Document:

<PAGE>   1
                                                                     Exhibit 4.8

                          SECOND SUPPLEMENTAL INDENTURE
                           DATED AS OF MARCH 29, 2001

                              WAIVER AND AMENDMENTS

                            TO THAT CERTAIN INDENTURE
                          DATED AS OF DECEMBER 21, 1993
                             RELATING TO $85,000,000
                                 SERIES A AND B
                          10-5/8% SENIOR SECURED NOTES
                                    DUE 2000
             AS AMENDED BY THAT CERTAIN FIRST SUPPLEMENTAL INDENTURE
                            DATED AS OF MAY 19, 1999

                                       AND

                              TO THE SERIES B NOTES

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

                               GENERAL MEDIA, INC.

                              SUBSIDIARY GUARANTORS

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

                              THE BANK OF NEW YORK

                                     TRUSTEE
<PAGE>   2
                          SECOND SUPPLEMENTAL INDENTURE

                           Dated as of March 29, 2001

                  SECOND SUPPLEMENTAL INDENTURE dated March 29, 2001 (this
"Supplemental Indenture") among GENERAL MEDIA, INC, a Delaware corporation (the
"Company"), each of the "SUBSIDIARY GUARANTORS" listed on the signature pages
hereto and THE BANK OF NEW YORK (successor-in-interest to IBJ Schroder Bank &
Trust Company), AS TRUSTEE (the "Trustee").

                  WHEREAS, the Company, the Subsidiary Guarantors and the
Trustee are parties to the Indenture dated as of December 21, 1993, as amended
by the First Supplemental Indenture dated as of May 19, 1999 (as amended, the
"Indenture"), pursuant to which $85,000,000 in aggregate principal amount of the
Company's Series B 10-5/8% Senior Secured Notes due 2000 (the "Old Notes") have
been issued and approximately $52,000,000 in aggregate principal amount of the
Old Notes are currently outstanding;

                  WHEREAS, the Company is currently in default with respect to
the payment of principal of the Old Notes, which matured on December 31, 2000;

                  WHEREAS, pursuant to the Offer to Exchange and Consent
Solicitation Statement (the "Offer to Exchange and Consent Solicitation
Statement") and the Consent and Letter of Transmittal (the "Consent and Letter
of Transmittal" and, together with the Offer to Exchange and Consent
Solicitation Statement, the "Offer"), each dated February 16, 2001, the Company
wishes to exchange (the "Exchange") its outstanding Old Notes tendered by the
holders thereof in connection with the Offer for Series C 15% Senior Secured
Notes due 2004 ("New Notes"), with such terms as are provided for in this
Supplemental Indenture, together with shares of its Class A Preferred Stock, par
value $.01 per share (the "Preferred Stock");

                  WHEREAS, this Supplemental Indenture will be effective only
with respect to the New Notes issued in connection with the Exchange and not
with respect to any Old Notes not tendered or accepted for exchange;

                  WHEREAS, Sections 6.07 and 9.02 of the Indenture and Section
11 of the Old Notes provide that the Company, the Subsidiary Guarantors and the
Trustee may waive, amend and supplement the provisions of the Indenture and the
Old Notes as provided for herein with the consent of the Holders of the Old
Notes so affected ("Noteholder Consent"), and the Company has obtained and filed
with the Trustee evidence of such Noteholder Consent to this Supplemental
Indenture on behalf of the holders exchanging their Old Notes for New Notes;

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                  WHEREAS, the execution and delivery of this Supplemental
Indenture by the Company and each of the Subsidiary Guarantors have been duly
authorized by resolutions of their respective Boards of Directors, and all other
conditions and requirements necessary to authorize and permit the execution and
delivery of this Supplemental Indenture by all parties hereto have been
performed and fulfilled; and

                  WHEREAS, the Company and the Subsidiary Guarantors have
requested that the Trustee join them in the execution and delivery of this
Supplemental Indenture for the purpose of waiving the Company's breach with
respect to the payment of principal of Old Notes to be exchanged for New Notes
and amending certain provisions of the Indenture and the Old Notes as
hereinafter set forth, and the Trustee is willing to do so.

                  NOW, THEREFORE, in consideration of the premises hereof and
for other good and valuable consideration the receipt and sufficiency of which
are hereby acknowledged, the Company and the Subsidiary Guarantors covenant and
agree with the Trustee, for the equal and proportionate benefit of the
respective holders from time to time of the New Notes, as follows:

                                    ARTICLE I

                             AMENDMENTS TO INDENTURE

         Section 1.1 DEFINITIONS. Section 1.01 of the Indenture is amended by
the deletion of the current definitions of "Change of Control", "Notes" and
"Permitted Investments" and the addition of the following definitions:

         "Change of Control" means (i) the sale, lease or transfer of all or
         substantially all of the Company's assets to any Person or group (as
         such term is used in Section 13(d)(3) of the Exchange Act) (other than
         the Principals or their Related Parties (as defined below)), (ii) the
         liquidation or dissolution of the Company, (iii) the acquisition by any
         Person or group (as such term is used in Section 13(d)(3) of the
         Exchange Act) (other than the Principals and their Related Parties) of
         a direct or indirect majority in interest (more than 50%) of the voting
         power of the voting stock of the Company, GMHI or GMI by way of merger
         or consolidation or otherwise, (iv) the consummation of any transaction
         the result of which is that any Person or group (as defined above)
         owns, directly or indirectly, more of the voting power of the voting
         stock of the Company than the Principals and their Related Parties, (v)
         after the first sale of common equity by the Company, GMI or GMHI
         pursuant to a registration statement under the Securities Act that
         results in at least 25% of the then outstanding common equity of the
         Company, GMI or GMHI being held by the public, the Principals and their
         Related Parties own beneficially, directly or indirectly, less than 25%
         of the aggregate amount of voting stock, (vi) the resignation or
         termination of John Prebich and the failure of the Company to hire a
         replacement president and chief operating officer reasonably
         satisfactory to a majority of the Holders within 90 days or (vii)
         following the death of Robert C. Guccione, or other transfer of control
         of the

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         Company by the Principals, the election of any new members to the Board
         of Directors other than by the then existing independent members of the
         Board of Directors."

                  "EBITDA" means, without duplication, for any period the
         consolidated net income (excluding any extraordinary gains or losses or
         interest income) of the Company and its consolidated Subsidiaries plus,
         to the extent deducted in calculating consolidated net income,
         depreciation, amortization, interest expense and federal, state and
         foreign income tax expense, in each case in accordance with generally
         accepted accounting principles consistently applied.

                  "Excess Cash Flow" means, without duplication, for any period,
         (i) the sum of EBITDA for such period plus extraordinary cash gains for
         such period less (ii) the sum of all debt service (other than mandatory
         prepayments calculated on the basis of Excess Cash Flow), Owner
         Payments, payments not to exceed $500,000 during the period in which
         the Series C Notes are outstanding to fund the repurchase of the
         Company's Common Stock issued pursuant to warrants exercised prior to
         the date hereof, fees and expenses to be paid to the Holders of Series
         C Notes and the Trustee and their respective counsel in connection with
         the Exchange, federal, state and foreign income taxes actually paid
         (including payments to affiliates for tax credits utilized to reduce or
         eliminate income taxes otherwise payable), extraordinary cash losses,
         and unfinanced capital expenditures not to exceed $500,000 in any
         calendar year, provided that any portion of such amount not used in any
         calendar year may be carried over to the next calendar year, in each
         case for the Company and its Subsidiaries for such period.

                  "Exchange" means the exchange of the Company's Series B Notes
         for Series C Notes and shares of Class A Preferred Stock.

                  "Notes" means, collectively, the Series A Notes, the Series B
         Notes and the Series C Notes.

                  "Permitted Investments" means (a) any Investments in the
         Company or in a Wholly Owned Subsidiary of the Company that is a
         Subsidiary Guarantor; (b) any Investments in Cash Equivalents; (c)
         Investments by the Company or any Subsidiary of the Company in a
         Person, if as a result of such Investment (i) such Person becomes a
         Wholly Owned Subsidiary of the Company and a Subsidiary Guarantor and
         the Capital Stock of such Subsidiary is pledged to secure the
         obligations under the Notes or (ii) such Person is merged, consolidated
         or amalgamated with or into, or transfers or conveys substantially all
         of its assets to, or is liquidated into, the Company or a Wholly Owned
         Subsidiary of the Company that is a Subsidiary Guarantor; and (d) other
         Investments made before March 29, 2001 in any Person that do not exceed
         $1,850,000 at any time outstanding.

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                  "Series C Notes" means the Series C Notes to be issued
         pursuant to this Indenture (as amended by the Second Supplemental
         Indenture).

         Section 1.2 PAYMENT OF FEES AND EXPENSES. A new Section 4.21 is hereby
added to the Indenture to read as follows:

         "Section 4.21. Payment of Fees and Expenses. On the date of the
         execution of the Second Supplemental Indenture and the issuance of the
         Series C Notes, the Company shall: (i) pay to the Holders of Series C
         Notes an amount equal to 2% of the principal amount of Notes exchanged
         by such Holder for Series C Notes and (ii) pay the respective duly
         invoiced fees and expenses incurred by the Trustee and its counsel and
         one counsel selected by the Holders of a majority of the Notes
         exchanged for Series C Notes in connection with the exchange of Notes
         for Series C Notes."

         Section 1.3 NOTEHOLDER CONSENT REQUIRED. A new Section 4.22 is hereby
added to the Indenture to read as follows:

         "Section 4.22. Certain Activities Requiring Noteholder Consent. For so
         long as the Series C Notes remain outstanding, the Company and its
         Subsidiaries shall not, without, in each case, the prior written
         consent of Holders of a majority of the Series C Notes: (a) enter any
         lines of business which are not substantially similar or complementary
         to the businesses being conducted by the Company on the date hereof or
         (b) enter into any transaction or series of related transactions
         resulting in (i) a Change of Control or (ii) a sale, lease, conveyance
         or other disposition of (A) any trademarks containing the name
         "Penthouse", other than licenses granted in the ordinary course of
         business, or (B) the Company's and/or its Subsidiaries' assets for net
         proceeds in excess of $500,000."

         Section 1.4. PAYMENTS TO ROBERT C. GUCCIONE AND HIS AFFILIATES. A new
Section 4.23 is hereby added to the Indenture to read as follows:

         "Section 4.23. Payments to Robert C. Guccione and his Affiliates.
         Notwithstanding any other provision of this Indenture (including, but
         not limited to, Sections 4.10, 4.11 and 4.15 thereof) and the Notes,
         Robert C. Guccione and his Affiliates shall be entitled to receive in
         any calendar year aggregate payments (including the payment of
         compensation, dividends, personal expenses and perquisites, loans,
         contributions of capital to the Company's or GMHI's Subsidiaries for
         their benefit, or any other such transfer of property for their
         personal benefit) from the Company and its Subsidiaries in an amount up
         to but no greater than $4,500,000 ("Owner Payments"). Such payments may
         be made in the form of the payment of salary, dividends, expenses,
         loans, contributions to the capital of the Company's or GMHI's
         Subsidiaries and otherwise so as to minimize the adverse tax
         consequences to Robert C. Guccione and his Affiliates."

         Section 1.5. LEGENDS. Section 2.06(g) of the Indenture is hereby
deleted.

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         Section 1.6 MANDATORY REDEMPTION. Section 3.08 of the Indenture is
hereby deleted and amended to read as follows:

         "The Company shall redeem at a price equal to 100% of the principal
         amount thereof plus accrued interest through the date of redemption the
         Series C Notes on a pro rata basis from the Holders thereof in a
         principal amount equal to: (i) $700,000 on June 29, 2001; (ii)
         $1,050,000 on September 29, 2001; (iii) $700,000 on December 29, 2001;
         (iv) $1,250,000 on March 29, 2002; (v) $1,300,000 on June 29, 2002;
         (vi) $1,950,000 on September 29, 2002; (vii) $1,300,000 on December 29,
         2002; (viii) $1,950,000 on March 29, 2003; (ix) $1,300,000 on June 29,
         2003; (x) $1,950,000 on September 29, 2003; and (xi) $1,300,000 on
         December 29, 2003. In addition to the foregoing mandatory redemptions,
         beginning with respect to the fiscal year ending on December 31, 2001,
         so long as any Series C Notes remain outstanding, the Company shall
         redeem, at a price equal to 100% of the principal amount thereof plus
         accrued interest through the date of redemption, 120 days after the end
         of each fiscal year an aggregate principal amount of Series C Notes
         (rounded to the nearest integral multiple of $10,000) on a pro rata
         basis from the Holders thereof equal to the lesser of (i) 50% of the
         Excess Cash Flow of the Company and its Subsidiaries for such fiscal
         year and (ii) an amount of Excess Cash Flow of the Company and its
         Subsidiaries for such fiscal year such that if such payment of such
         amount were made on the last day of such fiscal year, the Company and
         its Subsidiaries would have had Investments in Cash Equivalents of
         $2,500,000 remaining after such payment on such date. Such mandatory
         redemptions with respect to Excess Cash Flow will be applied to reduce
         the principal amount of outstanding Notes due at maturity."

         Section 1.7 OPTIONAL REDEMPTION. Section 3.07 of the Indenture is
hereby deleted and amended to read as follows:

         "SECTION 3.07. OPTIONAL REDEMPTION.

                  The Notes are subject to redemption at the option of the
         Company, in whole or in part (in integral multiples of $1,000,000), at
         any time upon not less than 30 nor more than 60 days' notice, at the
         stated principal amount without premium or penalty plus accrued and
         unpaid interest thereon to the applicable redemption date. Any partial
         redemptions will be applied to reduce the principal amount of
         outstanding Notes due at maturity."

         Section 1.8 OFFERS TO PURCHASE. The first two full paragraphs of
Section 3.09 are hereby deleted and amended to read as follows:

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         "Section 3.09. Offers to Purchase Pursuant to Sections 4.08, 4.09 or
4.12.

                  In the event that, pursuant to Section 4.08, 4.09 or 4.12
         hereof, the Company shall be required to commence an offer to all
         Holders to purchase Notes (an "Offer"), it shall follow the procedures
         specified below.

                  The Offer shall remain open for a period of 20 Business Days
         following its commencement and no longer, except to the extent that a
         longer period is required by applicable law (the "Offer Period"). No
         later than five Business Days after the termination of the Offer Period
         (the "Purchase Date"), the Company shall purchase the principal amount
         of Notes required to be purchased pursuant to Section 4.08, 4.09 or
         4.12 hereof (the "Offer Amount") or, if less than the Offer Amount has
         been tendered, all Notes tendered in response to the Offer. Payment for
         any Notes so purchased shall be made in the same manner as interest
         payments are made."

         Section 1.9 ADDITIONAL OFFICERS' CERTIFICATE. A new Section 4.04(d) is
hereby added to the Indenture to read as follows:

                  "(d) The Company shall deliver to the Trustee, no later than
         90 days after the end of each fiscal year (beginning with respect to
         the fiscal year ending on December 31, 2001), an Officers' Certificate
         certifying (i) the Company's Excess Cash Flow for such fiscal year and
         the amount of Excess Cash Flow payable in respect of the Series C Notes
         for such fiscal year pursuant to the terms hereof with supporting
         calculations in reasonable detail, including the Company's Investments
         in Cash Equivalents as of the last day of such fiscal year; and (ii)
         Owner Payments (including a list of all Affiliates of Robert C.
         Guccione and the identity of each payee of each Owner Payment) made in
         such fiscal year, set forth in reasonable detail. The Trustee shall not
         be obligated to make any investigation of the subject matter of such
         Officers' Certificate and shall not be liable for any action it takes
         or omits to take in good faith in reliance on such Officers'
         Certificate. The Trustee shall forward a copy of such Officers'
         Certificate to each Holder within five (5) Business Days after the
         receipt thereof."

         Section 1.10 EVENTS OF DEFAULT. Clause (2) of Section 6.01 of the
Indenture is hereby deleted and amended to read as follows:

                  "(2) the Company defaults in the payment when due of the
         principal of or premium (if any) on the Notes, whether at maturity or
         upon acceleration, redemption (and the default with respect to
         redemption continues for 5 Business Days) or otherwise;"

         Section 1.11 NOTICES. The addresses for notices to the Company or any
Subsidiary Guarantor and the Trustee in Section 12.02 of the Indenture are
hereby deleted and amended to read as follows:

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         "If to the Company or any Subsidiary Guarantor:

              11 Penn Plaza, 12th Floor
              New York, New York 10001
              Telecopier No.:  212-702-6262
              Attention:  President and Chief Operating Officer

         With a copy to:

              Rosenman & Colin LLP
              575 Madison Avenue
              New York, New York 10022-2585
              Telecopier No.: 212-940-8776
              Attention:  Robert L. Kohl, Esq.

         If to the Trustee:

              The Bank of New York
              101 Barclay Street, 21W
              New York, New York
              10286 Telecopier No.: 212-815-5915
              Attention:  Corporate Trust Division, Attn: Julie Miller"

                                   ARTICLE II

                               AMENDMENT TO NOTES

         Section 2.1 FORM AND TERMS OF THE NEW NOTES. Except to the extent
otherwise provided in this Supplemental Indenture, the form and terms of the New
Notes shall be the same as those of the Old Notes.

         Section 2.2 FACE AND BACK OF NEW NOTES. The face and the back of the
New Notes shall have the form set forth on Exhibit A hereto.

         Section 2.3 INTEREST. The first two full sentences of Section 1 of each
of the New Notes shall read in its entirety as follows:

         "1. Interest. General Media, Inc., a Delaware corporation (the
         "Company"), promises to pay interest on the principal amount of this
         Note at 15% per annum from January 1, 2001 until maturity. The Company
         will pay interest quarterly on March 31, June 30, September 30 and
         December 31 of each year, or if any such day is not a Business Day, on
         the next succeeding Business Day (each an "Interest Payment Date")."

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         Section 2.4. PAYMENT OF PRINCIPAL AT MATURITY. A new Section 1A. is
hereby added to each of the New Notes to read as follows:

         "1A. Payment of Principal at Maturity. The Company promises to pay the
         entire principal balance outstanding under this Note on March 29, 2004
         (the "Maturity Date"), the third anniversary of the closing of the
         Exchange and the issuance of this Note. In the event that any of the
         payment dates described herein falls on a day not a Business Day, then
         such payment date shall be the next succeeding Business Day."

         Section 2.5. METHOD OF PAYMENT. Section 2 of each of the New Notes
shall read in its entirety as follows:

         "2. Method of Payment. The Company will pay interest on the Notes
         (except defaulted interest) to the Persons who are registered Holders
         of Notes at the close of business on the March 15, June 15, September
         15 or December 15 preceding the Interest Payment Date, even if such
         Notes are cancelled after such record date and on or before such
         Interest Payment Date, except as provided in Section 2.12 of the
         Indenture with respect to defaulted interest. The Notes will be payable
         as to principal and interest at the office or agency of the Company
         maintained for such purpose within or without the City and State of New
         York, or, at the option of the Company, payment of interest may be made
         by check mailed to the Holders at their addresses set forth in the
         register of Holders."

         Section 2.6 OPTIONAL REDEMPTION. Section 5 of each of the New Notes
shall read in its entirety as follows:

         "5. Optional Redemption. The Notes are subject to redemption at the
         option of the Company, in whole or in part (in integral multiples of
         $1,000,000), at any time upon not less than 30 nor more than 60 days'
         notice, at the stated principal amount without premium or penalty plus
         accrued and unpaid interest thereon to the applicable redemption date.
         Any partial redemptions will be applied to reduce the principal amount
         of Notes due at maturity."

         Section 2.7 MANDATORY REDEMPTION. Section 6 of the New Notes is hereby
deleted and amended to read as follows:

         "The Company shall redeem at a price equal to 100% of the principal
         amount thereof plus accrued interest through the date of redemption the
         Series C Notes on a pro rata basis from the Holders thereof in a
         principal amount equal to: (i) $700,000 on June 29, 2001; (ii)
         $1,050,000 on September 29, 2001; (iii) $700,000 on December 29, 2001;
         (iv) $1,250,000 on March 29, 2002; (v) $1,300,000 on June 29, 2002;
         (vi) $1,950,000 on September 29, 2002; (vii) $1,300,000 on December 29,
         2002; (viii) $1,950,000 on March 29, 2003; (ix) $1,300,000 on June 29,
         2003; (x) $1,950,000 on September 29, 2003; and (xi) $1,300,000 on
         December 29, 2003. In addition to the foregoing mandatory redemptions,

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<PAGE>   10
         beginning with respect to the fiscal year ending on December 31, 2001,
         so long as any Series C Notes remain outstanding, the Company shall
         redeem, at a price equal to 100% of the principal amount thereof plus
         accrued interest through the date of redemption, 120 days after the end
         of each fiscal year, an aggregate principal amount of Series C Notes
         (rounded to the nearest integral multiple of $10,000) on a pro rata
         basis from the Holders thereof equal to the lesser of (i) 50% of the
         Excess Cash Flow of the Company and its Subsidiaries for such fiscal
         year and (ii) an amount of Excess Cash Flow of the Company and its
         Subsidiaries for such fiscal year such that if such payment of such
         amount were made on the last day of such fiscal year, the Company and
         its Subsidiaries would have had Investments in Cash Equivalents of
         $2,500,000 remaining after such payment on such date. Such mandatory
         redemptions with respect to Excess Cash Flow will be applied to reduce
         the principal amount of outstanding Notes due at maturity."

                                   ARTICLE III

                          WAIVER OF CERTAIN PROVISIONS

         Section 3.1. WAIVER. The following provisions of the Indenture are
hereby waived: Section 6.01(2) thereof with respect to the failure of the
Company to make its required payment of principal of the Notes on December 31,
2000; Section 4.11 thereof with respect to the issuance of the New Notes and the
Preferred Stock as contemplated by the Offer; and any other provision to any
further extent necessary to permit consummation of the Exchange as contemplated
by and in accordance with the terms of the Offer to Purchase and Consent
Solicitation Statement and the Consent and Letter of Transmittal, each dated as
of February 16, 2001, previously distributed by the Company to all Holders of
the Old Notes. In addition, each holder of New Notes acknowledges that the
interest payable by the Company with respect to the New Notes shall be in lieu
of any interest which would otherwise be payable with respect to any Old Notes
exchanged for New Notes from and after January 1, 2001.

                                   ARTICLE IV

                                  MISCELLANEOUS

         Section 4.1 TERMS DEFINED. Defined terms used but not defined herein
shall have the meanings attributed to them in the Indenture.

         Section 4.2 REAFFIRMATION. Except as hereby expressly amended, the
Indenture and the Old Notes (including the guarantees of the Subsidiary
Guarantors) are in all respects ratified and confirmed and all the terms,
provisions and conditions thereof shall be and remain in full force and effect.

         Section 4.3 GOVERNING LAW. This Supplemental Indenture and each and
every provision hereof shall be construed in accordance with the laws of the
State of New York.

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<PAGE>   11
         Section 4.4 SUCCESSORS AND ASSIGNS. All the covenants in this
Supplemental Indenture contained by or on behalf of the Company and Subsidiary
Guarantors shall bind its successors and assigns, whether so expressed or not.

         Section 4.5 COUNTERPARTS. This Supplemental Indenture may be executed
in any number of counterparts, each of which shall be an original; but such
counterparts shall together constitute but one and the same instrument.

                  THE BANK OF NEW YORK, as Trustee, hereby accepts the trusts in
this Supplemental Indenture declared and provided, upon the terms and conditions
hereinabove set forth, subject to the terms and provisions defining and limiting
the liabilities and responsibilities of the Trustee in the performance of the
trust created by the Indenture as hereby amended.

                  [Remainder of page intentionally left blank]

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<PAGE>   12
                  IN WITNESS WHEREOF, the Company and each of the Subsidiary
Guarantors has caused this Supplemental Indenture to be signed in its corporate
name and acknowledged by its President or one of its Vice Presidents, and its
corporate seal to be impressed hereon, duly attested by its Secretary or an
Assistant Secretary; and Trustee has caused this Supplemental Indenture to be
signed and acknowledged by one of its Vice Presidents, and its corporate seal to
be impressed hereon, duly attested by its Secretary or by one of its Assistant
Secretaries, as of the date and year first above written.

Dated as of March 29, 2001           GENERAL MEDIA, INC.

                                     By: ________________________________
                                         Name:
                                         Title:

Attest:___________________________

(SEAL)

Dated as of March 29, 2001           SUBSIDIARY GUARANTORS

                                     GENERAL MEDIA ART HOLDING, INC.
                                     GENERAL MEDIA COMMUNICATIONS, INC.
                                     GENERAL MEDIA ENTERTAINMENT, INC.
                                     GENERAL MEDIA FILMS, INC.
                                     GENERAL MEDIA (UK), LTD.
                                     GMCI INTERNET OPERATIONS, INC.
                                     GMI ON-LINE VENTURES, LTD.
                                     PENTHOUSE CLUBS INTERNATIONAL ESTABLISHMENT
                                     PENTHOUSE FINANCIAL SERVICES, N.V.
                                     PENTHOUSE IMAGES ACQUISITIONS, LTD.
                                     PENTHOUSE MUSIC, LTD.
                                     PURE ENTERTAINMENT TELECOMMUNICATIONS, INC.

                                     By: ________________________________
                                         Name:
                                         Title:
                                     (for each of the above-listed Subsidiary
                                     Guarantors)

Attest:_____________________________
(for each of the above-listed Subsidiary Guarantors)

                                       11
<PAGE>   13
Dated as of March 29, 2001              THE BANK OF NEW YORK
                                        (Successor-in-Interest to IBJ Schroder
                                        Bank & Trust Company), as Trustee

                                        By: ____________________________________
                                              Name:
                                              Title:

Attest:______________________________

       (SEAL)

                                       12
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                                    EXHIBIT A

                                 (FACE OF NOTE)

                    15% SERIES C SENIOR SECURED NOTE DUE 2004

No.                                                                 $___________

                               GENERAL MEDIA, INC.

Promises to pay to

or registered assigns,

the principal sum of

Dollars on March 29, 2004.

Interest Payment Dates:  March 31, June 30, September 30 and December 31

Interest Payment Record Dates:  March 15, June 15, September 15 and December 15

                                                 Dated:_________________________

                                                 GENERAL MEDIA, INC.

                                                 By: ___________________________
                                                     Name:
                                                     Title:

                                                 By: ___________________________
                                                     Name:
Trustee's Certificate of Authentication              Title:

                                                         (SEAL)
This is one of the Notes
referred to in the within-
mentioned Indenture:

THE BANK OF NEW YORK,
as Trustee

By: _____________________________________
    Authorized Signatory
<PAGE>   15
                                 (BACK OF NOTE)

                    15% SERIES C SENIOR SECURED NOTE DUE 2004

         Unless and until it is exchanged in whole or in part for Notes in
definitive form, this Note may not be transferred except as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository to
the Depository or another nominee of the Depository or by the Depository or any
such nominee to a successor Depository or a nominee of such successor
Depository. Unless this certificate is presented by an authorized representative
of The Depository Trust Company (55 Water Street, New York, New York) ("DTC"),
to the issuer or its agent for registration of transfer, exchange or payment,
and any certificate issued is registered in the name of Cede & Co. or such other
name as may be requested by an authorized representative of DTC (and any payment
is made to Cede & Co. or such other entity as may be requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.(1)

         Capitalized terms used herein shall have the meanings assigned to them
in the Indenture referred to below unless otherwise indicated.

------------------------
(1) This paragraph should be included only if the Note is issued in global form.<PAGE>   1
                                                                     Exhibit 4.9

                          REGISTRATION RIGHTS AGREEMENT

                  This Registration Rights Agreement (this "Agreement") is made
and entered into as of the 29th day of March, 2001, by General Media, Inc., a
Delaware corporation (the "Company"), in favor of each of the holders (each a
"Preferred Holder" and, collectively, the "Preferred Holders") of shares of the
Company's Class A Preferred Stock (the "Preferred Shares") listed on Schedule I
hereto and any subsequent holders of Registrable Securities (as defined below)
(each a "Holder" and, collectively, the "Holders"). Any party exercising any
rights pursuant to this Agreement shall execute a counterpart signature page
hereto and shall be bound to all of the terms and conditions of this Agreement.

                              W I T N E S S E T H:

                  WHEREAS, each Preferred Holder has received Preferred Shares
from the Company in connection with the Company's exchange (the "Exchange") of
its Series B 10-5/8% Notes due 2000 for its Series C 15% Notes due 2004 pursuant
to the terms of the Company's Offer to Exchange and Consent Solicitation
Statement and Consent and Letter of Transmittal, each dated February 16, 2001
(together, the "Offer Materials");

                  WHEREAS, the Preferred Shares are convertible into shares of
the Company's Common Stock, par value $.01 per share ("Common Stock"); and

                  WHEREAS, to induce the Preferred Holders to participate in the
Exchange, the Company desires to grant to each Preferred Holder and any
subsequent Holder of Registrable Securities registration rights with respect to
the shares of Common Stock issuable upon the conversion of the Preferred Shares
received by such Holder in connection with the Exchange.

                  NOW THEREFORE, in consideration of the foregoing and other
good and valuable consideration, the parties hereto agree as follows:

         1. Incidental Registration. (a) If the Company at any time after the
completion of the Company's initial public offering of Common Stock proposes to
register any of its equity securities (as defined in the Securities Exchange Act
of 1934) under the Securities Act of 1933 (the "Securities Act") (other than
pursuant to a registration statement on Forms S-4 or S-8, or any successor
forms), whether or not for sale for its own account, it will each such time give
prompt written notice (at least 20 business days prior to the initial filing of
a registration statement with the Securities and Exchange Commission (the
"SEC")) to all Holders of Registrable Securities of its intention to do so and,
upon the written request of any such Holder made within 20 days after the
receipt of any such notice (which request shall specify the Registrable
Securities intended to be disposed of by such Holder and the intended method of
disposition thereof), the Company will use its best efforts to effect the
registration under the Securities Act of all Registrable Securities which the
Company has been so requested to register by the Holders thereof, to the extent
required to permit the disposition (in accordance with the intended methods
thereof as aforesaid) of the Registrable Securities so to be registered,
including, without limitation, by filing with the SEC, if necessary, a
post-effective amendment or a supplement to the registration statement or the
related prospectus or any document
<PAGE>   2
incorporated therein by reference or by filing any other required document or
otherwise supplementing or amending the registration statement, if required by
the rules, regulations or instructions applicable to the registration form used
by the Company for such registration statement or by the Securities Act, any
state securities or blue sky laws, or any rules and regulations thereunder,
provided that:

                  (i)      If the Company permits any person or persons (other
         than affiliates of the Company) to register their shares of Common
         Stock for sale in the initial public offering of the Company's Common
         Stock (whether or not the Company sells any shares in connection with
         such offering), then the Company shall promptly notify the Holders of
         Registrable Securities of such fact and the Holders of Registrable
         Securities shall have pro rata rights to include such Registrable
         Securities in such registration statement, on terms no less favorable
         than the most favorable rights granted to any other such person,
         subject to the provisions of this Section 1; and

                  (ii)     if, at any time after giving written notice of its
         intention to register any securities and, prior to the effective date
         of the registration statement filed in connection with such
         registration, the Company shall determine for any reason not to
         register such securities, the Company may, at its election, give
         written notice of such determination to each Holder of Registrable
         Securities and, thereupon, shall be relieved of its obligation to
         register any Registrable Securities in connection with such
         registration (but not from its obligation to pay the Registration
         Expenses (as defined below) in connection therewith); and

                  (iii)    if such registration shall be in connection with an
         underwritten public offering and the sole underwriter or the lead
         managing underwriter, as the case may be, shall advise the Company in
         writing (with a copy to each holder of Registrable Securities
         requesting registration) on or before the date 5 days prior to the date
         then scheduled for such offering that, in its opinion, the number of
         securities (including Registrable Securities) requested to be included
         in such registration exceeds the number of such securities which can be
         sold in such offering, the Company shall include in such registration
         the number (if any) of Registrable Securities so requested to be
         included which in the opinion of such underwriters can be sold and
         shall not include in such registration any securities (other than
         securities being sold by the Company, which shall have priority in
         being included in such registration) so requested to be included other
         than Registrable Securities unless all Registrable Securities requested
         to be so included are included therein and if in the opinion of the
         sole underwriter or the lead managing underwriter, as the case may be,
         some but not all of the Registrable Securities may be so included, all
         Holders of Registrable Securities requested to be included therein
         shall share pro rata in the number of shares of Registrable Securities
         included in such underwritten public offering on the basis of the
         number of Registrable Securities requested to be included therein;
         provided, however, that in the event the Company will not, by virtue of
         this paragraph, include in any such registration all of the Registrable
         Securities of any Holder requested to be included in such registration,
         such Holder may, upon written notice to the Company given within 3 days
         of the time such Holder first is notified of such matter, reduce the
         amount of Registrable Securities it desires to

                                       2
<PAGE>   3
         have included in such registration, whereupon only the Registrable
         Securities, if any, it desires to have included will be so included and
         the Holders not so reducing shall be entitled to a corresponding
         increase in the amount of Registrable Securities to be included in such
         registration. In the case of a registration initially requested or
         demanded by a holder or holders of securities other than Registrable
         Securities, the Holders of the Registrable Securities requested to be
         included therein and the holders of such other securities shall share
         pro rata (based on the number of shares if the requested or demanded
         registration is to cover only Common Stock and, if not, based on the
         proposed offering price of the total number of securities included in
         such underwritten public offering requested to be included therein);
         and the Company shall so provide in any registration agreement
         hereinafter entered into with respect to any of its securities.

         (b) The term "Registrable Securities" shall mean the Common Stock
issuable upon conversion of the Preferred Shares. As to any particular
Registrable Securities, once issued such securities shall cease to be
Registrable Securities when (A) a registration statement with respect to the
sale of such securities shall have become effective under the Securities Act and
such securities shall have been disposed of in accordance with such registration
statement, or (B) they may be distributed to the public pursuant to Rule 144 (or
any successor provision) under the Securities Act, so long as the Company makes
available adequate public information in accordance with Rule 144(c) (or any
successor provision), or (C) they shall have been otherwise transferred, new
certificates for them not bearing a legend restricting further transfer shall
have been delivered by the Company and subsequent disposition of them shall not
require registration or qualification of them under the Securities Act or any
similar state law then in force and counsel paid for by the Company and
reasonably acceptable to the Holders shall have provided an advance written
legal opinion satisfactory to the Holders to that effect, or (D) they shall have
ceased to be outstanding.

         (c) The Company will pay all Registration Expenses in connection with
each registration of Registrable Securities. The term "Registration Expenses"
shall mean all expenses incident to the Company's performance of or compliance
with this Agreement, including, without limitation, all registration, listing,
qualification and filing fees, all fees and expenses of complying with
securities or blue sky laws, fees and other expenses associated with filings
with the NASD (including, if required, the fees and expenses of any "qualified
independent underwriter" and its counsel), all fees and expenses associated with
preparing, printing, distributing, mailing and delivering any registration
statement, prospectus, underwriting agreements, transmittal letters, securities
sales agreements, securities certificates and other documents relating to the
performance of and compliance with this Agreement, the fees and disbursements of
counsel for the Company and of its independent public accountants, the fees and
disbursements of one counsel retained by the Holders of Registrable Securities,
the expenses of any special audits made by such accountants required by or
incident to such performance and compliance, the expenses incurred in connection
with making road show presentations and holding meetings with potential
investors to facilitate the distribution and sale of Registrable Securities
which are customarily borne by the issuer, but not including (a) fees and
disbursements of more than one counsel retained by the Holders of Registrable
Securities, or (b) such Holders' proportionate share of underwriting discounts
and commissions.

         2. Registration Procedures. If and whenever the Company is required to
use its best efforts to effect the registration of any Registrable Securities
under the Securities Act, the

                                       3
<PAGE>   4
Company will promptly:

                  (a)      prepare and file with the SEC a registration
statement with respect to such securities, make all required filings with the
NASD and use its best efforts to cause such registration statement to become
effective;

                  (b)      prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective and
to comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement until such
time as all of such securities have been disposed of in accordance with the
intended methods of disposition by the seller or sellers thereof set forth in
such registration statement, but in no event for a period of more than six
months after such registration statement becomes effective;

                  (c)      furnish to counsel (if any) elected by Holders of a
majority (by number of shares) of the Registrable Securities covered by such
registration statement copies of all documents proposed to be filed with the SEC
in connection with such registration, which documents will be subject to the
review of such counsel;

                  (d)      furnish to each Holder of Registrable Securities and
to each underwriter, if any, such number of conformed copies of such
registration statement and of each such amendment and supplement thereto (in
each case including all exhibits, except that the Company shall not be obligated
to furnish any Holder of the Registrable Securities covered by the registration
statement with more than two copies of such exhibits), such number of copies of
the prospectus included in such registration statement (including such
preliminary prospectus and any summary prospectus), in conformity with the
requirements of the Securities Act, and such other documents, as such Holder of
the Registrable Securities covered by the registration statement may reasonably
request in order to facilitate the disposition of the securities owned by such
Holder of the Registrable Securities covered by the registration statement;

                  (e)      use its best efforts to register or qualify such
securities covered by such registration statement under such other securities or
blue sky laws of such jurisdictions as each seller shall request, and do any and
all other acts and things which may be necessary or advisable to enable such
seller to consummate the disposition in such jurisdictions of the securities
owned by such seller, except that the Company shall not for any such purpose be
required to qualify generally to do business as a foreign corporation in any
jurisdiction wherein it is not so qualified, or to consent to general service of
process in any such jurisdiction;

                  (f)      furnish to each selling Holder a signed counterpart,
addressed to the selling Holders, of

                  (i)      opinions of counsel to the Company and updates
         thereof (which counsel and opinions (in form, scope and substance)
         shall be reasonably satisfactory to the lead managing underwriter, if
         any, and to the Holders of a majority of the aggregate number of
         Registrable Securities being registered (the "Majority Holders"))
         addressed to the Holders of the Registrable Securities covered by the
         registration statement and the underwriters, if any, covering the
         matters customarily covered in opinions requested in sales of
         securities or

                                       4
<PAGE>   5
         underwritten offerings and such other matters as may be reasonably
         requested by such Holders and underwriters, and

                  (ii)     "cold comfort" letters and updates thereof from the
         Company's independent certified public accountants addressed to the
         Holders of the Registrable Securities covered by the registration
         statement, if permissible, and the underwriters, if any, which letters
         shall be customary in form and shall cover matters of the type
         customarily covered in "cold comfort" letters to underwriters in
         connection with primary underwritten offerings,

in each case, covering substantially the same matters with respect to the
registration statement (and the prospectus included therein) and, in the case of
such accountants' letter, with respect to changes subsequent to the date of such
financial statements, as are customarily covered in opinions of issuer's counsel
and in accountants' letter delivered to the underwriters in underwritten public
offerings of securities;

                  (g)      notify each Holder of Registrable Securities
promptly, and, if requested by such Holder, confirm such advice in writing,

                  (i)      when a registration statement has become effective
         and when any post-effective amendments and supplements thereto become
         effective,

                  (ii)     of the issuance by the SEC or any state securities
         authority of any stop order, injunction or other order or requirement
         suspending the effectiveness of a registration statement or the
         initiation of any proceedings for that purpose,

                  (iii)    if, between the effective date of a registration
         statement and the closing of any sale of securities covered thereby
         pursuant to any agreement to which the Company is a party, the
         representations and warranties of the Company contained in such
         agreement cease to be true and correct in all material respects or if
         the Company receives any notification with respect to the suspension of
         the qualification of the Registrable Securities for sale in any
         jurisdiction or the initiation of any proceeding for such purpose, and

                  (iv)     of the happening of any event during the period a
         registration statement is effective as a result of which such
         registration statement or the related prospectus contains any untrue
         statement of a material fact or omits to state any material fact
         required to be stated therein or necessary to make the statements
         therein not misleading;

                  (h)      (i) within a reasonable time prior to the filing of
any registration statement, any prospectus, any amendment to a registration
statement or amendment or supplement to a prospectus, provide copies of such
document to the Holders of Registrable Securities and to counsel to such Holders
and to the underwriter or underwriters of an underwritten offering of
Registrable Securities, if any; and

                  (ii)     within a reasonable time prior to the filing of any
         document which is to be incorporated by reference into a registration
         statement or a prospectus, provide copies of such document to counsel
         for the Holders;

                                       5
<PAGE>   6
                  (i)      otherwise use its best efforts to comply with all
applicable rules and regulations of the SEC, and make available to the Holders,
as soon as reasonably practicable, an earnings statement covering the period of
at least twelve months, but not more than eighteen months, beginning with the
first month after the effective date of the registration statement, which
earnings statement shall satisfy the provisions of Section 11(a) of the
Securities Act;

                  (j)      use its best efforts to list the Registrable
Securities on the primary securities exchange on which the Common Stock is then
listed, if such Registrable Securities are not already so listed and if such
listing is then permitted under the rules of such exchange, and to provide a
transfer agent and registrar for such Registrable Securities not later than the
effective date of such registration statement; and

                  (k)      enter into customary agreements (including, in the
case of an underwritten offering, underwriting agreements in customary form, and
including provisions with respect to indemnification and contribution in
customary form and consistent with the provisions relating to indemnification
and contribution contained herein) and take all other customary and appropriate
actions in order to expedite or facilitate the disposition of such Registrable
Securities and in connection therewith:

                  (i)      make such representations and warranties to the
         Holders of such Registrable Securities and the underwriters, if any, in
         form, substance and scope as are customarily made by issuers to
         underwriters in similar underwritten offerings;

                  (ii)     to the extent requested and customary for the
         relevant transaction, enter into a securities sales agreement with the
         Holders and such representative of the selling Holders as the Majority
         Holders of the Registrable Securities covered by any registration
         statement shall select relating to the Registration and providing for,
         among other things, the appointment of such representative as agent for
         the selling Holders for the purpose of soliciting purchases of
         Registrable Securities, which agreement shall be customary in form,
         substance and scope and shall contain customary representations,
         warranties and covenants; and

                  (iii)    deliver such customary documents and certificates as
         may be reasonably requested by the Majority Holders of the Registrable
         Securities being sold or by the managing underwriters, if any.

The above shall be done (i) at the effectiveness of such registration statement
(and each post-effective amendment thereto) in connection with any registration,
and (ii) at each closing under any underwriting or similar agreement as and to
the extent required thereunder.

         The Company may require each Holder of Registrable Securities covered
by a registration statement to furnish to the Company such information and
undertakings regarding such Holder and the distribution of such Registrable
Securities as the Company may from time to time reasonably request in writing or
as shall be required by law in connection therewith. Each such Holder agrees to
furnish promptly to the Company all information required to be disclosed in
order to make the information previously furnished to the Company by such Holder
not materially misleading.

                                       6
<PAGE>   7
         By acquisition of Registrable Securities, each Holder of such
Registrable Securities shall be deemed to have agreed that upon receipt of any
notice from the Company of the happening of any event of the kind described in
Section 2(g) hereof, such Holder will promptly discontinue such Holder's
disposition of Registrable Securities pursuant to the registration statement
covering such Registrable Securities until such Holder's receipt of the copies
of the supplemented or amended prospectus contemplated by Section 2(g) hereof.
If so directed by the Company, each Holder of Registrable Securities will
deliver to the Company (at the Company's expense) all copies, other than
permanent file copies, then in such Holder's possession of the prospectus
covering such Registrable Securities current at the time of receipt of such
notice. In the event the Company shall give any such notice, the period
mentioned in Section 2(b) hereof shall be extended by the number of days during
the period from and including the date of the giving of such notice to and
including the date when each seller of any Registrable Securities covered by
such registration statement shall have received the copies of the supplemented
or amended prospectus contemplated by Section 2(g) hereof.

         3. Indemnification.

                  (a)      Indemnification by the Company.

                  The Company agrees to indemnify and hold harmless each Person
(as defined in Section 2 of the Securities Act) who participates as an
underwriter, as well as each Holder, its officers, directors, employees and
agents and each Person who controls such Holder within the meaning of either
Section 15 of the Securities Act or Section 20(a) of the Exchange Act (each such
Holder, officer, director, employee, agent and Person who controls such Holder
being sometimes hereinafter referred to as an "Indemnified Holder") as follows:

                  (i)      from and against all losses, claims, damages,
         liabilities, judgments and expenses (including reasonable costs of
         investigation and legal expenses) arising out of or based upon any
         untrue statement or alleged untrue statement of a material fact
         contained in any registration statement or prospectus or in any
         amendment or supplement thereto, or arising out of or based upon any
         omission or alleged omission to state therein a material fact required
         to be stated therein or necessary to make the statements therein, in
         light of the circumstances under which they were made, not misleading;

                  (ii)     from and against any and all losses, liabilities,
         claims, damages, judgments and reasonable expenses whatsoever, as
         incurred, to the extent of the aggregate amount paid in settlement of
         any litigation, investigation or proceeding by any governmental agency
         or body, commenced or threatened, or of any other claim whatsoever
         based upon any such untrue statement or omission, or any such alleged
         untrue statement or omission, if such settlement is effected with the
         written consent of the Company; and

                  (iii)    from and against any and all reasonable expense
         whatsoever, as incurred (including fees and disbursements of counsel),
         incurred in investigating, preparing or defending against any
         litigation, investigation or proceeding by any governmental agency or
         body, commenced or threatened, in each case whether or not such Holder
         is a party, or any claim whatsoever based upon any such untrue

                                       7
<PAGE>   8
         statement or omission, or any such alleged untrue statement or
         omission, to the extent that any such expense is not paid under
         sub-paragraph (i) or (ii) above;

provided, however, that this indemnity agreement does not apply to any Holder
with respect to any loss, liability, claim, damage, judgment or expense to the
extent arising out of any untrue statement or alleged untrue statement of a
material fact contained in any prospectus, or the omission or alleged omission
therefrom of a material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading, in any
such case made in reliance upon and in conformity with written information
furnished to the Company by such Holder expressly for use in a registration
statement (or any amendment thereto) or any prospectus (or any amendment or
supplement thereto). This indemnity will be in addition to any liability which
the Company may otherwise have.

                  (b)      Indemnification by Holder of Registrable Securities.

         Each selling Holder severally agrees to indemnify and hold harmless the
Company, its directors and officers and each Person, if any, who controls the
Company within the meaning of either Section 15 of the Securities Act or Section
20 of the Exchange Act to the same extent as the foregoing indemnity from the
Company to such Holders, but only with respect to information relating to such
Holders furnished in writing by such Holders expressly for use in any
registration statement or prospectus, or any amendment or supplement thereto. In
no event shall the liability of any Holder hereunder be greater in amount than
the dollar amount of the proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification obligation.

                  (c)      Conduct of Indemnification Proceedings.

         Each indemnified party or parties shall give reasonably prompt notice
to each indemnifying party or parties of any action or proceeding commenced
against it in respect of which indemnity may be sought hereunder, but failure so
to notify an indemnifying party or parties shall not relieve it or them from any
liability which it or they may have under this indemnity agreement, except to
the extent that the indemnifying party is materially prejudiced by such failure
to give notice. If the indemnifying party or parties so elects within a
reasonable time after receipt of such notice, the indemnifying party or parties
may assume the defense of such action or proceeding at such indemnifying party's
or parties' expense with counsel chosen by the indemnifying party or parties and
approved by the indemnified party defendant in such action or proceeding, which
approval shall not be unreasonably withheld; provided, however, that, if such
indemnified party or parties determine in good faith that a conflict of interest
exists and that therefore it is advisable for such indemnified party or parties
to be represented by separate counsel or that, upon advice of counsel, there may
be legal defenses available to it or them which are different from or in
addition to those available to the indemnifying party, then the indemnifying
party or parties shall not be entitled to assume such defense and the
indemnified party or parties shall be entitled to separate counsel (limited in
each jurisdiction to one counsel for all indemnified parties under this
Agreement) at the indemnifying party's or parties' expense; provided further,
however, that, if the Indemnified Holders determine in good faith upon advice of
counsel that a conflict of interest exists between such Indemnified Holders and
the underwriter(s) in the stock offering, or that there may be legal defenses
with respect to the claim or claims for which indemnity is sought available to
such Indemnified Holders which are

                                       8
<PAGE>   9
different from or in addition to those available to such underwriter(s), then
the Indemnified Holders shall be entitled to separate counsel from that
representing such underwriter(s) (limited in each jurisdiction to one counsel
for all Indemnified Holders under this Agreement) at the indemnifying party's or
parties' expense. If an indemnifying party or parties is not so entitled to
assume the defense of such action or does not assume such defense, after having
received the notice referred to in the first sentence of this paragraph, the
indemnifying party or parties will pay the reasonable fees and expenses of
counsel for the indemnified party or parties (limited in each jurisdiction to
one counsel for all indemnified parties under this Agreement). No indemnifying
party or parties will be liable for any settlement effected without the written
consent of such indemnifying party or parties, which consent shall not be
unreasonably withheld. If an indemnifying party is entitled to assume, and
assumes, the defense of such action or proceeding in accordance with this
paragraph, such indemnifying party or parties shall not, except as otherwise
provided in this subsection (c), be liable for any fees and expenses of counsel
for the indemnified parties incurred thereafter in connection with such action
or proceeding.

                  (d)      Contribution.

         If the indemnification provided for in this Section 3 is unavailable to
an indemnified party under Section 3(a) or Section 3(b) hereof (other than by
reason of exceptions provided in those Sections) in respect of any losses,
claims, damages, liabilities or expenses referred to therein, then each
applicable indemnifying party, in lieu of indemnifying such indemnified party,
shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative fault of the Company on the
one hand and of the Indemnified Holder on the other in connection with the
statements or omissions which resulted in such losses, claims, damages,
liabilities or expenses, as well as any other relevant equitable considerations.
The relative fault of the Company on the one hand and of the Indemnified Holder
on the other shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the
Company or by the Indemnified Holder and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid or payable by a party as a result of the
losses, claims, damages, liabilities and expenses referred to above shall be
deemed to include, subject to the limitations set forth in the final paragraph
of Section 3(a), any legal or other fees or expenses reasonably incurred by such
party in connection with investigating or defending any action or claim.

         The Company and each Holder agree that it would not be just and
equitable if contribution pursuant to this Section 3(d) were determined by pro
rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provisions of this Section 3(d), an Indemnified
Holder shall not be required to contribute any amount in excess of the amount by
which the total price at which the Registrable Securities sold by such
Indemnified Holder or its affiliated Indemnified Holders and distributed to the
public were offered to the public exceeds the amount of any damages which such
Indemnified Holder, or its affiliated Indemnified Holder, has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation.

                                       9
<PAGE>   10
         For purposes of this Section, each Person, if any, who controls a
Holder or an underwriter within the meaning of Section 15 of the Securities Act
(and their respective partners, directors, officers and employees) shall have
the same rights to contribution as such Holder or underwriter.

         4. (a) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, next-day delivery with a reputable courier service, telex, or
telecopies, initially to the address set forth below, and thereafter at such
other address, notice of which is given in accordance with the provisions of
this Section 4(a):

                  (i)      if to the Company:

                                General Media, Inc.
                                11 Penn Plaza, 12th Floor
                                New York, New York 10001
                                Telecopier: 212-702-6262
                                Attention: President and Chief Operating Officer

                           Copy to:

                                Robert L. Kohl, Esq.
                                Rosenman & Colin LLP
                                575 Madison Avenue
                                New York, New York 10022
                                Telecopier: 212-940-8776

                  (ii)     if to the Holders:

At the most recent address set forth in the Company's share register.

All such notices and communications shall be deemed to have been duly given:
when delivered by hand, if personally delivered; two business days after being
deposited in the mail, postage prepaid, if mailed; one business day after being
accepted for delivery, if by next-day courier service; when answered back, if
telexed; and when receipt is acknowledged, if telecopied.

                  (b) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including without limitation and without the need for an express
assignment, subsequent Holders of Registrable Securities.

                  (c) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given unless the Company has obtained the written consent of a
majority of the Holders.

                  (d) Counterparts. This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

                                       10
<PAGE>   11
                  (e) Recapitalizations, Exchanges, etc., Affecting Registrable
Securities. The provisions of this Agreement shall apply, to the full extent set
forth herein with respect to the Registrable Securities, to any and all
securities or capital stock of the Company or any successor or assign of the
Company (whether by merger, consolidation, sale of assets or otherwise) which
may be issued in respect of, in exchange for, or in substitution of such
Registrable Securities, by reason of any dividend, split, issuance, reverse
split, combination, recapitalization, reclassification, merger, consolidation or
otherwise.

                  (f) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

                  (g) Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York without reference
to its conflicts of law provisions.

                  (h) Severability. In the event that any one or more of the
provisions contained herein, or the application hereof in any circumstance is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provisions in every other respect and of the
remaining provisions contained herein shall not be affected or impaired thereby.

                  (i) Specific Performance. The parties hereto acknowledge that
there would be no adequate remedy at law if any party fails to perform in any
material respect any of its obligations hereunder, and accordingly agree that
each party, in addition to any other remedy to which it may be entitled at law
or in equity, shall be entitled to compel specific performance of the
obligations of any other party under this Agreement in accordance with the terms
and conditions of this Agreement in any court of the United States or any State
thereof having jurisdiction.

                  (j) No Inconsistent Agreements. The Company is not party to
any agreement which conflicts with the provisions of this Agreement or which
grants registration or similar rights, nor has the Company committed itself to
enter into any such agreement, except for the registration rights which have
been granted heretofore pursuant to that certain Warrant Agreement dated as of
December 21, 1993 between the Company and IBJ Schroder Bank & Trust Company, as
warrant agent. The rights granted to the Holders hereunder do not conflict in
any way with and are not inconsistent with the rights granted to the holders of
the Company's other issued and outstanding securities under any such agreements.

                  (k) Entire Agreement. This Agreement is intended by the
parties as a final expression of their agreement and intended to be a complete
and exclusive statement of this agreement and understanding of the parties
hereto in respect of the subject matter contained herein. There are no
restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein, concerning the registration rights granted by the Company
pursuant to this Agreement.

                  [Remainder of page intentionally left blank]

                                       11
<PAGE>   12
                  IN WITNESS WHEREOF, the undersigned has caused this Agreement
to be executed as of the date first written above.

                                             GENERAL MEDIA, INC.

                                             By:_______________________________
                                                Name:
                                                Title:

                                       12
<PAGE>   13
                               GENERAL MEDIA, INC.

                          REGISTRATION RIGHTS AGREEMENT

                           Counterpart Signature Page

         Reference is hereby made to the Registration Rights Agreement dated as
of March 29, 2001 (the "Agreement") by General Media, Inc. (the "Company") in
favor of those several Preferred Holders listed on Schedule I to the Agreement
and subsequent Holders of Registrable Securities (each as defined in the
Agreement). By execution of this Counterpart Signature Page to the Agreement,
the undersigned hereby: (a) acknowledges receipt of a copy of the Agreement and
(b) agrees to be bound by and obtain the benefit of the rights and restrictions
of the Agreement.

         IN WITNESS WHEREOF, this Counterpart Signature Page has been executed
as of the ______ day of _________, ____.

                                          HOLDER OF REGISTRABLE SECURITIES

                                          ______________________________________
                                          Printed Name:

                                       13

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