terms and Conditions of Employment Agreement, all of
which terms are binding on the parties hereto and incorporated herein.  For
convenience, provisions of this Agreement shall be referred to as "Sections" and
provisions of the Standard Terms shall be referred as "Paragraphs".  In the case
of any conflict between the terms of this Agreement and the terms of Exhibit A
hereto, the terms of this Agreement shall govern.

     6.   SUPERSEDING AGREEMENT.  This Agreement, including Exhibit A hereto,
          ---------------------
shall constitute the full and entire understanding of the parties hereto with
respect to the subject matter hereof and shall supersede any prior agreements,
written or oral, between Employee and the Company and/or its affiliates with
respect thereto, including the Former Agreement, which shall be null and void.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement or
caused it to be executed on their behalf as of the date first above written.

                                               /s/ SEYMOUR H. SMITH
                                             __________________________________
                                             Seymour H. Smith

                                      -5-
<PAGE>

LOEWS CINEPLEX ENTERTAINMENT CORPORATION

By:  /s/ JOHN C. MCBRIDE, JR.
    __________________________________
Name:  John C. McBride, Jr.
Title: Senior Vice President and General Counsel

                                      -6-
<PAGE>

                                   EXHIBIT A

                         STANDARD TERMS AND CONDITIONS
                         -----------------------------
                            OF EMPLOYMENT AGREEMENT
                            -----------------------

     1.   Definitions. All capitalized terms used herein shall have the meanings
          -----------
ascribed to them in the Agreement attached hereto. The following words, terms
and phrases (and variations thereof) used herein shall have the following
meanings:

          (a)  An "Affiliate," of a party means a Person which, directly or
indirectly, owns or controls, is owned or controlled by, or is under common
ownership or control with, such party.

          (b)  "Intellectual Property" means any and all intellectual, artistic,
literary, dramatic or musical rights, works or other materials of any kind or
nature (whether or not entitled to protection under applicable copyright laws,
or reduced to or embodied in any medium or tangible form), including without
limitation all copyrights, patents, trademarks, service marks, trade secrets,
contract rights, titles, characters, plots, themes, dialogue, stories, scripts,
treatments, outlines, submissions, ideas, concepts, packages, compositions,
artwork and logos, and all audio, visual or audio-visual works of every kind and
in every stage of development, production and completion, and all rights to
distribute, advertise, promote, exhibit or otherwise exploit any of the
foregoing by any means, media or processes now known or hereafter devised.

          (c)  "Media Business" means all Persons engaging in any of the
following:  (i) the creation, production, distribution, exhibition or other
exploitation of theatrical motion pictures, television programs, sound
recordings or other visual, audio or audio-visual works or recordings of any
kind; (ii) television (including pay, free, over-the-air, cable and satellite)
or radio broadcasting; (iii) book, newspaper or periodical publishing; (iv)
music publishing; (v) "merchandising" (as that term is generally understood in
the entertainment industry); or (vi) advertising.

          (d)  "Person" means any individual, corporation, trust, estate,
partnership, joint venture, company, association, league, group, governmental
agency or other entity of any kind or nature.

                                      A-1
<PAGE>

     2.   Compensation.
          ------------

          (a)  Employee's salary shall be payable in equal installments (not
less frequently than monthly) in accordance with the Company's customary payroll
practices. No additional compensation shall be payable to Employee by reason of
the number of hours worked or by reason of any hours worked on Saturdays,
Sundays, holidays or otherwise. All compensation payable to Employee hereunder
(whether in the form of salary, benefits or otherwise) shall be subject to all
applicable laws, statutes, governmental regulations or orders, the terms of all
applicable Employee Benefit Plans and the terms of all agreements between or
binding upon the Company and Employee requiring the deduction or withholding of
any amounts from such payments, and the Company shall have the right to make
such deductions and withholdings in accordance with the Company's interpretation
thereof in the Company's sole judgment.

          (b)  Subject to Section 3(b) of the Agreement, Employee shall be
eligible to participate in fringe benefits, if any, maintained by the Company
for employees generally on the same basis as comparable employees of the
Company.

          (c)  Subject to the requirements of Employee's position and corporate
office, Employee shall be entitled to annual vacations in accordance with the
Company's vacation policy in effect from time to time.

          (d)  The Company recognizes that, in connection with Employee's
performance of Employee's duties and obligations hereunder, Employee will incur
certain ordinary and necessary expenses of a business character.  The Company
shall pay Employee for such business expenses on the presentation of itemized
statements of such expenses, provided their extent and nature are approved in
accordance with the policies and procedures of the Company.

     3.   Right to Insure.  The Company shall have the right to secure, in its
          ---------------
own name or otherwise and at its own expense, life, health, accident or other
insurance covering or otherwise insuring Employee, and Employee shall have no
right, title or interest in or to any such insurance or any of the proceeds or
benefits thereof.  Employee shall fully assist and cooperate with the Company in
procuring any such insurance, including without limitation by submitting to such
examinations, and by signing such applications and other instruments, as may
reasonably be required by any insurance carrier to which application is made by
the Company for any such insurance.

     4.   Employment Exclusive.  Employee shall not perform services for any
          --------------------
Person other than the Company during the Employment Period without the prior
written consent of the Company and will not during the Employment Period engage
in any

                                      A-2
<PAGE>

activity which would interfere with the performance of Employee's services
hereunder, or become financially interested in or associated with, directly or
indirectly, any Media Business.

     5.   Interest in Other Corporations.  Notwithstanding anything to the
          ------------------------------
contrary contained in Paragraph 4 hereof, Employee may own up to one percent
(1%) of any class of any Person's outstanding securities which are listed on any
national securities exchange, registered under Section 12(g) of the Securities
Exchange Act of 1934 or otherwise publicly traded, provided that the holdings of
Employee of any such security of a Media Business or any Person which does
business with the Company or its Affiliates do not represent more than 10% of
the aggregate of Employee's investment portfolio at any time.

     6.   Ownership of Proceeds of Employment; Confidentiality of Information;
          --------------------------------------------------------------------
          Etc.
          ---

          (a)  The Company shall be the sole and exclusive owner throughout the
universe in perpetuity of all of the results and proceeds of Employee's
services, work and labor during the Employment Period in connection with
Employee's employment by the Company, including without limitation all
Intellectual Property which Employee may develop, create, write or otherwise
produce during the Employment Period, free and clear of any and all claims,
liens or encumbrances.  All results and proceeds of Employee's services, work
and labor during the Employment Period shall be deemed to be works-made-for-hire
for the Company within the meaning of the copyright laws of the United States
and the Company shall be deemed to be the sole author thereof in all territories
and for all purposes.

          (b)  All information, documents, notes, memoranda and Intellectual
Property of any kind received, compiled, produced or otherwise made available to
Employee during or in connection with Employee's employment by the Company
relating in any way to the business of the Company or of any of its Affiliates
and which has not been made available or confirmed to the public by the Company
("Confidential Materials") shall be the sole and exclusive property of the
Company and shall in perpetuity (both during and after Employee's employment by
the Company) be maintained in utmost confidence by Employee and held by Employee
in trust for the benefit of the Company.  Employee shall not during the
Employment Period or at any time thereafter directly or indirectly release or
disclose to any other Person any Confidential Materials, except with the prior
written consent of the Company and in furtherance of the Company's business or
as required by law.

          (c)  Employee shall not, and shall not authorize or assist any other

                                      A-3
<PAGE>

Person to, directly or indirectly, at any time during the Employment Period or
for a period of twelve (12) months thereafter, without the Company's consent,
solicit, entice, persuade or induce any Person to terminate or refrain from
extending or renewing (on the same or different terms) such Person's employment
by, or contractual or business relationship with, the Company or any of its
Affiliates.

          (d)  The Company shall have the right to use the Employee's name,
approved biography (such approval not to be unreasonably withheld), and likeness
in connection with its business, including in advertising its products and
services, and may grant this right to others, but not for use as an endorsement.

     7.   Warranties and Covenants.  Employee warrants, represents and covenants
          ------------------------
to the Company as follows:

          (a)  Employee is free to enter into this Agreement and to perform the
services contemplated hereunder.

          (b)  Employee is not currently (and will not, to the best knowledge
and ability of Employee, at any time during the Employment Period be) subject to
any agreement, understanding, obligation, claim, litigation, condition or
disability which could adversely affect Employee's performance of any of
Employee's obligations hereunder or the Company's complete ownership and
enjoyment of all of the rights, powers and privileges granted to the Company
hereunder.

          (c)  No Intellectual Property written, composed, created or submitted
by Employee at any time during Employee's employment by the Company shall, to
the best of Employee's knowledge, violate the rights of privacy or publicity,
constitute a libel or slander or infringe upon the copyright, literary,
personal, private, civil, property or other rights of any Person.

     8.   Employment after Term.  Employee's employment by the Company may be
          ---------------------
continued beyond the Expiration Date by the express consent of both parties
(which consent each party shall have the right to grant or withhold in its sole
and absolute discretion).  In the event of any such continuation of Employee's
employment by the Company beyond the Expiration Date, the relationship between
the Company and Employee shall be that of employment-at-will which may be
terminated by either the Company or Employee at any time upon ten (10) days'
written notice, with or without cause, for any reason or for no reason, and
without liability of any nature.  Employee's employment by the Company, if any,
after the Expiration Date shall be governed by all of the terms and conditions
of this Agreement not inconsistent with the at-will nature of such employment.

                                      A-4
<PAGE>

     9.   Immigration. In accordance with the Immigration Reform and Control Act
          -----------
of 1986 and the regulations adopted thereunder (8 CFR, Parts 109 and 274a), the
obligations of the Company under this Agreement are subject to and conditioned
upon Employee verifying and delivering to the Company, within three (3) business
days of Employee's first date of employment, the Form I-9 prescribed by the
Immigration and Naturalization Service, and presenting to the officer of the
Company designated therefor the original documentation required under such
regulations to establish (i) the identity of Employee and (ii) that Employee is
lawfully authorized to work in the United States.  If Employee is unable to
provide the documents required within the aforesaid three (3) business-day
period, Employee must (i) present to such designated officer within said three
(3) business days a receipt for the application for the documents prescribed and
(ii) the original documents required within twenty-one (21) days of Employee's
first date of employment.  If Employee fails to verify and deliver the Form I-9
and present the required original documents within the stated time period, this
Agreement and Employee's employment hereunder shall cease and terminate as if
this Agreement had never been entered into and neither party shall have any
further right, duty or obligation to the other under this Agreement.

     10.  Equitable Relief.  Employee acknowledges that the services to be
          ----------------
rendered by Employee under this Agreement, and the rights and privileges granted
by Employee to the Company hereunder, are of a special, unique, extraordinary
and intellectual character which gives them a peculiar and special value, the
loss of which cannot be reasonably or adequately compensated in damages in an
action at law, and a breach by Employee of any of the provisions hereof will
cause the Company great and irreparable injury.  Employee acknowledges that the
Company shall, therefore, be entitled, in addition to any other remedies which
it may have under this Agreement or at law, to receive injunctive and other
equitable relief (including without limitation specific performance) to enforce
any of the rights and privileges of the Company or any of the covenants or
obligations of Employee hereunder.  Nothing contained herein, and no exercise by
the Company of any right or remedy, shall be construed as a waiver by the
Company of any other rights or remedies which the Company may have.  In the
event that any court or tribunal shall at any time hereafter hold any covenants
or restrictions contained in this Agreement to be unenforceable or unreasonable
as to the scope, territory or period of time specified therein, such court shall
have the power, and is specifically requested by Employee and the Company, to
declare or determine the scope, territory or period of time which it deems to be
reasonable or enforceable and to enforce the restrictions contained therein to
such extent.

     11.  Governing Law, Legal Proceedings and Remedies.
          ---------------------------------------------

                                      A-5
<PAGE>

          (a)  The substantive laws (as distinguished from the choice of law
rules) of the State of New York shall govern (i) the validity and interpretation
of this Agreement, (ii) the performance by the parties hereto of their
respective duties and obligations hereunder and (iii) all other causes of action
(whether sounding in contract or in tort) arising out of or relating in any
fashion to Employee's employment by the Company or the termination of such
employment.

          (b)  Any and all actions, suits or legal proceedings of any nature
(whether sounding in contract or in tort) arising out of or relating to this
Agreement, to the employment of Employee by the Company or to the termination of
such employment shall be initiated and maintained only in a state or federal
court located in the City and County of New York, State of New York, which shall
be the exclusive forum for, and shall have sole and exclusive jurisdiction over
the subject matter of, all such proceedings. The Company and Employee each
hereby submit and subject themselves irrevocably to the personal jurisdiction of
such New York State and federal courts.

     12.  Notices.  All notices, requests, demands or other communications in
          -------
connection with this Agreement shall be in writing and shall be deemed to have
been duly given if delivered in person, by telegram, by telecopier to the
applicable telecopier number listed below, or by United States mail, postage
prepaid, certified or registered, with return receipt requested, or otherwise
actually delivered:

     If to Employee, to him at the address listed on page 1 of this Agreement.

     If to the Company, to it at:

                               711 Fifth Avenue
                           New York, New York  10022
                      Attention: Chief Executive Officer

     with a copy at the same address,

                      Attention: Chief Financial Officer

or such other addresses as Employee or the Company shall have designated by
written notice to the other party hereto.  Any such notice, demand or other
communication shall be deemed to have been given on the date actually delivered
(or, in the case of telecopier, on the date actually sent by telecopier) or upon
the expiration of three (3) days after the date mailed, as the case may be.

     13.  Service as Expert Witness.  Employee acknowledges that during the
          -------------------------

                                      A-6
<PAGE>

Employment Period Employee will have access to confidential and proprietary
information concerning the Company, including, without limitation, access to
various proprietary and confidential contracts and financial data.  Employee
agrees that Employee shall not at any time either during or after the term of
this Agreement serve as an "expert witness" or in any similar capacity in any
litigation or other proceeding to which the Company or any of its Affiliates or
subsidiaries is a party without the prior written consent of the Company or such
affiliate or subsidiary, as the case may be.

     14.  Miscellaneous.
          -------------

          (a)  This Agreement and the exhibits hereto contain a complete
statement of all of the arrangements between the parties with respect to
Employee's employment by the Company, supersede all existing agreements between
them concerning Employee's employment and cannot be changed or terminated
orally.  No provision of this Agreement shall be interpreted against any party
because that party or its legal representative drafted the provision.  There are
no warranties, representations or covenants, oral or written, express or
implied, except as expressly set forth herein.  Employee acknowledges that
Employee does not rely and has not relied upon any representation or statement
made by the Company or any of its representatives relating to the subject matter
of this Agreement except as set forth herein.

          (b)  If any provision of this Agreement or any portion thereof is
declared by any court of competent jurisdiction to be invalid, illegal or
incapable of being enforced, the remainder of such provision, and all of the
remaining provisions of this Agreement, shall continue in full force and effect
and no provision shall be deemed dependent on any other provision unless so
expressed herein.

          (c)  The failure of a party to insist on strict adherence to any term
of this Agreement shall not be considered a waiver of, or deprive that party of
the right thereafter to insist on strict adherence to, that term or any other
term of this Agreement.

          (d)  The headings in this Agreement (including the exhibits hereto)
are solely for convenience of reference and shall not affect its interpretation.

          (e)  The relationship between Employee and the Company is exclusively
that of employer and employee, and the Company's obligations to Employee
hereunder are exclusively contractual in nature.

          (f)  Employee shall, at the request of the Company, execute and
deliver to the Company all such documents as the Company may from time to time
deem necessary or desirable to evidence, protect, enforce or defend its right,
title and interest in or to any Confidential Materials, Intellectual Property or
other items described in

                                      A-7
<PAGE>

Paragraph 6 hereof. If Employee shall fail or refuse to execute or deliver to
the Company any such document upon request, the Company shall have, and is
granted, the power and authority to execute the same in Employee's name, as
Employee's attorney-in-fact, which power is coupled with an interest and
irrevocable.

          (g)  The Company may assign this Agreement, Employee's services
hereunder or any of the Company's interests herein (i) to any Person which is a
party to a merger or consolidation with the Company, (ii) to any Affiliate of
the Company or (iii) to any Person acquiring substantially all of the assets of
the Company or the unit of the Company for which Employee is rendering services;
and, provided that any such assignee assumes the Company's obligations under
this Agreement, the Company shall thereupon be relieved of any and all liability
hereunder.  Employee shall not have the right to assign this Agreement or to
delegate any duties imposed upon Employee under this Agreement without the
written consent of the Company, and any such purported assignment or delegation
shall be void ab initio.
              -- ------

         *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *  *

                                      A-8

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