Document:

First Amendment to Participation, Registration Rights

 Exhibit 10.12 
 FIRST AMENDMENT TO PARTICIPATION, REGISTRATION RIGHTS AND 
 COORDINATION AGREEMENT AND STOCKHOLDERS
AGREEMENT 
 This First Amendment (the “Amendment”), dated as of January 29, 2008, to the following agreements:

 (i) the PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT (the “RRA”), dated as of
March 29, 2007, by and among Broadcasting Media Partners, Inc. (the “Company”), Broadcast Media Partners Holdings, Inc., (“Midco”), Univision Communications Inc., as successor in interest to Umbrella
Acquisition, Inc. (“Univision”) and certain Persons who will be stockholders of the Company; and 
 (ii) the
STOCKHOLDERS AGREEMENT (the “SHA” and together with the RRA, the “Agreements”), dated as of March 29, 2007, by and among the Company, Midco, Univision and certain stockholders of the Company is made by and
among the Company, Midco, Univision, the Principal Investors and the Bank Investors (collectively, the “Parties”). 
 WHEREAS, the Principal Investors have entered into a Services Agreement, dated as of January 29, 2008 and effective as of March 27, 2007, with SCG Investments IIB LLC (the “Services Agreement”) to employ its
services on the terms set forth therein; 
 WHEREAS, in connection with the Services Agreement, the Principal Investor and the Bank Investors
agreed to modify certain terms in the Agreements; 
 WHEREAS, the Parties, pursuant to their authority under Section 7.2 of the RRA and
Section 8.2 of the SHA, desire to effect an amendment to the Agreements to reflect changes resulting from the Services Agreement; and 
 WHEREAS, capitalized terms used but not defined herein shall have the meanings given thereto in the Agreements. 
 NOW, THEREFORE,
in consideration of the foregoing premises, the parties hereto hereby agree as follows: 
 1. Amendments to the Agreements.

 (a) Part (iii) of the definitions of Strategic Investor Transaction in each of the RRA and SHA is hereby amended to
read as follows: 
 (iii) if agreements related to such transaction are entered into with a Strategic Investor on or prior to
January 25, 2009, the SCG Investors not being obligated to Sell Shares resulting, after giving effect to such Strategic Investor Transaction, in the SCG Investors, in the aggregate, holding Shares valued at an initial cost of less than
$250,000,000); 

 (b) Section 8.3 of the SHA is hereby amended to add the following to the end of the
first sentence: 
 ; provided that any Shares held by BMPI Services LLC shall not be taken into consideration when
calculating Individual Sell Down Percentages. 
 2. Confirmation of the Agreement. Except as herein expressly amended, the Agreements
are ratified and confirmed in all respects and shall remain in full force and effect in accordance with their terms. Each reference in the Amendment to “the RRA,” “the SHA” or “the Agreements” shall mean such Agreement
as amended by this Amendment, and as hereinafter amended or restated. 
 3. Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of Delaware applicable to contracts made and performed in such State without giving effect to the choice of law principles of such state that would require or permit the application of the laws of
another jurisdiction. 
 4. Counterparts. This Amendment may be executed in one or more counterparts, each of which will be deemed to
be an original copy of this Amendment and all of which, when taken together, will be deemed to constitute one and the same agreement. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, each of the undersigned has duly executed this Amendment (or caused this Amendment to
be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first written above. 
  

									
	THE COMPANY:	 		 	BROADCASTING MEDIA PARTNERS, INC.
				
		 		 	By: 	 	*
		 		 		 		 	Name:
		 		 		 		 	Title:
			
	MIDCO:	 		 	BROADCAST MEDIA PARTNERS HOLDINGS, INC.
				
		 		 	By: 	 	*
		 		 		 		 	Name:
		 		 		 		 	Title:
			
	UNIVISION:	 		 	UNIVISION COMMUNICATIONS INC.
				
		 		 	By: 	 	*
		 		 		 		 	Name:
		 		 		 		 	Title:

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

  

	
	/s/ C. DOUGLAS KRANWINKLE
	Name: C. Douglas Kranwinkle
	Title: Executive Vice President - Law

 [SIGNATURE PAGE TO AMENDMENT 1 TO REGISTRATION RIGHTS AGREEMENT AND 
 STOCKHOLDERS AGREEMENT] 

 BANK INVESTORS: 
  

			
	BACI INVESTORS INTERMEDIATE (UNIVISION), L.P.
		
	By: 	 	/s/ ROBERT H. SHERIDAN III
	Name: Robert H. Sheridan III
	Title: Authorized Signatory

 [SIGNATURE PAGE TO AMENDMENT 1 TO REGISTRATION RIGHTS AGREEMENT AND 
 STOCKHOLDERS AGREEMENT] 

			
	CREDIT SUISSE INVESTORS INTERMEDIATE (UNIVISION), L.P.
	
	By: GSS Holdings (Univision-CS), Inc.
	Its: General Partner
		
	By: 	 	/s/ JILL A. GORDON
	Name: Jill A. Gordon
	Title: Vice President

 [SIGNATURE PAGE TO AMENDMENT 1 TO REGISTRATION RIGHTS AGREEMENT AND 
 STOCKHOLDERS AGREEMENT] 

			
	DB INVESTORS INTERMEDIATE (UNIVISION), L.P.
	
	By: DB (Univision), LLC
	Its: General Partner
	
	By: GSS Holdings (Univision), Inc.
	Its: Sole Member
		
	By: 	 	/s/ JILL A. GORDON
	Name: Jill A. Gordon
	Title: Vice President

 [SIGNATURE PAGE TO AMENDMENT 1 TO REGISTRATION RIGHTS AGREEMENT AND 
 STOCKHOLDERS AGREEMENT] 

			
	LB INVESTORS INTERMEDIATE (UNIVISION), L.P.
		
	By: 	 	/s/ ALEX KIRK
	Name: Alex Kirk
	Title: Authorized Signatory

 [SIGNATURE PAGE TO AMENDMENT 1 TO REGISTRATION RIGHTS AGREEMENT AND 
 STOCKHOLDERS AGREEMENT] 

			
	RBS INVESTORS INTERMEDIATE (UNIVISION), L.P.
	
	By: RBS (Univision), LLC
	Its: General Partner
	
	By: GSS Holdings (Univision-RBS), Inc.
	Its: Sole Member
		
	By: 	 	/s/ JILL A. GORDON
	Name: Jill A. Gordon
	Title: Vice President

 [SIGNATURE PAGE TO AMENDMENT 1 TO REGISTRATION RIGHTS AGREEMENT AND 
 STOCKHOLDERS AGREEMENT] 

			
	WCP UNIVISION, L.P.
		
	By: 	 	/s/ WALKER SIMMONS
	Name: Walker Simmons
	Title: Managing Director

 [SIGNATURE PAGE TO AMENDMENT 1 TO REGISTRATION RIGHTS AGREEMENT AND 
 STOCKHOLDERS AGREEMENT]Services Agreement

 Exhibit 10.26 
 SERVICES AGREEMENT 
 This SERVICES AGREEMENT, dated as of January 29, 2008 and effective
as of March 29, 2007, by and between Broadcasting Media Partners, Inc. (the “Company”), SCG Investments IIB LLC (the “Consulting Firm”) and BMPI Services LLC (“BMPI LLC”). 
 WHEREAS, the Consulting Firm is a member of BMPI LLC and has been providing services and has agreed to continue providing services to the Company;

 WHEREAS, the Company, BMPI LLC and the Consulting Firm desire to formally memorialize the Company’s engagement of the Consulting Firm
and to enter into this Service Agreement (this “Agreement”) embodying the terms of such retainer and the Company desires to retain the Consulting Firm and the Consulting Firm desires to be retained by the Company and, in exchange
for the Profits Interest (as defined in Section 3(a) below), to continue providing services to the Company subject to the terms and conditions hereinafter described. 
 NOW THEREFORE, in consideration of the terms and mutual undertakings set forth herein, the parties agree as follows: 
 1. Retention of the Consulting Firm. The Company hereby retains the Consulting Firm to provide the consulting services described in Appendix A attached hereto (the “Services”), and the Consulting Firm hereby agrees
to provide such Services, in each case, on the terms and subject to the conditions as set forth in this Agreement. 
 2. Services;
Executive Committee. 
 (a) Services. During the Term (as defined in Section 4), the Consulting Firm shall perform the
Services for the Company in a manner consistent with Appendix A. The Services shall be performed personally by Haim Saban (“Saban”) as set forth in Appendix A, and the Consulting Firm shall devote other sufficient personnel
resources to assist Saban in the performance of such Services as may be necessary and appropriate in accordance with Appendix A. 
 (b)
Executive Committee. The Company shall establish an executive committee (an “Executive Committee”) in a manner consistent with the terms and conditions set forth in Appendix A. 
 3. Profits Interests; Out-of-Pocket Expenses. 
 (a) Profits Interests. During the Term, for the Services rendered by the Consulting Firm hereunder, SCG Investments II LLC has received a profits interest (the “Profits Interest”) in BMPI LLC in accordance with the
Limited Liability Company Agreement of BMPI Services LLC, dated as of January 29, 2008 (as may be amended from time to time, the “LLC Agreement”). 
  

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 (b) Out-of-Pocket Expenses. Univision Communications Inc shall reimburse (or cause to be
reimbursed) the Consulting Firm for all reasonable, documented out-of-pocket expenses incurred by the Consulting Firm directly in connection with the performance of the Services (the “Out-of-Pocket Expenses”), including Saban’s
direct operating costs for use of a private plane directly in connection with his performance of the Services for the Company (which such private plane usage is estimated to be 100-150 hours per year and such private plane expenses is estimated to
be $4,800.00 per hour with respect to use of the plane owned by Saban affiliate company, or if such plane is unavailable, then equal to the direct out-of-pocket cost to charter another plane, provided that if such expenses may exceed $720,000 in any
calendar year, the Consulting Firm shall promptly notify the Executive Committee). 
 4. Term. The period during which the Consulting
Firm shall perform the Services for the Company pursuant to this Agreement (the “Term”) shall be an indefinite period, subject to the right of either party to terminate the Term and the Services for any reason or no reason on thirty
(30) days prior written notice to the other party. Any termination by the Company shall require the approval of 3 of 4 voting members of the Executive Committee (other than Saban) as described in Appendix A. 
 (a) Termination for Cause. The Company may terminate the Term and the Services for Cause. The term “Cause” shall mean: (i) the
indictment of the Consulting Firm or Saban for a felony involving moral turpitude; (ii) the Consulting Firm’s failure to comply in a material respect with a written directive or duly adopted resolution of the Executive Committee; or
(iii) the willful, material breach by the Consulting Firm or any of its employees, officers, directors, including Saban, of the Consulting Firm’s obligations under this Agreement, including without limitation the obligation for Saban to be
personally involved in providing the Services in accordance with Section 2(a) hereof, or the LLC Agreement; provided, that prior to any termination pursuant to (ii) and (iii), the Consulting Firm shall be entitled to thirty (30) days
prior written notice of any proposed termination for Cause (and such notice shall describe specific facts and circumstances) and shall have the opportunity to cure, to the extent curable, such circumstances within thirty (30) days following
such notice. No action taken by the Consulting Firm or Saban shall constitute Cause if the Consulting Firm or Saban, as the case may be, acted reasonably and in the good faith belief that its or his actions, as the case may be, were in the best
interests of the Company and its subsidiaries, and neither the Consulting Firm or Saban had any pecuniary interest in such circumstances other than its or his interests in the Company, provided that any action taken in contravention of a specific
direction from the Executive Committee or Board of Directors shall not be deemed to be an action taken reasonably and in good faith. 
 (b)
Without Cause; Death; Disability. The Company may also terminate the Term and the Services without Cause or on the account of Saban’s death or Disability. “Disability” shall mean a physical or mental incapacity or
disability which renders Saban unable to perform the Services for a period of 180 days in any twelve-month period. The failure of Saban to be designated as the Chairman of the Board of Directors (or similar successor body) of the Company (or its
successors) shall be deemed, at the election of Saban and after providing the Company 60 days to use its reasonable efforts to have Saban designated as the Chairman of the Board, a termination without Cause by the Company of this Services Agreement
(unless the Company seeks such termination as a termination for Cause as provided in this Agreement) 
  

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 (c) Resignation. The Consulting Firm may terminate the Term for any reason upon thirty days
advance written notice to the Company. Haim Saban may resign as Chairman which resignation shall have no effect on the provision of the Services contemplated hereunder or the Term hereunder or the LLC Agreement unless this Agreement is also
terminated. 
 (e) Automatic Termination. The Term shall terminate automatically in the event that none of the Principal Investors (as
defined in the LLC Agreement) other than the Consulting Firm or SCG (as defined in the LLC Agreement) hold any Company Securities. 
 (f)
Rights Upon Termination. Upon any termination of the Term and the Services, the Company shall reimburse (or cause to be reimbursed) the Consulting Firm for all Out-of-Pocket Expenses (accrued prior to the date of termination and not yet paid)
and the Consulting Firm’s rights and obligations with respect to the Profits Interests shall be governed by the LLC Agreement. Except as set forth in the LLC Agreement, the Company shall have no further obligations in the nature of termination
payments or otherwise. 
 5. No Benefits. Neither Saban nor any other personnel of the Consulting Firm shall participate in any of the
Company’s employee compensation or benefit plans, policies or arrangements. 
 6. Confidential Information; Noncompetition.

 (a) The Consulting Firm shall not, and shall cause its personnel, including Saban, not to, during the Term or at any time thereafter,
directly or indirectly, disclose, reveal, divulge or communicate to any person other than authorized officers, directors and employees of the Company and the Principal Investors (including officers, directors, employees, partners and members of the
Principal Investors and any entity that controls a Principal Investor) and advisors of the Company and Principal Investors in connection with providing the Services, or use or otherwise exploit for its own benefit or for the benefit of anyone other
than the Company, any Confidential Information (as defined below); provided, that the Consulting Firm may disclose any such information (i) as has become generally available to the public, (ii) to its employees and professional
advisers who need to know such information and agree to keep it confidential, (iii) to the extent required in order to comply with reporting obligations to its limited partners or members, in each case, who have agreed to keep such information
confidential, (iv) to the extent necessary in order to comply with any law, order, regulation or ruling applicable to the Consulting Firm, (v) to enforce the provisions hereof or to the extent required in the proper performance of the
Services hereunder, and (vi) as may be required in response to any summons or subpoena or in connection with any litigation, it being agreed that, unless such information has become generally available to the public, if such information is
being requested pursuant to a summons or subpoena or a discovery request in connection with a litigation, (x) the Consulting Firm shall give the Company notice of such request and shall cooperate with the Company at the Company’s request
so that the Company may, in its discretion, seek a protective order or other appropriate remedy, if available, and (y) in the event that such protective order is not obtained (or sought by the Company after notice), the Consulting Firm
(a) shall furnish only that portion of the information which, in accordance with the advice of counsel, is legally required to be furnished and (b) will exercise its reasonable efforts to obtain assurances that confidential treatment will
be accorded such information. 
  

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 “Confidential Information” means any information with respect to the Company or any of
its subsidiaries and controlled affiliates, including methods of operation, customer lists, products, prices, fees, costs, technology, formulas, inventions, trade secrets, know-how, software, marketing methods, plans, personnel, suppliers,
competitors, markets or other specialized information or proprietary matters. 
 (b) Noncompetition. During the Term and (i) the
one-year period following the date the Term ends and (ii) if the Term has not previously ended, then the one-year period following a Change of Control (as defined in the LLC Agreement on the date hereof), the Consulting Firm shall not, and
shall cause Saban and any Affiliate of the Consulting Firm or Saban not to, perform services for or otherwise invest in or become a member of the board of directors (or similar body) of any business or entity 
 (x) where either (i) more than 50% of the revenues of such business or entity are derived from the Hispanic market in the U.S., or (ii) $250
million of revenues of such business or entity are derived from the Hispanic market in the U.S.; 
 (y) (i) that broadcasts 75% or more
of its content in the U.S. in Spanish language; or (ii) of which 75% or more of its audience are Hispanics in the U.S.; and 
 (z) which
competes or would reasonably be expected to compete with a Company Business Activity. 
 Notwithstanding the foregoing, (i) SCG cannot
provide services for / invest in/ become a board member of ABC, NBC, CBS, Fox, CW, Clear Channel and (ii) Haim Saban shall be permitted to serve as a member of the Board of Directors of DirecTv. 
 A “Company Business Activity” means any business segment of the Company or any of its subsidiaries that has generated at least $100
million in revenue in the prior fiscal year or is reasonably expected to generate $100 million or more in revenue during the current fiscal year or any internet-based media business in which the Company has expended material resources. Affiliate
means with respect to any person or entity any other person or entity which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified person or entity. In the event that
a business or entity which was not subject to this clause on the date of any investment by Consulting Firm or Saban or any of their Affiliates, become a business or entity that would be prohibited by this clause (“Restricted
Investment”), then the Consulting Firm shall, and shall cause Saban and any Affiliate of the Consulting Firm or Saban to, go non-attributable with respect to that Restricted Investment (as such is defined under the rules and regulations of
the Federal Communication Commission) and the Consulting Firm shall, upon reasonable request, provide annual certifications that it is in compliance with the non-attributable status.  
 (c) Corporate Opportunity. During the Term and the one-year period following the date the Term ends, the Consulting Firm shall, and shall cause
Saban to, inform the Company in writing of any Hispanic Business Opportunity (as defined below) that is not otherwise prohibited by the noncompetition clause (b) above before the Consulting Firm or Saban consummate any investment or other
strategic partnership with respect thereto (“Opportunity Notice”). Within ten business days after the date of such Opportunity Notice, the 

  

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Company shall inform the Consulting Firm in writing whether the Company intends to further evaluate a making of an investment or enter into other strategic
partnership with respect to such Hispanic Business Opportunity. Thereafter, if none of the Company or its subsidiaries have either executed definitive agreements with respect to or consummated a transaction with respect to such Hispanic Business
Opportunity within three months after the date of the Opportunity Notice, the Consulting Firm and Saban shall be free to pursue any action with respect to such Hispanic Business Opportunity subject at all times to clause (b) above and the
provisions of this Services Agreement. “Hispanic Business Opportunity” means a business (at the time of evaluation) that generates at least 50% of its revenues from the Hispanic market in the U.S. or is projected or reasonably
expected to generate at least 50% of its revenues from the Hispanic market in the U.S in the current fiscal year or the next five succeeding years. 
 (d) Notwithstanding anything herein to the contrary, the Consulting Firm or Saban may hold passive investments in any enterprise the shares of which are publicly traded if such investment constitutes less than five percent (5%) of the
equity of such enterprise. Nothing herein is intended to prohibit the Consulting Firm, Saban or their affiliates from evaluating or discussing an opportunity the consummation of which would otherwise be prohibited by Sections 6(b) and (c).

 (e) The parties recognize that the Company will have no adequate remedy at law for breach by the Consulting Firm or any of its personnel
(including Saban) of the covenants provided in this Section 6 and 7 and, in the event of any such breach, the Company and the Consulting Firm hereby agree that the Company shall be entitled to injunctive relief providing for specific
performance, mandamus or other appropriate remedy to enforce performance of such covenant, without the requirement to post bond. 
 7.
Nondisclosure of this Agreement. The Consulting Firm agrees not to, and shall cause its personnel (including Saban) not to, disclose the terms or conditions of this Agreement to any third party, without the prior written consent of the
Company, except to the extent required by law or with their respective professional advisers for the purpose of discussing the subject matter hereof or to enforce the provisions hereof or to the extent required in the proper performance of the
Services hereunder. 
 8. Representations. Each party hereto represents and warrants to the other party hereto that (a) the
execution, delivery and performance by such party of this Agreement has been duly authorized by all necessary action on its part and does not and will not contravene or conflict with any provisions of any agreement or other instrument to which it is
a party or by which it is bound or any applicable law, judgment, order, writ, injunction, decree, rule or regulation of any court, governmental authority, administrative agency or arbitrator, (b) this Agreement is the legal, valid and binding
obligation of such party, enforceable against it in accordance with its terms and (c) there is no pending or threatened action or proceeding affecting such party before or by any court, governmental authority, administrative agency or
arbitrator, which if adversely determined, would prevent such party from performing its obligations hereunder. 
 9. Independent
Contractor. The Consulting Firm and the Company agree that the Consulting Firm and its personnel (including Saban) shall be independent contractors of the 

  

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Company for all purposes with regard to their performance of the Services pursuant to this Agreement, including, without limitation, for U.S. federal
(including social security and unemployment), state, local and non-U.S. income and employment tax purposes and for purposes of any social charges under applicable non-U.S. law. If the Company is required to withhold U.S. federal, state, local or
non-U.S. taxes with respect to any amounts payable hereunder, such taxes shall be withheld out of such amounts. The parties agree that this Agreement does not increase or expand the scope of the duties (including fiduciary duties) or
responsibilities of Saban (or any person assisting Saban in the performance of the Services) as a director of the Company. 
 10.
Notices. Any notices, requests, demands and other communications provided for by this Agreement between the parties hereto shall be in writing and deemed received (a) on the day delivered in person, by facsimile (fax) transmission after
receipt of confirmation or by email as provided below (in each case, with hard copy to be delivered by registered or certified mail or courier service), (b) on the next business day if sent by overnight delivery service, or (c) five days
after being mailed, postage prepaid, certified or registered with return receipt requested at the address stated below or to such changed address as the addressee may have given by similar notice hereunder: 
 To the Company: 
 Broadcasting Media
Partners, Inc. 
 5999 Center Drive 
 Los Angeles, CA 90045 
 Attention: Executive Committee of the Board of Directors 
 with a copy (which shall not constitute notice) to: 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, NY 10006 
 Attention: Robert J.
Raymond 
 Facsimile: (212) 225-3999 
 with a copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges LLP 
 50 Kennedy Plaza 
 Providence, RI 02903

 Attention: David Duffell 
 Facsimile: (401) 278 4701 
 To BMPI LLC: 
 c/o Broadcasting Media Partners, Inc. 
 5999 Center Drive 
 Los Angeles, CA 90045 
 Attention: Executive
Committee of the Board of Directors 
  

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 with a copy (which shall not constitute notice) to: 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, NY 10006 
 Attention: Robert J. Raymond 
 Facsimile: (212) 225-3999 
 with a copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges LLP 
 50 Kennedy Plaza 
 Providence, RI 02903 
 Attention: David Duffell 
 Facsimile: (401) 278 4701 
 To the
Consulting Firm: 
 SCG Investments IIB LLC 
 10100 Santa Monica Blvd, Suite 2600 
 Los Angeles, CA 90067 
 Attention: Adam Chesnoff (with copy by email to achesnoff@saban.com) 
 copy to: Niveen Tadros (with copy by email to ntadros@saban.com) 
 11. Amendment; No Waiver. No
provision of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is agreed to in writing by the Company and the Consulting Firm. No waiver by any party hereto at any time of any breach by any other
party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No
waiver of any provision of this Agreement shall be implied from any course of dealing between or among the parties hereto or from any failure by any party hereto to assert its rights hereunder on any occasion or series of occasions. 
 12. Governing Law. This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of New York. 
 13. Assignment. This Agreement shall not be assignable by the Consulting Firm or the Company or its affiliates. Any assignment in violation of
this Section 13 shall be null, void and without effect. 
 14. Entire Agreement; Severability. This Agreement contains the entire
agreement between the parties with respect to the retention by the Company of the Consulting Firm and supersedes any and all prior understandings, agreements or correspondence between the parties with respect to the subject matter hereof. In the
event that any provision or portion of this Agreement shall be determined to be invalid, illegal or unenforceable for any reason, the remaining provisions and portions of this Agreement shall be unaffected thereby and shall 

  

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remain in full force and effect to the fullest extent permitted by law. If any covenant should be deemed invalid, illegal or unenforceable because its scope
is considered excessive, such covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable. 
 15. Construction of Agreement. The parties hereto acknowledge and agree that each party has reviewed and negotiated the terms and provisions of
this Agreement and has had the opportunity to contribute to its revision. Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement.
Rather, the terms of this Agreement shall be construed fairly as to both parties hereto and not in favor or against either party. 
 16.
Indemnity. To the fullest extent permitted by applicable law, the Company shall indemnify and hold harmless the Consulting Firm and Saban and each officer, director, shareholder, partner, member, employee, representative, agent and/or
Affiliate of the Consulting Firm (collectively, the “Covered Persons” and each a “Covered Person”) from and against any and all liabilities, obligations, losses, damages, fines, taxes and interest and penalties
thereon (other than taxes based on fees or other compensation received by the Covered Persons from the Company or BMPI LLC), claims, demands, actions, suits, proceedings (whether civil, criminal, administrative, investigative or otherwise), costs,
expenses and disbursements (including reasonable and documented legal and accounting fees and expenses, costs of investigation and sums paid in settlement) of any kind or nature whatsoever (collectively, “Claims and Expenses”) that
may be imposed on, incurred by or asserted at any time against any Covered Person in any way relating to or arising out of this Agreement or in connection with the business or affairs of the Company or the activities of the Covered Persons on behalf
of the Company or BMPI LLC; provided, that the Consulting Firm shall not be entitled to indemnification hereunder against Claims and Expenses that are finally determined by a court of competent jurisdiction to have resulted from the Covered
Person(s)’ Disabling Conduct (as such term is defined below). “Disabling Conduct” means an act or omission by a Covered Person (a) that is a criminal act and that the Covered Person had no reasonable cause to believe was
lawful; (b) that constitutes fraud, bad faith or willful misconduct; or (c) that is contrary to the direction provided by the Company or BMPI (either directly or indirectly through its respective board of directors or managers or CEO) or
that is otherwise not done in the good faith performance of the Covered Person’s duties and responsibilities for the Company or BMPI. 
  

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 IN WITNESS WHEREOF, the Company and the Consulting Firm have caused this Agreement to be signed by their
respective duly authorized representatives as of the day and year first above written. 
  

			
	Broadcasting Media Partners, Inc.
	
	 /S/    C. DOUGLAS
KRANWINKLE

	By:	 	C. Douglas Kranwinkle
	Title:	 	Vice President
	
	BMPI Services LLC
	
	 /S/    C. DOUGLAS
KRANWINKLE

	By:	 	C. Douglas Kranwinkle
	Title:	 	Vice President
	
	 Univision Communications Inc.
 with respect
to reimbursement of expenses
 pursuant to Section 3(b)

	
	 /S/    C. DOUGLAS
KRANWINKLE

	By:	 	C. Douglas Kranwinkle
	Title:	 	Executive Vice President-Law
	
	SCG Investments IIB, LLC
	
	 /S/    ADAM
CHESNOFF

	By:	 	Adam Chesnoff
	Title:	 	Manager

  

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 Appendix A 
 Executive Committee of the Board of Directors. 
 The Board of Directors of the Company shall establish an Executive Committee
as provided in Section 2.5.4 of the Principal Investor Agreement by and among Broadcasting Media Partners, Inc., Broadcast Media Partners Holdings, Inc., Umbrella Acquisition, Inc. and the Principal Investors, dated as of March 29, 2007
(the “PIA”), which shall be comprised of one representative from each of the Principal Investors, including any Non Voting Principal Investors (as each term is defined in the PIA) (including Haim Saban as the representative of SCG)
and the Company’s CEO as a non-voting member. It is expected that Management will interact regularly with the Executive Committee and the Board of Directors in the ordinary course. Each Principal Investor shall also designate an alternate
member to the Executive Committee. The Executive Committee shall have such duties and functions as may be delegated to it by the Board of Directors, but such duties are expected to include working in close coordination with Saban and the CEO.

 A majority vote of the members of the Executive Committee is required to approve any matter brought to the Committee by a Principal Investor, except as to
matters involving Saban (e.g. the definition of his duties, responsibilities, reporting relationships and activities on behalf of the Company, including whether to continue to pursue any activity, and any guidelines, parameters or limits within
which he is expected to perform services) which shall require approval by 3 of 4 voting members of the Executive Committee other than Saban. 
 The Executive
Committee will have regularly scheduled meetings via conference call, which initially are expected to be every other Tuesday at 1 pm PST, and will otherwise meet as needed. Notice of meetings (other than the regularly scheduled meeting in the
preceding sentence) and information relevant thereto shall be sent to the Committee members and the alternate members. 
 Saban’s Duties and
Responsibilities. 
 Saban shall evaluate, develop and initiate various strategic initiatives for the benefit of the Company in cooperation with the CEO. Each
of Saban and the members of the Executive Committee/Board shall reasonably and timely inform the other of all material activities. Saban cannot legally bind the Company without the approval of the Board of Directors and/or Executive Committee. Saban
is not expected to have responsibility for managing the day-to-day business affairs of the Company, except in such manner as otherwise agreed by the Executive Committee, Saban and the CEO. 
 As provided in the CEO’s proposed terms of employment, “[Saban] is not entitled to have direct authority as to any employees (other than [the CEO]) and thus
any requests made directly to such employees are subject to [the CEO’s] authority to manage the day-to-day activities of his direct reports and other employees.” 
 The Company shall ensure that Saban shall have reasonable access to information and resources of the Company. Any reports or other information provided to Saban shall also be provided to and shared with the Board of
Directors or the Executive Committee (including alternate members) if requested by the Executive Committee or Board of Directors or any member thereof. 

 It is acknowledged by the Board of Directors and the Executive Committee that Saban may be assisted, as he determines, by
employees of Saban Capital Group, but the only employee of Saban Capital Group to whom the CEO shall report to is Saban himself, who will be the primary contact for Saban Capital Group with the CEO. 
  

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