Document:

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                                                                   Exhibit 10.16

                    DATED AS OF THE 1ST DAY OF NOVEMBER 2006

                     BEIJING CENTURY MEDIA CULTURE CO., LTD.

                                       and

                   SHANGHAI CAMERA MEDIA INVESTMENT CO., LTD.

                                   ----------

                              COOPERATION AGREEMENT

                                   ----------
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THIS AGREEMENT is dated as of the 1st day of November 2006.

BETWEEN:

BEIJING CENTURY MEDIA CULTURE CO., LTD., a company incorporated under the laws
of the PRC with a registered address of 18-338 Jianshe Road, Kaixuan Avenue,
Liangxiang Village, Fangshan District, Beijing, PRC (the "CONTENT PROVIDER");
and

SHANGHAI CAMERA MEDIA INVESTMENT CO., LTD., a company incorporated under the
laws of the PRC with a registered address of 3B10, No. 168 Tianshan Zhi Road,
Changning District, Shanghai, PRC (the "RECIPIENT")

WHEREAS:

(A)  The Recipient and Inner Mongolia Television Station ("IMTV") entered into a
     strategic cooperation agreement in December 2003 and, subsequently, into a
     supplemental agreement (collectively, the "IMTV AGREEMENT").

(B)  The Content Provider and its Affiliates are experienced in television
     program sourcing and production, and agree to provide the Content to the
     Recipient on the terms and conditions set out in this Agreement.

NOW IT IS HEREBY AGREED as follows:

1.   INTERPRETATION

1.1  Definitions. In this Agreement (including the Recitals and the Schedule),
     unless the context otherwise requires, the following expressions shall have
     the following meanings:

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<S>                              <C>
     "AFFILIATES"                of a specified Person means any other Person
                                 that, directly or indirectly, through one or
                                 more intermediaries, Controls, is Controlled
                                 by, or is under the common Control with, such
                                 specified Person or, in the case of a natural
                                 Person, such Person's spouse, parents and
                                 descendants (whether by blood or adoption and
                                 including stepchildren);

     "BUSINESS DAY"              means any day other than Saturday or Sunday on
                                 which banks are generally open for business in
                                 the PRC;
</TABLE>

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<TABLE>
<S>                              <C>
     "CIETAC"                    shall have the meaning ascribed to it under
                                 Clause 11;

     "CONTENT"                   means content and information produced or
                                 acquired by, on behalf or at the behest of the
                                 Content Provider comprising business and
                                 general information to be delivered to the
                                 Recipient by the Content Provider from time to
                                 time;

     "CONTROL", "CONTROLS",      means the possession, directly or indirectly,
     "CONTROLLED" (or any        of the power to direct or cause the direction
     correlative term)           of the management of a Person, whether through
                                 the ownership of voting securities, by
                                 contract, credit arrangement or proxy, as
                                 trustee,, executor, agent or otherwise. For the
                                 purpose of this definition, a Person shall be
                                 deemed to Control another Person if such first
                                 Person, directly or indirectly, owns or holds
                                 more than 50% of the voting equity interests in
                                 such other Person;

     "FEES"                      means the consideration described under Clause
                                 3.1;

     "IMTV"                      shall have the meaning ascribed to it in
                                 Recital A hereto;

     "IMTV AGREEMENT"            shall have the meaning ascribed to it in
                                 Recital A hereto;

     "PERSON" or "PERSONS"       means any natural person, corporation, company,
                                 association, partnership, organization,
                                 business, firm, joint venture, trust,
                                 unincorporated organization or any other entity
                                 or organization, and shall include any
                                 governmental authority;

     "PRC"                       means the People's Republic of China; and

     "TERM"                      shall have the meaning ascribed to it in Clause
                                 4.1.
</TABLE>

1.2  Interpretation. In this Agreement:

     (a)  references to statutory provisions shall be construed as references to
          those provisions as amended or re-enacted or as their application is
          modified by other statutory provisions (whether before or after the
          date hereof) from time to time and shall include any provisions of
          which they are re-enactments (whether with or without modification);

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     (b)  unless the context requires otherwise, words incorporating the
          singular shall include the plural and vice versa and words importing a
          gender shall include every gender; and

     (c)  references herein to Clauses and Recitals are to clauses and recitals
          of this Agreement.

2.   CONTENT DELIVERY

2.1  Content Delivery. In consideration of the Fees and subject to the terms and
     conditions of this Agreement, the Content Provider agrees to provide or
     procure its Affiliates to provide to Recipient the Content during the Term
     on a non-exclusive basis.

2.2  Sublicense. Recipient shall and shall cause its successors, Affiliates,
     officers, directors, employees and agents to comply with the terms of this
     Agreement. Except as specifically set forth in this Agreement, Recipient
     may not sublicense any of its rights under this Agreement, or allow others
     to distribute or air the Content in whole or in parts, or otherwise
     distribute or exploit any portion of any of the Content. Without limiting
     the foregoing, Recipient must not, and must not authorize others to sell,
     transfer, mortgage, hypothecate or permit any lien to attach upon the
     Content or any part thereof.

2.3  Title to the Content. Recipient acknowledges and agrees that, unless
     mutually agreed by the parties, as between Recipient and Content Provider,
     all rights and title in and to the Content are the exclusive property of
     the Content Provider or its Affiliates and that all rights not specifically
     granted herein to Recipient are reserved to the Content Provider for its
     own use and disposition.

2.4  Limited Use. The Content must only be used by the Recipient for the purpose
     of and in connection with the IMTV Agreement only. Content Provider shall
     ensure the Content it provides complies with relevant laws and the
     requirements of IMTV and shall, if necessary, modify the Content in
     accordance with the relevant laws and the requirements of IMTV.

3.   FEES

3.1  Fees. In consideration for the provision of the Content, the Recipient
     shall, after the Content Provider has provided the Content in compliance
     with the terms hereunder, by no later than fourteen (14) days after the
     Recipient received the invoice issued by the Content Provider for the
     relevant Content, pay to the Content Provider the fees set out in such
     invoice for the Content and ancillary services (if any) described therein
     (the "FEES"). If there is any dispute with respect to the Fees, the parties
     shall settle such dispute through friendly consultation.

3.2  Method of Payment. The Fees shall be paid in accordance with this Clause by
     cash, transfer cheque or bank transfer or using such other method as may be
     acceptable to the Content Provider to the account of the Content Provider
     or such

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     other parties as the Content Provider may direct in writing from time to
     time.

4.   TERM

4.1  Term. Unless otherwise terminated pursuant to Clause 5, the term of this
     Agreement shall commence from the date hereof and shall continue in full
     force and effect until 31 December 2023. Upon expiry of the said Term, this
     Agreement shall be automatically extended for no less than ten (10) years,
     the exact term of extension shall be determined by the parties in writing
     (the "TERM").

5.   TERMINATION

5.1  Termination. This Agreement may be terminated by the Content Provider at
     any time without compensation by written notice served on the Recipient in
     accordance with the terms of this Agreement 30 Business Days' prior to such
     termination.

5.2  Termination for Material Breach. In the event either party materially
     breaches this Agreement and fails to remedy such breach to the satisfaction
     of the non-defaulting party within 10 Business Days from the date it
     receives written notice of such breach from the non-defaulting party,
     without prejudice to any legal or other rights or remedies which the
     non-defaulting party may have, the non-defaulting party has the right to
     terminate this Agreement upon expiry of the said 10 Business Days
     immediately by written notice to the defaulting party.

6.   TERMINATION CONSEQUENCES

6.1  Obligations on Termination. Upon termination of this Agreement for whatever
     cause, the Recipient must forthwith:

     (a)  cease all use, including broadcasting, distribution and/or
          syndication, of the Content; and

     (b)  cause its sublicensees (if any) and Affiliates to immediately cease
          all use, including broadcasting, distribution and/or syndication, of
          the Content.

6.2  Transitional Matters. Upon the termination of this Agreement for any
     reason, the Recipient must fully cooperate with the Content Provider in all
     necessary and reasonable transitional matters including, without limitation
     and at the Recipient's cost and expense, taking all necessary actions on
     the Content Provider's behalf reasonably necessary to protect and/or
     perfect their right, title and interest in and to the Content.

7.   PROPRIETARY RIGHTS

7.1  Copyright. The Recipient acknowledges that the copyright in the Content
     (including any edited versions) shall remain exclusively with the Content
     Provider or its Affiliates unless otherwise agreed by the parties. All
     right and title

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     in and to the Content (including any edited versions), including but not
     limited to films and recordings, titles, names, trade marks, concepts,
     stories, plots, incidents, animations, illustrations, ideas, formulas,
     formats and any other literary, musical, artistic or other creative
     material included therein, shall remain the exclusive property of the
     Content Provider or its Affiliates.

7.2  Reservation of Rights. The Content Provider expressly reserves all rights
     not expressly granted by the Content Provider to the Recipient under this
     Agreement.

7.3  Attribution. The Recipient must provide attribution to the Content Provider
     and must ensure it uses appropriate copyright or other proprietary rights
     notices regarding the Content as reasonably instructed by the Content
     Provider from time to time, to the extent customary in the broadcast
     industry.

7.4  Protection of Rights. The Recipient must take any action and execute any
     and all documents necessary to protect and/or perfect the Content
     Provider's or its Affiliates' rights in the Content.

8.   RECIPIENT'S WARRANTIES & REPRESENTATIONS

8.1  Recipient's Representation. The Recipient represents and warrants that it
     is free to enter into this Agreement and to perform its obligations under
     this Agreement.

8.2  Recipient's Covenants. Without limiting the generality of Clause 8.1, the
     Recipient:

     (a)  must not introduce into the Content any defamatory or obscene matter
          or other objectionable material of any kind whatsoever whether or not
          it would give rise to any cause of action;

     (b)  warrants that it is duly authorised to broadcast, distribute and
          syndicate the Content in accordance with the terms of this Agreement;

     (c)  warrants that the broadcast, distribution, syndication of the Content
          under this Agreement is lawful within the PRC provided that the
          Content itself does not violate the laws of the PRC and unless the
          breach of any laws is caused by IMTV;

     (d)  must comply with all relevant laws and regulations of the PRC when
          performing this Agreement, and must broadcast, distribute and
          syndicate the Content in compliance with the laws and regulations of
          the PRC; and

     (e)  must ensure that all content contained within the Content as
          distributed complies with the laws and regulations of the PRC (unless
          such non-compliance is caused by IMTV).

8.3  Term of Representations. The Recipient covenants and agrees that all of the
     foregoing warranties and representations under Clauses 8.1 and 8.2 shall
     remain

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     true and correct for the duration of this Agreement, and must take all
     actions necessary, at its cost, to fulfill its obligations under this
     Clause.

8.4  Content Provider's Representation. The Content Provider represents and
     warrants that it is free to enter into this Agreement and to perform its
     obligations under this Agreement.

8.5  Content Provider's Covenants. Without limiting the generality of Clause
     8.3, the Content Provider warrants that:

     (a)  it has obtain all required licenses, consents, approvals and permits
          from any person necessary to perform its obligations under this
          Agreement and will otherwise comply with all applicable statutes,
          laws, rules, regulations and industry standards with respect to the
          performance of its obligations under this Agreement;

     (b)  the Content itself does not violate the laws of the PRC;

     (c)  it has the right to provide the Content to the Recipient and that the
          Content does not infringe the copyright or other rights of any third
          parties.

8.6  Term of Representations. The Content Provider covenants and agrees that all
     of the foregoing warranties and representations under Clauses 8.4 and 8.5
     shall remain true and correct for the duration of this Agreement and must
     take all actions necessary, at its cost, to fulfill its obligations under
     this Clause.

9.   INDEMNITY

9.1  Indemnity. Each party (the "INDEMNIFYING PARTY") agrees to indemnify (and
     keep indemnified) and hold harmless the other (including the Content
     Provider's successors, Affiliates, officers, directors, employees and
     agents) (the "INDEMNIFIED PARTY") from and against any and all claims,
     damages, losses and expenses arising out of or in connection with any
     breach of this Agreement by the Indemnifying Party; provided that the
     parties shall have no liability to indemnify the other (including the
     Content Provider's successors, Affiliates, officers, directors, employees
     and agents) of any losses arising directly as a result of (i) the
     compliance with any order, decree or ruling or takes any other action
     restraining, enjoining or otherwise prohibiting the transactions
     contemplated by this Agreement issued by any competent governmental
     authority in the PRC, or (ii) the actions or inactions of the other party,
     its Affiliates or other Persons under the Control of that party. This
     indemnity is additional to and cumulative or any other remedies the
     Indemnified Party may have under this Agreement or otherwise in law and/or
     equity as a result of the actions of the Indemnifying Party.

9.2  Indemnity regarding sublicensees. Without limiting the generality of Clause
     9.1, the Recipient shall indemnify (and keep indemnified) and hold harmless
     the Content Provider (including the Content Provider's successors,
     Affiliates,

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     officers, directors, employees and agents) from and against any and all
     actions, claims, liability, costs, losses, damages and expenses arising by
     reason of any claim or action brought against the Recipient by any
     sublicensee(s) or any other person or entity as a result of or attributable
     to the Recipient's distribution and/or syndication of any part of the
     Content in the PRC (to the extent not caused by a breach of this Agreement
     by the Content Provider).

10.  GOVERNING LAW AND DISPUTE RESOLUTION

10.1 Governing Law. This Agreement shall be governed by and construed in
     accordance with the laws of the PRC.

10.2 Arbitration. Any dispute, controversy or claim arising out of or in
     connection with this Agreement, including any question regarding its
     existence, validity or termination, shall be settled through friendly
     consultation between the parties. In the event that no settlement is
     reached within 30 Business Days from the date of notification by either
     party to the other that it intends to submit a dispute, controversy or
     claim to arbitration, then such dispute, controversy or claim shall be
     finally resolved by arbitration under the arbitration rules of the China
     International Economic and Trade Arbitration Commission ("CIETAC") as at
     present in force, which rules are deemed to be incorporated by reference
     into this Article. The place of arbitration shall be Shanghai, PRC. The
     language of the arbitration shall be Chinese. The tribunal shall consist of
     three arbitrators. Two arbitrators shall be selected by the respective
     parties. The third arbitrator shall be selected by agreement between the
     parties or, failing agreement within 10 Business Days of the appointment of
     the two party-nominated arbitrators, by the chairman of CIETAC.

11.  FURTHER ASSURANCE

11.1 Assurance. Each party shall do all acts and execute and deliver all
     documents as may be necessary to give effect to the provisions set forth
     herein.

12.  CONFIDENTIALITY

12.1 Confidentiality. Unless otherwise agreed by the parties, the parties agree
     to keep the terms and conditions of this Agreement strictly confidential.
     The Agreement or the terms and conditions thereof will only be disclosed if
     and to the extent necessary under the laws and regulations of the PRC.

13.  NOTICES

13.1 Notices. Notices or other communications required to be given by any party
     pursuant to this Agreement shall be in writing in Chinese and may be
     delivered personally or sent by registered airmail or postage prepaid, by a
     recognized courier service or by facsimile transmission to the address of
     the other party set forth below. The dates on which such notices shall be
     deemed to have effectively given shall be determined as follows:

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     (a)  notices given by personal delivery shall be deemed effectively given
          on the date of personal delivery.

     (b)  notices given by registered airmail or postage prepaid shall be deemed
          effectively given on the tenth Business Day after the date on which
          they were mailed (as indicated by the postmark).

     (c)  notices by courier shall be deemed effectively given on the fifth
          Business Day after they were sent by recognized courier service.

     (d)  notices given by facsimile transmission shall be deemed effectively
          given on the first Business Day following the date of successful
          transmission and receipt as evidenced by the transmission report.

          Content Provider

          Room 701, Kun Tai International Mansion
          12B Chao Wai Street, ChaoYang District,
          Beijing 100020,
          China

          For the attention of: Zhu Shan
          Phone No.: 010 -58645200
          Fax No.: 010 -58797151

          Recipient

          2nd Floor, Da Zhong Finance Building,
          1033 Yan An Road West
          Shanghai 200050
          PRC

          For the attention of: Mr. Zhang Guanming
          Telephone No.: 021-61612110
          Facsimile No.: 021-61612108

          With a copy to Richard Wang & Co.:

          18th Floor, Union Building
          100 Yan An Road East, Shanghai 200002, P.R.C.

          Attention: Catherine Chen
          Telephone No.: (8621) 6326 5800
          Facsimile No.: (8621) 6321 8890

13.2 Any party may at any time change its address for service by notice in
     writing

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     delivered to the other party in accordance with the terms hereof.

14.  MISCELLANEOUS

14.1 Time of Essence. Time shall be of the essence of this Agreement.

14.2 Headings. The headings in this Agreement are inserted for convenience only
     and shall not affect the construction of this Agreement.

14.3 Amendments. This Agreement may not be amended or modified except in writing
     signed by all parties, and any amendment and supplement to this Agreement
     shall form part of this Agreement and shall have the same legal effect as
     this Agreement.

14.4 Entire Agreement. This Agreement constitutes the entire agreement and
     understanding between the parties in connection with the transactions
     hereby contemplated. This Agreement supersede all previous agreements,
     arrangements and understandings between the parties with regard to such
     transaction which shall cease to have any further force or effect.

14.5 Severance. Any provision of this Agreement which is invalid, illegal or
     unenforceable in any jurisdiction shall, as to that jurisdiction, be
     ineffective to the extent of such invalidity, illegality or
     unenforceability, without affecting in any way the remaining provisions
     hereof in such jurisdiction or rendering that or any other provision of
     this Agreement invalid, illegal or unenforceable in any other jurisdiction.

14.6 Counterparts. This Agreement may be executed in any number of counterparts,
     all of which taken together shall constitute one and the same agreement,
     and either party may enter into this Agreement by executing a counterpart.

14.7 Languages. This Agreement shall be executed in both the English and Chinese
     languages and in the event of any discrepancy between the two versions, the
     parties hereto shall negotiate in good faith to resolve the discrepancy
     provided that if such good faith negotiation does not resolve in a
     resolution, then the Chinese version of this Agreement shall prevail.

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IN WITNESS WHEREOF the parties have executed this Agreement as of the date first
above written.

BEIJING CENTURY MEDIA CULTURE CO., LTD.

By: /s/
    ---------------------------------
Name:
      -------------------------------
Title: Authorized Signatory

SHANGHAI CAMERA MEDIA INVESTMENT CO., LTD.

By: /s/ Zhang Guan Ming
    ---------------------------------
Name: Zhang Guan Ming
Title: Legal Representative<PAGE>

                                                                   EXHIBIT 10.17

                              COOPERATION AGREEMENT

THIS COOPERATION AGREEMENT (the "AGREEMENT"), is made as of this 5th day of
June, 2006, by and between Xinhua Finance Media Limited, a company established
and existing under the laws of the Cayman Islands ("XFM"), and Small World
Television,LLC, a company established and existing under the laws of Delaware
("SW"). XFM and SW are hereinafter collectively referred to as the "PARTIES" and
individually as a "PARTY".

WHEREAS:

     The Parties wish to cooperate for the production of Programs (as defined
below), licensing of Distribution Rights (as defined below) in relation to the
Programs, and exploitation of other rights in relation to the Programs.

NOW, THEREFORE,

     In consideration of the foregoing premises, and the representations,
warranties, and mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
Parties hereto hereby agree as follows:

1.   INTERPRETATION

1.1. DEFINITIONS. Each of the following terms when used in this Agreement has
     the meaning ascribed to it in this Section 1.1:

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<S>                              <C>
     "Accounting Period"         has the meaning ascribed in Section 5.3.

     "Affiliate"                 means, in relation to any person, any other
                                 person which, directly or indirectly, controls
                                 or is controlled by or is under common control
                                 with such person and for the purposes of this
                                 definition "control" when used with respect to
                                 any specified person means the power to direct
                                 the management and policies of such person,
                                 directly or indirectly, whether through the
                                 ownership of voting securities, by contract or
                                 otherwise, and the terms "controlling" and
                                 "controlled" have meanings correlative to the
                                 foregoing.

     "Anti-Piracy PSA"           has the meaning ascribed in Section 2.3.

     "Approved Treatment"        has the meaning ascribed in Section 3.1.

     "Business Day"              means any day when banks are open for business
                                 in the Territory.
</TABLE>

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<TABLE>
<S>                              <C>
     "Cable Television"          means the one-way transmission to subscribers
                                 of video programming service or other
                                 programming service via a cable system, direct
                                 broadcast satellite, or any other multi-channel
                                 video programming distribution system.

     "Claimant"                  has the meaning ascribed in Section 16.3.

     "Development Plan"          has the meaning ascribed in Section 3.3.

     "Digital Distribution"      means the distribution of Programs by
                                 electronic means intended primarily for viewing
                                 on personal computers or wireless devices.

     "Dispute Notice"            has the meaning ascribed in Section 16.3.

     "Distribution Rights"       means the non-exclusive rights to broadcast,
                                 transmit, exhibit, show and /or demonstrate the
                                 Programs (including any edited version) or
                                 parts or portions thereof by any and all forms
                                 of broadcast television, cable television,
                                 satellite and digital distribution to an
                                 intended audience in accordance with the terms
                                 of this Agreement.

     "Episode"                   means a self-contained production of an
                                 independent script that is part of a series of
                                 similar themed productions that make up a
                                 Program under this Agreement.

     "Exclusive Period"          has the meaning ascribed in Section 6.2.

     "Fee Statement"             has the meaning ascribed in Section 5.3.

     "General and
     Administrative Rights"      has the meaning ascribed in Section 3.3(b).

     "Gross Revenues"            means all fees generated as a result of the
                                 licensing of Distribution Rights and
                                 Non-Distribution Rights under this Agreement.

     "Intellectual Property
     Rights"                     means:

                                 (a)  any and all proprietary rights provided
                                      under: (i) patent law; (ii) copyright law;
                                      (iii) trade-mark law; (iv) design patent
                                      or industrial design law; (v)
                                      semi-conductor chip or mask work law; or
                                      (vi) any other statutory provision or
                                      common law principle applicable to this
                                      Agreement, including trade secret law,
                                      which may provide a right in
</TABLE>

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<TABLE>
<S>                              <C>
                                      either ideas, formulae, algorithms,
                                      concepts, inventions or know-how
                                      generally, or the expression or use of
                                      such ideas, formulae, algorithms,
                                      concepts, inventions or know-how; and

                                 (b)  any and all applications, registrations,
                                      licenses, sub-licenses, agreements or any
                                      other evidence of a right in any of the
                                      foregoing.

     "Licensing Party"           has the meaning ascribed in Section 5.3.

     "Mark Licensee"             has the meaning ascribed in Section 11.

     "Mark Licensor"             has the meaning ascribed in Section 11.

     "Net Revenues"              means Gross Revenues minus brokerage fees not
                                 to exceed 20% of the Gross Revenues and similar
                                 amounts paid to third parties.

     "Non-Distribution Rights"   has the meaning ascribed in Section 5.2.

     "Non-Licensing Party"       has the meaning ascribed in Section 5.3.

     "PRC"                       means the People's Republic of China.

     "Program Budget"            has the meaning ascribed in Section 3.3.

     "Program Material"          means all characters (including their names,
                                 puppets, animatronics, voices and mannerisms)
                                 frames, stills, film clips, photographs, sets,
                                 artwork, animation, settings, themes,
                                 storylines, treatments, scripts, dialogue,
                                 music, audio clips, and the like which comprise
                                 or are depicted in any episodes, during the
                                 Term, of the television Programs produced under
                                 this Agreement, including the characters,
                                 derivative characters, episodes, trademarks and
                                 service marks now listed or later added to an
                                 exhibit to this Agreement, in all cases in any
                                 and all media now existing or hereafter
                                 created, including without limitation,
                                 internet, wireless, cable, satellite, over the
                                 air television, print, recordings, and
                                 audiovisual works, video games, board games and
                                 other forms of games, stories, guides, or
                                 books.

     "Programming Costs"         has the meaning ascribed in Section 3.3(a).
</TABLE>

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<TABLE>
<S>                              <C>
     "Programs"                  means the television programs to be produced by
                                 SW pursuant to the terms of this Agreement.

     "Residual Distribution
     Rights"                     has the meaning ascribed in Section 6.4.

     "Respondent"                has the meaning ascribed in Section 16.3.

     "Satellite Television"      means the transmission to subscribers of video
                                 programming service via direct broadcast
                                 satellite.

     "Territory"                 means the World.

     "Treatment"                 has the meaning ascribed in Section 3.1.
</TABLE>

1.2. BUSINESS DAY. In the event that any act is required hereunder to be done,
     any notice is required hereunder to be given, or any period of time is to
     expire hereunder on any day that is not a Business Day, such act shall be
     required to be done or notice shall be required to be given or the time
     shall expire on the next succeeding Business Day.

1.3. In this Agreement:

     (a)  the headings are inserted for convenience only and shall not affect
          the construction of the Agreement;

     (b)  unless the context requires otherwise, words incorporating the
          singular shall include the plural and vice versa and words importing a
          gender shall include every gender; and

     (c)  references herein to Sections and Recitals are to sections and
          recitals of this Agreement.

2.   PRODUCTION OF THE PROGRAMS

2.1. SW hereby agrees to arrange for the production of no fewer than sixteen
     Programs, as more specifically described in Exhibit A to this Agreement.
     SW's responsibilities shall include, without limitation, developing,
     writing, creating, casting, directing, producing, obtaining all third party
     rights clearances for, filming, and timely delivering to XFM the Programs.
     Each Program will consist of a series of 16 to 200 episodes, as mutually
     agreed by the Parties.

2.2. SW shall enter into a separate agreement with a qualifed PRC production
     company to be approved by XFM (the "PRODUCTION COMPANY"), which shall
     assume from SW, SW's obligations to produce Programs under this Agreement
     in consideration of $6,022,000.00 of the Programming Costs, as defined
     below.

2.3. SW shall develop, write, create, cast, direct, produce, obtain third-party
     rights clearances for, tape, and timely deliver third-party produced
     content, including music videos, for the Programs in consideration of XFM's
     payment of the Programming Costs ($6,022,000.00 of which SW shall pay to
     the Production Company by separate

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     agreement) and General and Administrative Costs and Promotional and Launch
     Costs associated with the Programs. SW's responsibilities include, without
     limitation, providing promotional and production launch services such as
     creating promotional graphics and print advertisements, as well as
     television and radio commercial campaigns. SW shall also create commercial
     campaigns for channel 8 branding. SW shall also create and develop public
     service announcements aimed at prevention of the unauthorized taking,
     copying or use of copyrighted materials ("ANTI-PIRACY PSAS"), pursuant to
     any contracts entered into for such Anti-Piracy PSAs as mutually agreed to
     by the Parties.

3.   TREATMENTS, BUDGETS AND PROGRAM APPROVAL

3.1. For each of the Programs, SW shall submit one or more treatments for XFM's
     consideration as the basis for the Program ("TREATMENT"). Each Treatment
     shall set forth the concept to be used as the basis for the Program and
     communicate the essential idea for the Program. Treatments may be submitted
     by SW singly or in one or more groups. XFM shall accept or reject each
     Treatment within fifteen (15) days after such Treatment is submitted by SW.
     Treatments which, as of the date hereof, have been approved by XFM are set
     forth in Exhibit A to this Agreement (the "APPROVED TREATMENTS").

3.2. INTENTIONALLY DELETED

3.3. For each Treatment which has been accepted by XFM, SW shall provide a draft
     development plan and production budget for each new Episode for XFM's and
     approval, such approval not to be unreasonably withheld (the "DEVELOPMENT
     PLAN"). The Development Plan shall contain in line item fashion, the
     proposed development and production schedule, and a budget for XFM's
     approval that shall include at least the following items (the "PROGRAM
     BUDGET"):

     (a)  All direct costs and expenses previously incurred or to be incurred in
          the creation, development, pre-production, production, post-production
          and delivery to XFM of the Program; ("PROGRAMMING COSTS");

     (b)  All carrying costs incurred by SW for retaining of employees and
          consultants for production purposes under this Agreement for the
          applicable Program and the overhead attendant thereto, and fair
          allocations of all costs and expenses of SW associated with or
          benefiting the Program, including research and development, general
          and administrative and overhead expenses and facilities ("GENERAL AND
          ADMINISTRATIVE COSTS"); and

     (c)  The costs for providing promotional and production launch services
          such as creating promotional graphics and print advertisements as well
          as television and radio campaigns ("PROMOTIONAL COSTS").

     Development Plans and Program Budgets to which the parties have already
     agreed are set forth in Exhibit B to this Agreement. The Parties, may, from
     time time, amend the Develepment Plans and Program Budgets by written
     agreement.

                                       5

<PAGE>

3.4. Any expenditures in excess of the approved Program Budget for a Program are
     prohibited without the prior written approval of XFM. A Budget may be
     revised from time to time during production of the Program upon written
     mutual agreement of XFM and SW. All costs within an approved Program Budget
     for the production of the Programs shall be paid by XFM in accordance with
     the Payment Schedule contained in Exhibit B. The amount of USD $2,250,000
     pre-paid by XFM to SW on April 10, 2006 which is Payment 1 on the Payment
     Schedule shall be credited as set forth in the Payment Schedule.

3.5. Subject to restrictions imposed by any government authority of the PRC or
     any province thereof, and further subject to any restrictions imposed as a
     result of the approval of Treatments applicable thereto, SW shall have
     editorial control over the development and production of all new Episodes,
     but shall consult with XFM on a meaningful, timely and ongoing basis
     regarding the material development and production decisions and shall give
     good faith consideration to XFM's opinions. Without limiting the foregoing,
     SW will make available to XFM a treatment of each Episode on the production
     site prior to the start of principal photography (or in the case of digital
     capture, the equivalent commencement point) and XFM shall have the right to
     approve or reject any Episode treatment and require changes if XFM
     reasonably believes any Episode based on such Episode treatment will
     conflict with the censorship laws, rulings or policies within the PRC or
     any province thereof, or be otherwise culturally or politically
     inappropriate for broadcast within the PRC.

3.6. XFM shall have the right to review any completed Episode rough cuts at the
     post production site and XKM shall have the right to require editing of
     such rough cuts if XFM reasonably believes the Episode has substantially
     deviated from the Episode treatment or will conflict with the censorship
     laws, rulings or policies within the PRC or any province thereof or is
     otherwise culturally or politically inappropriate for broadcast within the
     PRC.

3.7. If XFM reasonably withholds approval of any Treatment, Development Plan, or
     Episode treatment and SW refuses to make the necessary changes to conform
     such Treatment, Development Plan, or Episode treatment to XFM's requested
     changes, or the completed Episode rough cut does not conform with an
     Episode treatment, then SW will not be credited with delivery of a Program
     for purposes of this Agreement. XFM and SW may choose to substitute with a
     new Treatment, Development Plan, or Episode treatment.

3.8. If XFM requests changes during principal photography (or the digital
     equivalent) to an Episode treatment which had been approved by XFM, where
     the changed scene or content was reasonably apparent from the contents of
     the Episode treatment, XFM shall pay all reasonably and actually incurred
     out-of-pocket expenses required by virtue of the changes and any additional
     production costs due to the delay.

3.9. SW shall treat the Programs as first priority and shall produce and deliver
     the Programs prior to undertaking projects for other customers, and shall
     devote all necessary personnel and resources to fulfill its commitments
     hereunder.

4.   CO-OWNERSHIP OF PROGRAM

                                       6

<PAGE>

4.1. XFM and SW shall respectively own an undivided 58% and 42% interest in all
     new Episodes and new Program Material created for the new Episodes during
     the Term of this Agreement; provided, however, that XFM shall have the sole
     and exclusive right and obligation to register, administer and enforce such
     jointly-owned copyrights, trademarks and other intellectual property rights
     in the joint name of XFM and SW. Upon request, SW will cooperate with XFM
     in connection with the registration, administration and enforcement of such
     rights. The parties will execute, promptly upon request, all further
     reasonable and necessary documents to effectuate the provisions of this
     paragraph.

4.2. If SW desires to produce an additional series of episodes of any of the
     Programs beyond those described in the Development Plan attached hereto as
     Exhibit B or if XFM requests SW to do so, then SW shall promptly prepare
     and present to XFM a supplementary Development Plan for such additional
     series of episodes which shall be in a format similar to that of Exhibit B
     (any such supplementary Development Plan being hereinafter referred to as a
     "SUPPLEMENTARY DEVELOPMENT PLAN"). The Supplementary Development Plan shall
     set forth Small World's good faith estimate of a proposed development and
     production schedule and shall establish a good faith Program Budget in
     connection with such additional series of episodes. It is anticipated that
     the Program Budget costs identified in the Supplementary Development Plan
     shall reflect increases over the costs set forth in the Program Budget for
     the previous series of episodes. XFM shall have ninety (90) days after
     delivery to it of a Supplementary Development Plan to approve production of
     the additional series of episodes described in such Supplementary
     Development Plan. XFM shall be entitled to approve the production of an
     additional series of some of the Programs without necessarily approving
     others which are identified in the Supplementary Development Plan. If XFM
     approves the Supplementary Development Plan as to any of the series of
     Programs described therein, then the Supplementary Development Plan,
     insofar as it applies to the series of Programs so approved, shall be
     incorporated into this Agreement and the terms of this Agreement shall
     apply in all respects thereto. However, XFM shall relinquish all rights
     with respect to episodes thereafter produced of any Programs described in
     the Supplementary Development Plan, the series for which have not been not
     approved by XFM within such ninety (90) day period and SW shall have the
     sole right thereafter to produce additional episodes of such Programs and
     shall have all right, title and interest in additional episodes of such
     Programs without having any further obligation to XFM.

4.3. If XFM makes a written request for SW to produce an additional series of
     episodes of any of the Programs beyond those described in the Development
     Plan attached hereto as Exhibit B and SW fails to prepare and send to XFM a
     Supplementary Development Plan within ninety (90) days after such written
     request or if SW notifies XFM in writing that SW does not desire to produce
     an additional series of episodes of any of the Programs, then SW shall
     relinquish all rights with respect to episodes thereafter produced of such
     Program(s) and XFM shall have the sole right thereafter to produce
     additional episodes of such Program(s) without having any further
     obligation to SW.

5.   SHARING OF REVENUE

                                       7

<PAGE>

5.1. XFM shall be entitled to receive fifty-eight percent (58%) and SW shall be
     entitled to receive forty-two percent (42%) of all Net Revenue arising from
     the exploitation of any right relating to the Programs in any and all media
     now existing or hereafter developed any where in the universe or anywhere
     in any virtual environment, including online video game settings, except as
     set forth in Section 5.2 below.

5.2. For all Net Revenues realized from licensing of rights not directly
     associated with the distribution of Programs ("NON-DISTRIBUTION RIGHTS"),
     including, without limitation, Net Revenues realized from the placement of
     products in Programs and any Anti-Piracy PSA contracts created and aired
     XFM shall receive fifty-eight percent (58%) and SW shall receive forty-two
     percent (42%) of the Net Revenues; provided, however, advertising revenue
     from the broadcast of Programs will be retained by XFM in its entirety.

5.3. Within thirty (30) days following the end of each Calendar Quarter during
     the Term (the "ACCOUNTING PERIOD"), any Party who licenses Distribution
     Rights or Non-Distribution Rights (the "Licensing Party") shall furnish to
     the other Party (the "NON-LICENSING PARTY") a complete and accurate
     statement (each a "FEE STATEMENT") certified by an officer of Licensing
     Party, showing, with respect to all Programs licensed by Licensing Party:
     the (i) identity of each recipient of any Distribution Rights or
     Non-Distribution Rights, as applicable; (ii) each such recipient's
     location; (iii) Licensed Program description; (iv) the license fee received
     by Licensing Party during the Accounting Period; and (v) the portion of
     such license fee payable to the Non-Licensing Party.

     (a)  Licensing Party shall pay Non-Licensing Party the amount shown on the
          Fee Statement concurrently with the delivery of such Fee Statement.
          Licensing Party shall make all payments to Non-Licensing Party
          hereunder in U.S. dollars with respect to Net Revenues. In calculating
          the amount of U.S. dollars to be paid to Non-Licensing Party,
          Licensing Party shall calculate the Net Revenues due in the national
          currency of the country of the Territory and then convert it into U.S.
          dollars based upon the exchange rate quoted by Bloomberg as of the
          date the Net Revenue payments are due except as otherwise provided in
          Subparagraphs (b) or (d) below, and Licensing Party shall furnish
          Non-Licensing Party with external evidence with respect to the
          authenticity of the exchange rates used, such as a bank statement.

     (b)  In the event Licensing Party cannot, because of applicable laws and
          restrictions of the country of the Territory where remittance is
          restricted (or the U.S.), make remittances in U.S. dollars as herein
          above provided, then, upon submission to Non-Licensing Party of
          evidence of such event, unless prohibited by law or governmental
          restriction, Non-Licensing Party shall (A) receive Net Revenues due in
          the national currency at such bank(s) accounts(s) as Non-Licensing
          Party designates or (B) have Net Revenues due deposited in Licensing
          Party's interest bearing account or in a joint trust account with
          resulting interest. Such deposit shall satisfy Licensing Party's
          payment obligation with respect to such payment, which shall be deemed
          paid on the date of such deposit. Such payment amount shall be
          remitted in U.S. dollars to Non-Licensing Party on the date remittance
          restrictions terminate, based on the exchange rate as quoted by the
          Bank on such date. In no event shall any remittance restrictions in a
          particular country as comprises the Territory relieve Licensing Party
          of the obligation of reporting,

                                       8

<PAGE>

          and ultimately remitting, all Net Revenues as required hereunder.

     (c)  In the event that amounts payable to Non-Licensing Party are not
          remitted in full within ninety (90) days after expiry of the required
          payment period (which in the case of Net Revenues shall be thirty (30)
          days following the end of an Accounting Period), and Licensing Party
          has not provided evidence to Non-Licensing Party that because of laws
          and restrictions in a country or countries of the Territory, amounts
          payable could not be remitted, then Licensing Party shall pay to
          Non-Licensing Party an amount equal to one percent (1%) per annum
          above the prime rate for HK$ loans quoted by the Bank (or maximum rate
          permitted by law, if any) for the default amount, without any
          deductions (other than for withholding or remittance tax purposes) on
          the outstanding balance. Interest will become due on the first day the
          payment is not made beyond the 181st day the payment is delinquent,
          and shall accrue on a daily basis for the day on which payment is
          delinquent until the delinquent amounts are paid.

     (d)  In the event Non-Licensing Party shall suffer any exchange losses
          arising from late payments, including those late payments arising as a
          result of understated amounts due discovered as a result of an audit,
          such losses shall be determined by deducting the U.S. dollars actually
          received by Non-Licensing Party from the U.S. dollars which would have
          been received if the delinquent balance had been paid on the last due
          date at the exchange rate quoted by the Bank for that date (plus
          interest, if applicable, calculated in accordance with Subparagraph
          (c) above of this Agreement). Any resulting shortfall will be paid
          immediately by Licensing Party to Non-Licensing Party in U.S. dollars
          (if so able to pay, otherwise, payment of such shortfall will be
          remitted to Non-Licensing Party pursuant to the terms of Subparagraph
          (b) above). The last due date, for purposes of determining the
          exchange rate, shall be deemed to be the first day a payment becomes
          delinquent.

     (e)  Licensing Party will use its commercially reasonable efforts at all
          times to obtain government approval for remittance of all sums due to
          Non-Licensing Party at the earliest possible date. Licensing Party is
          fully obligated to provide this commercially reasonable effort whether
          sums due to Non-Licensing Party are held by Licensing Party, or have
          been deposited into a bank account in Non-Licensing Party' name.

5.4. Licensing Party shall be entitled to deduct from the total amounts
     otherwise payable hereunder to Non-Licensing Party and promptly pay on
     behalf of Non-Licensing Party any taxes and/or fees which local law
     requires to be levied against amounts due to Non-Licensing Party in order
     to avoid any interest charges or other penalties; provided, that Licensing
     Party shall not pay such taxes or fees if Non-Licensing Party has advised
     Licensing Party in writing not to do so. Non-Licensing Party shall
     indemnify Licensing Party against any interest charges or other penalties
     with respect to such taxes and any such additional charges or penalties as
     a result of Non-Licensing Party's advice not to pay any taxes or fees as
     aforesaid. If new or revised law(s) establishing fees, taxes or other
     impositions are promulgated in the Territory, Licensing Party shall notify
     Non-Licensing Party promptly upon Licensing Party becoming aware of such
     promulgation and in ample time to afford Non-Licensing

                                       9

<PAGE>

     Party an opportunity to contest such impositions through the appropriate
     legal channels. Licensing Party shall file all necessary tax returns or
     other government documents on Non-Licensing Party's behalf which are
     required by local law, within the time period required by local law. The
     original receipt, and the computations for such taxes as may be deducted
     from the amounts due to Non-Licensing Party, must accompany the remittance
     of the Fee Statement in the Accounting Period in which such tax deduction
     is made. If local law stipulates that the original tax receipt must be
     retained by the Licensing Party, a bona fide copy thereof must be attached
     to the Fee Statement.

6.   DISTRIBUTION AND NON-DISTRIBUTION RIGHTS

6.1. Except as provided in Section 6.2, either Party shall be entitled to
     license Distribution Rights and Non-Distribution Rights to the Programs
     provided that the terms shall be mutually agreed by both Parties.

6.2. Subject to the provision of Section 6.3 below, the Distribution Rights to
     the Programs listed in Exhibit A shall be licensed by XFM for distribution
     within the PRC to Shanghai Camera Media Investment Co., Ltd. or Inner
     Mongolia Film & TV Culture Media Co. Ltd. ("IMTV") for a period of one
     year, on an exclusive basis in areas within the PRC where IMTV has landing
     rights upon terms as are mutually agreed by the Parties. During the
     exclusive one-year period ("EXCLUSIVE PERIOD"), either Shanghai Camera
     Media Investment Co., Ltd. or IMTV shall have the exclusive right to one
     original-broadcast and one re-run broadcast of each Episode

6.3. Notwithstanding the provision of Section 6.2, in the event that Shanghai
     Camera Media Investment Co., Ltd. or IMTV decides in its absolute
     discretion to terminate the distribution of the Programs for whatever
     reason, the Programs may be licensed to other parties in the PRC on such
     terms and price as mutually agreed by both Parties with 58% of the Net
     Revenues derived therefrom going to XFM and 42% of such Net Revenues going
     to SW.

6.4. Either party shall have the right throughout the term to exploit all
     existing and future forms of distributing the Programs not otherwise
     addressed in this Agreement (the "RESIDUAL DISTRIBUTION RIGHTS") subject to
     a division of the Net Revenue with 58% going to XFM and 42% going to SW.

                                       10

<PAGE>

7.   TERM OF THE AGREEMENT

7.1. This Agreement shall become effective immediately upon execution by duly
     authorized signers of both Parties and continue in perpetuity, unless
     terminated earlier as otherwise provided in this Agreement.

8.   EVENTS OF TERMINATION

8.1. Notwithstanding Section 7, both XFM and SW shall be entitled at any time,
     by giving thirty (30) days prior notice in writing to each other, to
     terminate this Agreement forthwith in any of the following events:

     (a)  if either party commits a material breach of any of the terms or
          conditions of this Agreement and fails to remedy the same within
          thirty (30) days of being required in writing by the non-breaching
          party so to do; or

     (b)  if either party is unable to pay its debts as they fall due or a
          petition is presented or meeting convened for the purpose of winding
          up the party or either party enters into liquidation whether
          compulsorily or voluntarily or compounds with its creditors generally
          or has a receiver appointed of all or any part of its assets or takes
          or suffers any similar action in consequence of debt.

     Termination under Section 8.1 is not intended to be the sole remedy for
     breach of this Agreement and will not preclude a Party from the exercise of
     any other rights or remedies that may now or subsequently exist in law or
     in equity or by statute or otherwise.

8.2. Neither the expiration nor termination of this Agreement shall release any
     of the Parties from the obligation to perform any other duty or to
     discharge any other liability that had been incurred prior thereto. Upon
     termination of this Agreement, the terms and conditions of this Agreement
     shall continue to apply to Programs which have been delivered by SW to XFM
     as of the date of such termination. Upon such termination, this Agreement
     shall terminate as to any Programs which have not been delivered to XFM as
     of the date of such termination whether or not in development or production
     ("UNCOMPLETED PROGRAMS"). Upon such termination, SW shall own all
     copyright, trademark and other intellectual property rights in and to
     Uncompleted Programs, including the Treatments on which such Uncompleted
     Programs are or would be based.

9.   RELATIONSHIP AND LIABILITIES OF PARTIES

     The parties are independent contractors with respect to each other. Nothing
     herein shall create any association, partnership or joint venture or make
     either party the agent of the other. No fiduciary obligations exist between
     or among the parties hereto nor are any fiduciary obligations created by or
     under this Agreement.

                                       11

<PAGE>

10.  MARKETING EXPERTISE AND KNOW-HOW; CONFIDENTIALITY

     The materials and information supplied by one party to the other party
     hereunder, including, without limitation, sales and financial data, plans,
     artwork, style guides, design elements, character profiles, unpublished
     copyrighted material, marketing and promotional strategies, the terms and
     conditions of this Agreement, and other information which is proprietary in
     nature or is a trade secret (collectively, the "PROPRIETARY INFORMATION")
     constitute, relate to, contain and form a part of confidential and
     proprietary information of such party disclosing the Proprietary
     Information. Each of the parties hereto acknowledges and agrees that the
     Proprietary Information is highly confidential and that disclosure of the
     Proprietary Information, except as otherwise authorized hereunder, could
     result in serious harm to the other party. Among other damage, unauthorized
     disclosure of Proprietary Information will (i) damage the owner's carefully
     planned marketing strategies, (ii) reduce interest in the Proprietary
     Information, (iii) make unique or novel elements of the intellectual
     property susceptible to imitation or copying by competitors, infringers or
     third parties prior to release of the information or materials, (iv) damage
     proprietary protection in undisclosed or unpublished information or
     materials, and (v) provide unauthorized parties with materials capable of
     being used to create counterfeit and unauthorized merchandise, audio-visual
     products or other products, all of which will seriously damage a party's
     rights and business. Except as expressly approved in writing by the
     disclosing party or as authorized hereunder, a party shall not reproduce or
     use the Proprietary Information and shall not discuss, distribute,
     disseminate or otherwise disclose the Proprietary Information or the
     substance or contents thereof, in whole or in part, in its original form or
     in any other form, with or to any other person or entity other than (i) to
     the extent necessary to effectuate the purposes of this Agreement, (ii) to
     the extent such information becomes publicly available, or (iii) to the
     extent disclosure is compelled by a government authority or order of a
     court of competent jurisdiction, in which case the party required to
     disclose will provide prior written notice of any such disclosure to the
     other party.

11.  TRADEMARK LICENSE.

     Each Party to this Agreement provides the other with a non-exclusive
     license to use the other's trademarks, trade names, service marks and logos
     ("Marks"), as listed in Exhibit C and such other Marks the Parties may
     agree to in writing, for the limited purposes of promoting the Programs in
     accordance with the terms hereof. The Party licensing the Marks (the "Mark
     Licensee") acknowledges and agrees that: (i) all such uses shall be subject
     to the owning Party's (the "Mark Licensor") prior written approval; (ii)
     each Party will use the other Party's Marks in the appropriate manner as
     set forth herein; (iii) the Mark Licensor's Marks and all goodwill
     associated therewith are and shall remain the sole property of the Mark
     Licensor; (iv) nothing in this Agreement shall confer in the Mark Licensee
     any right of ownership in the Mark Licensor's Marks; (v) the Mark Licensee
     shall not now or in the future contest the validity of the Mark Licensor's
     Marks or adopt Marks which are confusingly similar to the Mark Licensor's
     Marks; and (vi) upon the reasonable written request of the Mark Licensor,
     the Mark Licensee shall provide samples of advertising and documentation
     utilizing the Mark Licensor's Marks. It is expressly understood and agreed
     that the license granted herein by one Party is intended for the use solely
     by the

                                       12

<PAGE>

     other Party and may not be assigned or transferred without the prior
     written consent of the Mark Licensor. The licenses granted pursuant to this
     Section shall automatically terminate upon termination of this Agreement,
     and each Party shall immediately cease all use of all information provided
     hereunder, including, without limitation, each Party's Marks.

12.  REPRESENTATIONS AND WARRANTIES.

12.1. Each Party represents, warrants and covenants to the other as follows and
     acknowledges that the other Party has relied upon the completeness and
     accuracy of such representations, warranties and covenants in entering into
     this Agreement:

     (a)  it has the corporate capacity to enter into this Agreement and to
          perform each of its obligations hereunder; and

     (b)  it has duly authorized, executed and delivered this Agreement and this
          Agreement constitutes a legally valid and binding obligation of it
          enforceable against it in accordance with its terms except as such
          enforcement may be limited by applicable bankruptcy, insolvency and
          other laws of general application affecting the enforcement of
          creditors' rights and subject to general equitable principles.

12.2. SW further represents, warrants and covenants to XFM as follows and
     acknowledges that XFM has relied upon the completeness and accuracy of such
     representations, warranties and covenants in entering into this Agreement:

     (a)  SW will not introduce into the Programs any defamatory or obscene
          matter or other objectionable material of any kind whatsoever whether
          or not it would give rise to any cause of action;

     (b)  SW shall ensure that all content contained in the Programs (including
          any edited versions) complies with the laws and regulations of the
          Territory;

     (c)  SW will not infringe upon the Intellectual Property Rights of any
          person in the performance of its obligations under this Agreement. SW
          has not granted and, during the term of this Agreement, will not grant
          any rights or licenses to the whole or any part of the Programs that
          would conflict with SW's obligations or XFM's rights under this
          Agreement, and, to the best knowledge of SW after due inquiry, there
          exist no facts, agreements or other documents by which SW is bound
          that would conflict with SW's obligations or XFM's rights under this
          Agreement; and

     (d)  No marketing documents, presentations, solicitations, or similar
          materials which make reference to XFM, this Agreement or the
          arrangements contemplated hereunder shall be distributed or otherwise
          made available to any without the prior written approval of XFM.

13.  INDEMNIFICATION.

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<PAGE>

13.1. XFM agrees to indemnify SW, its subsidiaries, officers, directors, agents
     and employees from and against any and all claims, damages, losses and
     expenses, including reasonable attorneys' fees, arising out of or relating
     to (i) any breach of representations, warranties, covenants or agreements
     made by XFM herein, or (ii) negligent acts or omissions of XFM or of anyone
     employed by XFM and for whose acts XFM may be liable.

13.2. SW agrees to indemnify XFM, its officers, directors, agents, employees,
     successors and assigns from and against any and all claims, damages, losses
     and expenses, including reasonable attorneys' fees, arising out of or
     relating to (i) any breach of representations, warranties, covenants or
     agreements made by SW herein, or (ii) by the negligent acts or omissions of
     anyone employed by SW for whose acts SW may be liable.

14.  INSURANCE.

14.1. SW shall secure and maintain customary Comprehensive General Liability and
     such other liability insurance as XFM may reasonably request; provided,
     however, that XFM shall not require such insurance to have limits of more
     than $1,000,000 for any single party's claim arising out of a single
     occurrence and $3,000,000 for all claims arising out of a single
     occurrence. All such insurances shall include XFM as an additional insured,
     and SW shall furnish XFM with certificates of such insurance upon XFM's
     request.

14.2. XFM shall make reasonable efforts to cause the Production Company to
     secure and maintain customary Comprehensive General Liability and such
     other liability insurance as SW may reasonably request; provided, however,
     that SW shall not require such insurance to have limits of more than
     $1,000,000 for any single party's claim arising out of a single occurrence
     and $3,000,000 for all claims arising out of a single occurrence. All such
     insurances shall include SW as an additional insured, and the Production
     Company shall furnish SW with certificates of such insurance upon SW's
     request.

15.  TRADE SECRETS; GOODWILL.

     By entering into this Agreement or otherwise, no Party shall acquire any
     rights to or under any goodwill, trademark, trade name, patent or copyright
     or application for any thereof, trade secret, web page or other property of
     the other Party and its Affiliates. If, during the term of this Agreement,
     any such rights should become for any reason whatsoever vested in either
     Party by operation of law or otherwise, the other Party, as applicable,
     agrees that it shall immediately, at the request of the counter Party, as
     applicable, or on the termination or expiration of this Agreement, assign
     any and all such rights, together with any goodwill appurtenant thereto, to
     the other Party as applicable. Each Party agrees that it shall immediately
     cease to use the Marks of any other Party upon termination of this
     Agreement.

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<PAGE>

16.  MISCELLANEOUS.

16.1. Notices. All communications required or permitted to be given hereunder
     shall be in writing and shall be deemed to have been duly given if (i)
     delivered personally with receipt acknowledged, (ii) sent by registered or
     certified mail, return receipt requested, (iii) sent by telecopy with
     confirmation or (iv) sent by recognized commercial overnight courier for
     next Business Day delivery, addressed to the Parties at the following
     addresses and facsimile numbers or to such other addresses or facsimile
     numbers as any Party shall hereafter specify by communication to the other
     Parties in the manner provided herein:

     If to XFM:

                   Attention: General Counsel
                   Telephone: 852 3196 3909
                   Facsimile: 852 2541 8266

     If to SW:

                   Attention: _________________________
                   Telephone: _________________________
                   Facsimile: _________________________

     Notice of change of address shall be deemed given when actually received or
     upon refusal to accept delivery thereof; all other communications shall be
     deemed to have been given, received and dated on the earlier of: (i) when
     actually received or upon refusal to accept delivery thereof, (ii) on the
     date when delivered personally or via telecopy, (iii) one (1) Business Day
     after being sent by overnight courier and (iv) four (4) Business Days after
     mailing, as aforesaid.

16.2. Assignment. No Party hereto shall assign or otherwise transfer this
     Agreement or any interest or right hereunder or delegate the performance of
     any of its obligations hereunder to any third party other than an Affiliate
     without the prior written consent of the other affected Party which consent
     may be withheld in such other Party's sole discretion. Any such attempted
     assignment, transfer or delegation without the other Party's prior written
     consent will be deemed null and void and result in the immediate
     termination of this Agreement without necessity of any notice.

16.3. Governing Law and Arbitration. This Agreement shall be governed by and
     construed in accordance with the laws of Hong Kong. Any dispute,
     controversy or claim arising out of or relating to this Agreement, or the
     breach, termination or invalidity thereof, shall be settled by binding
     arbitration in accordance with the UNCITRAL Arbitration Rules as present in
     force in the manner set forth in this Section 16.3.

     (a)  The procedures of this Section 16.3 may be initiated by a written
          notice (a "DISPUTE NOTICE") given by one party (a "CLAIMANT") to the
          other, but not before thirty (30) days have passed during which the
          parties have been unable to reach a resolution. The Dispute Notice
          shall be accompanied by (i) a statement of the Claimant describing the
          dispute in reasonable detail and (ii)

                                       15

<PAGE>

          documentation, if any, supporting the Claimant's position on the
          dispute. Within twenty (20) days after the other party's (the
          "RESPONDENT") receipt of the Dispute Notice and accompanying
          materials, the dispute shall be resolved by binding arbitration in
          Hong Kong under the UNCITRAL Arbitration Rules. All arbitration
          procedures pursuant to this paragraph (a) shall be confidential and
          treated as compromise and settlement negotiations and shall not be
          admissible in any arbitration or other proceeding.

     (b)  The Parties shall agree on a single arbitrator to resolve the dispute.
          If the Parties fail to agree on the designation of an arbitrator
          within a twenty (20)-day period the Hong Kong International
          Arbitration Centre shall be requested to designate the single
          arbitrator. If the arbitrator becomes disabled, resigns or is
          otherwise unable to discharge the arbitrator's duties, the
          arbitrator's successor shall be appointed in the same manner as the
          arbitrator was appointed.

     (c)  Any award arising out of arbitration (i) shall be binding and
          conclusive upon the Parties; (ii) shall be limited to a holding for or
          against a party, and affording such monetary remedy as is deemed
          equitable, just and within the scope of this Agreement; (iii) may not
          include special, indirect, incidental, consequential, special,
          punitive or exemplary damages or diminution in value; (iv) may in
          appropriate circumstances include injunctive relief; and (v) may be
          entered in a court.

     (d)  Arbitration shall not be deemed a waiver of any right of termination
          under this Agreement, and the arbitrator is not empowered to act or
          make any award other than based solely on the rights and obligations
          of the Parties prior to termination in accordance with this Agreement.

     (e)  The arbitrator may not limit, expand or otherwise modify the terms of
          this Agreement.

     (f)  Each party shall bear its own expenses incurred in any arbitration or
          litigation, but any expenses related to the compensation and the costs
          of the arbitrator shall be borne equally by the Parties to the
          dispute.

     (g)  If any action or proceeding is commenced to construe or enforce this
          Agreement or the rights and duties of the Parties hereunder, then the
          Party prevailing in that action, and any appeal thereof, shall be
          entitled to recover its attorney's fees and costs in that action or
          proceeding, as well as all costs and fees of any appeal or action to
          enforce any judgment entered in connection therewith.

16.4. No Modification Except in Writing. This Agreement shall not be changed,
     modified, or amended except in writing signed by the Parties hereto. No
     terms of any purchase order, invoice, or similar document will amend or
     supplement this Agreement, even if it is accepted or signed by the
     receiving Party.

16.5. Waiver. A Party's failure to enforce at any time any provision of this
     Agreement, or any right in respect thereto, or to exercise any election
     hereunder, shall not be considered to be a waiver of such provision, right,
     or election or to affect the validity of this Agreement. No waiver shall be
     effective unless given in writing signed by the

                                       16

<PAGE>

     Party making such waiver. A waiver at one time shall not constitute a
     subsequent waiver of the same condition, breach, default or occurrence at
     any other time unless such waiver so explicitly provides.

16.6. Severability. If one or more provisions of this Agreement are held to be
     unenforceable under applicable law, such provision shall be excluded from
     this Agreement and the balance of the Agreement shall be interpreted as if
     such provision was so excluded and shall be enforceable in accordance with
     its terms.

16.7. Cumulative Remedies. No remedy or election hereunder shall be deemed
     exclusive, but shall, wherever possible, be cumulative with all other
     remedies at law or in equity. Any specific right or remedy provided in this
     Agreement shall not be exclusive but will be cumulative of all rights and
     remedies set forth herein and allowed at law.

16.8. Further Assurances. Each of the Parties hereto agrees to execute such
     documents, and take such actions, as may reasonably be required to
     effectuate the terms and conditions of this Agreement.

16.9. Force Majeure. No Party shall be liable for any failure to perform any
     obligation hereunder, or from any delay in the performance thereof, due to
     causes beyond its control, including industrial disputes of whatever
     nature, acts of God, public enemy, acts of government, failure of
     telecommunications, system malfunctions, fire or other casualty.

16.10. No Third Party Beneficiaries. Nothing expressed or implied in this
     Agreement is intended, or shall be construed, to confer upon or give any
     person other than the Parties hereto and their respective successors and
     permitted assigns, any rights or remedies under or by reason of this
     Agreement.

16.11. Controlling Language. This Agreement has been executed in English, and
     the English language version shall control notwithstanding any translations
     of this Agreement.

16.12. Time of the Essence. The times established in accordance with this
     Agreement for the performance of the obligations set out in this Agreement
     are of the essence.

16.13. Counterparts. This Agreement may be executed in one or more counterparts,
     each of which shall be deemed an original, but all of which together shall
     constitute one and the same instrument.

16.14. Entire Agreement. This Agreement supersedes, terminates and otherwise
     renders null and void certain prior written and/or oral agreements between
     the Parties with respect to the matters hereinabove expressly set forth.
     This Agreement represents and incorporates the entire understanding of the
     Parties hereto with respect to the matters herein expressly set forth and
     each Party acknowledges that there are no warranties, representations,
     covenants or understandings of any kind, nature or description whatsoever
     made by any Party to any other Party, except as are herein and therein
     expressly set forth.

       Remainder of Page Intentionally Left Blank; Execution Page Follows

                                       17

<PAGE>

IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date
first above written.

XINHUA FINANCE MEDIA LIMITED

By: /s/ Fredy Bush
    --------------------------------
Name: Fredy Bush
Title: CEO

SMALL WORLD PRODUCTIONS LIMITED

By: /s/
    --------------------------------
Name:
      ------------------------------
Title: CEO

                                       18

<PAGE>

                                    EXHIBIT A

[Treatments already approved by XFM at the time of execution of the agreement.]

                                       19

<PAGE>

                                    EXHIBIT B

[Details of Small World Television Development Plan (May 2006) - Rundowns and
show descriptions of different programs.]

                                       20

<PAGE>

                                    EXHIBIT C

                                  [TRADEMARKS]

                                       21

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