Document:

EXHIBIT 4.5

                                     FORM OF

                               `WARRANT AGREEMENT

         This Warrant  Agreement  (this  "Agreement")  made as of _________  __,
2005,  by  and  between  Media  &  Entertainment  Holdings,   Inc.,  a  Delaware
corporation,  with  offices  at  4429  Edmondson  Avenue,  Dallas,  Texas  75205
("Company"),  and  Continental  Stock  Transfer  &  Trust  Company,  a New  York
corporation,  with  offices  at 17  Battery  Place,  New  York,  New York  10004
("Warrant Agent").

         WHEREAS,   the  Company  is  engaged  in  a  public  offering  ("Public
Offering") of Units  ("Units") and, in connection  therewith,  has determined to
issue and deliver up to 34,500,000  warrants  ("Public  Warrants") to the public
investors,  each of such  Public  Warrants  evidencing  the right of the  holder
thereof to purchase one share of common  stock,  par value $.0001 per share,  of
the Company's Common Stock ("Common Stock") for $5.00,  subject to adjustment as
described herein; and

         WHEREAS,  the  Company  has  determined  to  issue  and  deliver  up to
1,500,000  warrants  ("Underwriters'  Warrants")  to Jesup &  Lamont  Securities
Corporation  ("Jesup & Lamont")  or its  designees,  each of such  Underwriters'
Warrants  evidencing  the right of the holder  thereof to purchase  one share of
Common  Stock  for  $6.25,  subject  to  adjustment  as  described  herein  (the
Underwriters'  Warrants  together with the Public  Warrants,  being  referred to
herein as the "Warrants"),

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

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

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

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

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

1.       APPOINTMENT OF WARRANT AGENT.  The Company hereby  appoints the Warrant
Agent to act as agent for the Company for the  Warrants,  and the Warrant  Agent
hereby  accepts such

<PAGE>

appointment  and agrees to  perform  the same in  accordance  with the terms and
conditions set forth in this Agreement.

2.       WARRANTS.

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

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

         2.3      REGISTRATION.

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

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

         2.4      DETACHABILITY OF WARRANTS. The securities comprising the Units
will not be separately  transferable until 20 trading days following the earlier
to occur of the  expiration  of Jesup &  Lamont's  over-allotment  option or its
exercise in full unless  Jesup & Lamont  informs the Company of its  decision to
allow  earlier  separate  trading,  but in no event  will  Jesup & Lamont  allow
separate trading of the securities  comprising the Units until the Company files
a Current Report on Form 8-K, which includes an audited balance sheet reflecting
the  receipt  by the  Company  of the  gross  proceeds  of the  Public  Offering
including  the  proceeds  received  by the  Company  from  the  exercise  of the
Underwriter's  over-allotment  option, if the over-allotment option is exercised
prior to the filing of the Form 8-K.

                                       2
<PAGE>

         2.5      PUBLIC  WARRANTS AND  UNDERWRITERS'  WARRANTS.  Except for the
exercise price, the  Underwriters'  Warrants shall have the same terms and be in
the same form as the Public Warrants.

3.       TERMS AND EXERCISE OF WARRANTS.

         3.1      WARRANT PRICE. Each Public Warrant shall,  when  countersigned
by the Warrant Agent,  entitle the  registered  holder  thereof,  subject to the
provisions  of such Public  Warrant and of this Warrant  Agreement,  to purchase
from the Company the number of shares of Common  Stock  stated  therein,  at the
price of $5.00 per whole share, subject to the adjustments provided in Section 4
hereof and in the last sentence of this Section 3.1. Each Underwriters'  Warrant
shall,  when  countersigned by the Warrant Agent,  entitle the registered holder
thereof,  subject to the  provisions of such  Underwriters'  Warrant and of this
Warrant  Agreement,  to purchase from the Company the number of shares of Common
Stock  stated  therein,  at the price of $6.25 per whole  share,  subject to the
adjustments  provided  in  Section  4 hereof  and in the last  sentence  of this
Section 3.1. The term "Warrant Price" as used in this Warrant  Agreement  refers
to the price  per share at which  Common  Stock may be  purchased  at the time a
Warrant is exercised.  The Company in its sole  discretion may lower the Warrant
Price at any time prior to the Expiration Date; provided that any such reduction
shall be identical in percentage terms among all of the Warrants.

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

         3.3      EXERCISE OF WARRANTS.

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

                                       3
<PAGE>

                  3.3.2    ISSUANCE  OF  CERTIFICATES.  As soon  as  practicable
after the  exercise of any Warrant and the  clearance of the funds in payment of
the Warrant  Price,  the Company  shall issue to the  registered  holder of such
Warrant a certificate  or  certificates  for the number of full shares of Common
Stock  to  which  he is  entitled,  registered  in such  name or names as may be
directed by him,  and if such Warrant  shall not have been  exercised in full, a
new  countersigned  Warrant  for the number of shares as to which  such  Warrant
shall not have been exercised.  Notwithstanding the foregoing, the Company shall
not be obligated to deliver any securities pursuant to the exercise of a Warrant
unless (i) a  registration  statement  under the Act with  respect to the Common
Stock is  effective  or (ii) in the  opinion  of  counsel  to the  Company,  the
exercise of the Warrants is exempt from the registration requirements of the Act
and such  securities are qualified for sale or exempt from  qualification  under
applicable  securities  laws of the states or other  jurisdictions  in which the
registered  holders  reside.  Warrants  may not be exercised  by, or  securities
issued to, any  registered  holder in any state in which such exercise  would be
unlawful.

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

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

4.       ADJUSTMENTS.

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

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

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

                                       4
<PAGE>

the  number of  shares of Common  Stock  purchasable  upon the  exercise  of the
Warrants immediately prior to such adjustment,  and (y) the denominator of which
shall be the  number  of  shares  of  Common  Stock so  purchasable  immediately
thereafter.

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

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

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

         4.7      FORM OF WARRANT. The forms of Public Warrant and Underwriters'
Warrant need not be changed  because of any adjustment  pursuant to this Section
4, and Warrants  issued after such  adjustment  may state the same Warrant Price
and the same  number of shares as is  stated in

                                       5
<PAGE>

the Warrants initially issued pursuant to this Agreement.  However,  the Company
may at any time in its sole  discretion  make any  change in the form of Warrant
that the Company  may deem  appropriate  and that does not affect the  substance
thereof, and any Warrant thereafter issued or countersigned, whether in exchange
or substitution for an outstanding  Warrant or otherwise,  may be in the form as
so changed.

         4.8      NOTICE OF CERTAIN TRANSACTIONS.  In the event that the Company
shall  propose to (a) offer the holders of its Common  Stock rights to subscribe
for or to purchase  any  securities  convertible  into shares of Common Stock or
shares of stock of any class or any other  securities,  rights or  options,  (b)
issue any rights,  options or warrants  entitling the holders of Common Stock to
subscribe  for  shares of Common  Stock or (c) make a tender  offer or  exchange
offer with respect to the Common  Stock,  the Company  shall send to the Warrant
holders a notice of such proposed  action or offer.  Such notice shall be mailed
to the  registered  holders at their  addresses  as they  appear in the  Warrant
Register, which shall specify the record date for the purposes of such dividend,
distribution or rights,  or the date such issuance or event is to take place and
the date of  participation  therein by the holders of Common Stock,  if any such
date is to be fixed, and shall briefly indicate the effect of such action on the
Common  Stock and on the  number  and kind of any  other  shares of stock and on
other  property,  if any,  and the  number of  shares of Common  Stock and other
property,  if any,  issuable upon exercise of each Warrant and the Warrant Price
after giving effect to any adjustment  pursuant to this Article 4 which would be
required as a result of such  action.  Such notice shall be given as promptly as
practicable  after the Board of  Directors  of the  Company  (the  "Board")  has
determined to take any such action and (x) in the case of any action  covered by
clause  (a) or (b)  above  at  least  10  days  prior  to the  record  date  for
determining  the holders of the Common  Stock for purposes of such action or (y)
in the case of any other  such  action at least 20 days prior to the date of the
taking of such  proposed  action  or the date of  participation  therein  by the
holders of Common Stock, whichever shall be the earlier.

         4.9  OTHER  EVENTS.  If any  event  occurs  as to which  the  foregoing
provisions  of this  Article  4 are not  strictly  applicable  or,  if  strictly
applicable,  would not,  in the good  faith  judgment  of the Board,  fairly and
adequately protect the purchase rights of the registered holders of the Warrants
in accordance with the essential intent and principles of such provisions,  then
the Board shall make such adjustments in the application of such provisions,  in
accordance  with such essential  intent and  principles,  as shall be reasonably
necessary,  in the good faith  opinion of the Board,  to protect  such  purchase
rights as aforesaid.

5.       TRANSFER AND EXCHANGE OF WARRANTS.

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

         5.2      PROCEDURE   FOR   SURRENDER  OF  WARRANTS.   Warrants  may  be
surrendered to the Warrant Agent,  together with a written  request for exchange
or transfer,  and thereupon  the

                                       6
<PAGE>

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

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

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

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

6.       REDEMPTION.

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

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

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

                                       7
<PAGE>

         6.4      OUTSTANDING  WARRANTS ONLY. The Company  understands  that the
redemption  rights  provided  for by this  Section 6 apply  only to  outstanding
Warrants.  To the  extent a person  holds  rights  to  purchase  Warrants,  such
purchase  rights shall not be  extinguished  by redemption.  However,  once such
purchase  rights are exercised,  the Company may redeem the Warrants issued upon
such exercise  provided that the criteria for  redemption is met,  including the
opportunity of the Warrant  holder to exercise  prior to redemption  pursuant to
Section 6.3. The provisions of this Section 6.4 may not be modified,  amended or
deleted without the prior written consent of Jesup & Lamont.

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

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

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

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

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

8.       CONCERNING THE WARRANT AGENT AND OTHER MATTERS.

         8.1      PAYMENT OF TAXES.  The Company will from time to time promptly
pay all taxes and  charges  that may be imposed  upon the Company or the Warrant
Agent in respect of the  issuance or delivery of shares of Common Stock upon the
exercise of Warrants, but the

                                       8
<PAGE>

Company  shall not be  obligated  to pay any  transfer  taxes in  respect of the
Warrants or such shares.

         8.2      RESIGNATION, CONSOLIDATION, OR MERGER OF WARRANT AGENT.

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

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

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

         8.3      FEES AND EXPENSES OF WARRANT AGENT.

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

                                       9
<PAGE>

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

         8.4      LIABILITY OF WARRANT AGENT.

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

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

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

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

9.       MISCELLANEOUS PROVISIONS.

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

                                       10
<PAGE>

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

                      Media & Entertainment Holdings, Inc.
                              4429 Edmondson Avenue
                               Dallas, Texas 75205
               Attn: Herbert A. Granath, Chairman of the Board and
                             Chief Executive Officer

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

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

with a copy in each case to:

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

and

                            Thelen Reid & Priest LLP
                                875 Third Avenue
                            New York, New York 10022
                          Attn: Robert S. Matlin, Esq.

and

                      Jesup & Lamont Securities Corporation
                                650 Fifth Avenue
                            New York, New York 10019
                              Attn: Stephen DeGroat

         9.3      APPLICABLE LAW. The validity,  interpretation, and performance
of this  Agreement and of the Warrants  shall be governed in all respects by the
laws of the State of New York,

                                       11
<PAGE>

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

         9.4      PERSONS  HAVING RIGHTS UNDER THIS  AGREEMENT.  Nothing in this
Agreement  expressed and nothing that may be implied from any of the  provisions
hereof is  intended,  or shall be  construed,  to confer  upon,  or give to, any
person or corporation  other than the parties hereto and the registered  holders
of the Warrants  and, for the purposes of Sections  2.5,  6.1, 6.4, 7.4, 9.2 and
9.8 hereof,  Jesup & Lamont,  any right,  remedy, or claim under or by reason of
this Warrant Agreement or of any covenant, condition,  stipulation,  promise, or
agreement hereof. Jesup & Lamont shall be deemed to be a third-party beneficiary
of this  Agreement  with respect to Sections  2.5,  6.1,  6.4,  7.4, 9.2 and 9.8
hereof.  All  covenants,  conditions,  stipulations,  promises,  and  agreements
contained in this Warrant  Agreement shall be for the sole and exclusive benefit
of the parties hereto (and Jesup & Lamont with respect to the Sections 2.5, 6.1,
6.4,  7.4,  9.2 and 9.8  hereof)  and their  successors  and  assigns and of the
registered holders of the Warrants.

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

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

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

         9.8      AMENDMENTS.  This  Agreement  may be  amended  by the  parties
hereto  without the consent of any  registered  holder for the purpose of curing
any ambiguity, or of curing, correcting or supplementing any defective provision
contained  herein or adding or changing  any other  provisions  with  respect to
matters or  questions  arising  under this  Agreement  as the  parties  may deem
necessary or desirable and that the parties deem shall not adversely  affect the
interest of the  registered  holders.  All other  modifications  or  amendments,
including  any  amendment to increase the Warrant  Price or shorten the Exercise
Period,  shall  require  the  written  consent of each of Jesup & Lamont and the
registered   holders  of  a   majority   of  the  then   outstanding   Warrants.
Notwithstanding the foregoing, the Company may lower the Warrant Price or extend
the duration of the Exercise  Period in  accordance  with  Sections 3.1 and 3.2,
respectively, without such consent.

                                       12
<PAGE>

         9.9      SEVERABILITY.  This Agreement shall be deemed  severable,  and
the  invalidity or  unenforceability  of any term or provision  hereof shall not
affect the validity or  enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision,  the parties  hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or  unenforceable
provision as may be possible and be valid and enforceable.

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

Attest:                         MEDIA & ENTERTAINMENT HOLDINGS, INC.

                                By:___________________________________
---------
                                   Herbert A. Granath, Chairman of the Board and
                                   Chief Executive Officer

Attest:                         CONTINENTAL STOCK TRANSFER & TRUST COMPANY

                                By:____________________________________
---------
                                     Steven G. Nelson, Chairman of the Board

                                       13EXHIBIT 10.1

                                         August 25, 2005

Media & Entertainment Holdings, Inc.
4429 Edmondson Avenue
Dallas, Texas 75205

Jesup & Lamont Securities Corporation
650 Fifth Avenue
New York, New York 10019

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

                Re:              INITIAL PUBLIC OFFERING
                ---------------- ------------------------------

Gentlemen:

              The  undersigned  stockholder,  officer and/or director of Media &
Entertainment  Holdings,  Inc.  ("Company"),  in consideration of Jesup & Lamont
Securities  Corporation  ("Jesup  &  Lamont")  entering  into a letter of intent
("Letter of Intent") to underwrite an initial public  offering of the securities
of the Company  ("IPO")  and  embarking  on the IPO  process,  hereby  agrees as
follows  (certain  capitalized  terms used  herein are defined in  paragraph  11
hereof):

              1.     If the Company  solicits  approval of its stockholders of a
Business Combination,  the undersigned will vote all Insider Shares owned by him
in  accordance  with the  majority  of the votes cast by the  holders of the IPO
Shares.

              2.     In the  event  that  the  Company  fails  to  consummate  a
Business Combination within 18 months from the effective date ("Effective Date")
of the  registration  statement  relating  to the IPO (or 24  months  under  the
circumstances  described in the prospectus relating to the IPO), the undersigned
will take all  reasonable  actions  within  his power to cause  the  Company  to
liquidate as soon as reasonably  practicable.  The undersigned hereby waives any
and all right, title, interest or claim of any kind in or to any distribution of
the  Trust  Fund (as  defined  in the  Letter  of  Intent)  as a result  of such
liquidation  with respect to his Insider Shares  ("Claim") and hereby waives any
Claim the  undersigned may have in the future as a result of, or arising out of,
any contracts or agreements with the Company and will not seek recourse  against
the Trust Fund for any reason  whatsoever.  The undersigned  agrees to indemnify
and hold  harmless  the  Company  against any and all loss,  liability,  claims,
damage and expense whatsoever (including,  but not limited to, any and all legal
or other expenses reasonably  incurred in investigating,  preparing or defending
against any litigation,  whether pending or threatened, or any claim whatsoever)
which the Company may become subject as a result of any claim by any vendor that
is owed money by the Company for services  rendered or products sold but only to
the extent  necessary  to ensure  that such loss,  liability,  claim,  damage or
expense  does not reduce the amount in the Trust Fund (as  defined in the Letter
of Intent).

<PAGE>

Media & Entertainment Holdings, Inc.
Jesup & Lamont Securities Corporation
August 25, 2005
Page 2

              3.     In order to minimize potential  conflicts of interest which
may arise from multiple  affiliations,  the undersigned agrees to present to the
Company for its  consideration,  prior to  presentation  to any other  person or
entity,  any suitable  opportunity to acquire an operating  business,  until the
earlier  of the  consummation  by the  Company of a  Business  Combination,  the
liquidation of the Company or until such time as the undersigned ceases to be an
officer  or  director  of the  Company,  subject to any  pre-existing  fiduciary
obligations the undersigned might have.

              4.     The  undersigned  acknowledges  and agrees that the Company
will not consummate any Business  Combination  which involves a company which is
affiliated  with any of the Insiders  unless the Company obtains an opinion from
an independent  investment banking firm reasonably  acceptable to Jesup & Lamont
that the  business  combination  is fair to the  Company's  stockholders  from a
financial perspective.

              5.     Neither  the  undersigned,  any member of the family of the
undersigned,  nor any Affiliate of the  undersigned  will be entitled to receive
and will not accept any compensation for services  rendered to the Company prior
to the consummation of the Business Combination; provided that commencing on the
Effective Date, Transmedia  Corporation  ("Related Party"),  shall be allowed to
charge the Company an allocable  share of Related Party's  overhead,  $7,500 per
month, to compensate it for certain  administrative,  technology and secretarial
services,  as well as the use of certain  limited office space in Dallas,  Texas
that it will provide to the Company.  Related  Party and the  undersigned  shall
also be entitled  to  reimbursement  from the  Company  for their  out-of-pocket
expenses  incurred  in  connection  with  seeking  and  consummating  a Business
Combination.

              6.     Neither  the  undersigned,  any member of the family of the
undersigned,  or any Affiliate of the undersigned will be entitled to receive or
accept a finder's fee or any other  compensation  in the event the  undersigned,
any member of the family of the  undersigned or any Affiliate of the undersigned
originates a Business Combination.

              7.     The  undersigned  will  escrow his  Insider  Shares for the
period   commencing  on  the  Effective  Date  and  ending  one  year  from  the
consummation of a Business  Combination,  subject to the terms of a Stock Escrow
Agreement  which the Company will enter into with the  undersigned and an escrow
agent acceptable to the Company.

              8.     The  undersigned  agrees to be Chairman and Chief Executive
Officer of the Company until the earlier of the consummation by the Company of a
Business  Combination  or the  liquidation  of the  Company.  The  undersigned's
biographical  information  furnished  to the  Company  and  Jesup &  Lamont  and
attached hereto as Exhibit A is true and accurate in all respects, does not omit
any  material  information  with  respect to the  undersigned's  background  and
contains all of the information required to be disclosed pursuant to Section 401
of  Regulation  S-K,   promulgated   under  the  Securities  Act  of  1933.  The
undersigned's  Questionnaire  furnished  to the  Company  and Jesup & Lamont and
annexed  as  Exhibit  B  hereto  is  true  and  accurate  in all  respects.  The
undersigned represents and warrants that:

                                       2
<PAGE>

Media & Entertainment Holdings, Inc.
Jesup & Lamont Securities Corporation
August 25, 2005
Page 3

              (a)    he is not subject to or a  respondent  in any legal  action
for, any injunction, cease-and-desist order or order or stipulation to desist or
refrain from any act or practice  relating to the offering of  securities in any
jurisdiction;

              (b)    he has never been  convicted  of or  pleaded  guilty to any
crime (i) involving any fraud or (ii) relating to any financial  transaction  or
handling of funds of another person,  or (iii) pertaining to any dealings in any
securities and he is not currently a defendant in any such criminal  proceeding;
and

              (c)    he has never been suspended or expelled from  membership in
any  securities or  commodities  exchange or  association or had a securities or
commodities license or registration denied, suspended or revoked.

              9.     The undersigned has full right and power, without violating
any agreement by which he is bound,  to enter into this letter  agreement and to
serve as Chairman and Chief Executive Officer of the Company.

              10.    The   undersigned   authorizes   any  employer,   financial
institution,  or consumer credit  reporting  agency to release to Jesup & Lamont
and its legal representatives or agents (including any investigative search firm
retained  by  Jesup  &  Lamont)  any   information   they  may  have  about  the
undersigned's background and finances  ("Information"),  purely for the purposes
of the Company's IPO (and shall thereafter hold such information  confidential).
Neither Jesup & Lamont nor its agents shall be violating the undersigned's right
of privacy in any manner in requesting  and obtaining  the  Information  and the
undersigned  hereby  releases them from  liability for any damage  whatsoever in
that connection.

              11.    As used herein, (i) a "Business  Combination" shall mean an
acquisition  by merger,  capital  stock  exchange,  asset or stock  acquisition,
reorganization or otherwise,  of an operating  business selected by the Company;
(ii)  "Insiders"  shall mean all officers and directors who are  stockholders of
the Company  immediately prior to the IPO; (iii) "Insider Shares" shall mean all
of the shares of Common  Stock of the Company  owned by an Insider  prior to the
IPO; and (iv) "IPO  Shares"  shall mean the shares of Common Stock issued in the
Company's IPO.

                                         /s/ Herbert A. Granath
                                         Herbert A. Granath

                                       3
<PAGE>

Media & Entertainment Holdings, Inc.
Jesup & Lamont Securities Corporation
August 25, 2005
Page 4

                                    EXHIBIT A

HERBERT A. GRANATH has been the Chairman of the Board and Chief Executive
Officer of our company since August 2005. Mr. Granath is Chairman Emeritus,
ESPN, a cable sports network, and Senior Content Advisor to Cable Partners
Europe, a cable communications operator, and Telenet, Belgium's leading cable
television company. Since 1999, he has served on the Board of Advisors of
Veronis, Suhler & Associates Fund III, a billion-dollar fund investing in
worldwide media, and is currently a Director of Central European Media
Enterprises Ltd, a company engaged in the ownership and operation of leading
commercial television stations in Central and Eastern Europe, and of Crown Media
Holdings, which owns and operates the Hallmark Channel. Mr. Granath was employed
by ABC for over 35 years, where he was Senior Vice President from 1998 to
February 2001, and was Chairman, Disney/ABC International, an international
broadcasting company, from 1996 to January 1998. He served as Chairman of the
Board of ESPN for 16 years, as well as Board Chairman of A&E, The History
Channel, The Biography Channel and Lifetime Television, and was a Founding
Partner and Director of Eurosport, the largest cable network in Europe. He also
served on the boards of Telefunf, RTL2 and TM3 networks in Germany, SBS
Broadcasting SA and TVA, the Brazilian pay-TV company. Among the awards Mr.
Granath has received are two TONY Awards, an International EMMY (Lifetime
Achievement in International TV), as well as a U.S. EMMY (Lifetime Achievement
in Sports TV). Most recently, he was honored by the National Association of
Broadcasters as a Broadcast Pioneer and received the European Lifetime
Achievement Award at the Rose d'Or Festival in Lucerne, Switzerland.

                                       4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]