Document:

Exhibit 10.25

                           ASSIGNMENT OF INDEBTEDNESS
                           --------------------------

THIS ASSIGNMENT OF INDEBTEDNESS, dated as of August 19, 2003 by and among Alfa
Capital Holdings (Cyprus) Limited ("Assignor") and StoryFirst Communications,
Inc. ("Assignee") (the Assignor and the Assignee are hereinafter sometimes
referred to individually as a "Party" and collectively as the "Parties"),
provides:

                                    PREAMBLE:

WHEREAS, the Assignor and ZAO CTC have entered into a certain loan agreement
dated March 26, 2003 under which ZAO CTC borrowed from the Assignor the sum of
Nine Million Eight Hundred Thirty Eight Thousand Two Hundred Eighty One US
Dollars Eight Cents (US$ 9,838,281.08) with the interest of Fifteen (15%)
percent per annum, and the term of two years from draw down (the "Loan
Agreement");

WHEREAS, the Assignor has agreed to assign to the Assignee a One Hundred (100)
percent interest in the indebtedness owed by the Assignor under the Loan
Agreement (the "Debt") and Assignee has agreed to acquire such Debt as partial
consideration for the sale and purchase of shares of the Assignee by the
Assignor pursuant to the stock purchase agreement dated as of July 29, 2003
between the Assignor and the Assignee (the "Purchase Agreement");

NOW, THEREFORE, it is agreed as follows:

         1. Assignment. As partial consideration for the purchase of certain
shares of the Assignee as set forth in the Purchase Agreement, the Assignor
hereby assigns and transfers to the Assignee, without recourse or warranty, a
One Hundred (100) percent interest in the Debt which aggregated amount consists
of Nine Million Eight Hundred Thirty Eight Thousand Two Hundred Eighty One US
Dollars Eight Cents (US$ 9,838,281.08) and the interest of Fifteen (15%) percent
per annum and the Assignee hereby accepts such assignment.

         2. Transfer of Documents. Upon the execution of this Assignment by the
Parties, the Assignor agrees to deliver to the Assignee the Loan Agreement with
attachments and other documents related thereto, and provide all information
necessary for the Assignee to exercise its rights under this Assignment of
Indebtedness.

         3. Notification of ZAO CTC. Within three (3) days from the day of this
Assignment of Indebtedness the Assignor shall provide ZAO CTC with a written
notification on the Assignment of Indebtedness to the Assignee, and properly
execute with ZAO CTC all necessary documents related to this Assignment of
Indebtedness.

         4. Notification of the Assignee. Within one (1) day from the
performance of its obligations stipulated by Section 3 of this Assignment of
Indebtedness, the Assignor shall so notify the Assignee.

         5. Objections of ZAO CTC. The Assignor shall inform the Assignee of all
objections of ZAO CTC to the claims of the Assignor.

         6. Further Assurances. The Assignor agrees to execute such other or
further documents and to take such other or further action as may from time to
time be reasonably requested by the Assignee to effectuate the assignment
contemplated hereby.

         7. Liability of the Assignor. The Assignor shall be liable to the
Assignee for the invalidity of the Debt, but shall not be liable for the
non-performance by ZAO CTC of its obligations as the debtor. In case of
non-performance of its obligations under Section 3 of this Assignment of
Indebtedness the Assignor shall also be liable for all harmful consequences of
such non-performance.

         8. Payment by Third Parties. The Assignee hereby agrees to accept the
payment of the Debt by third parties on behalf of ZAO CTC.

         9. Construction. This Assignment of Indebtedness shall be governed by
and construed and enforced in accordance with the laws of the Russian
Federation.

         10. Legal Effect. This Assignment of Indebtedness shall be legally
binding upon the Assignor and its successors and assigns and shall inure to the
benefit of the Assignee and its successors and assigns.

         11. Headings. The underlined headings contained herein are for
convenience only and shall not affect the interpretation of this Assignment of
Indebtedness.

         12. Notices. All notices, applications or other communications required
under this Assignment of Indebtedness shall be in writing. Except as otherwise
provided by this Assignments of Indebtedness, such notices, applications or
other communications shall be deemed to have been duly given or made when they
are delivered by hand, certified mail, telex or facsimile transmission to the
Party to which it is required or permitted to be given or made at such Party's
address as specified below or at such other address as such Party designates by
notice to the Party giving or making such notices, applications or other
communications.

         13. Addresses and Details of the Parties.

         Assignor:
         Address: Presidium Building, 3rd Floor, 6 Demostenis Severis Avenue,
                  Nicosia, Cyprus
         Tel.: +357 22 681 988
         Fax: +357 22 681 505
         Attn: Valery A. Zyukin

         Assignee:
         Address: c/o Media Forte, 12 Khoroshevskaya Ul., 123298 Moscow Russia
         Tel.: + 7095 797 4100
         Fax:+7095 797 4101
         Attn: Chief Financial Officer

         14. Exclusivity. Neither Party shall have any rights or obligations
under this Assignment of Indebtedness except as described in the Assignment of
Indebtedness or agreed upon by both Parties in writing, in particular, as an
Addendum.

                                       2

         15. Changes to the Assignment of Indebtedness. All changes and
additions to this Assignment of Indebtedness shall be valid, come into force and
become applicable subject to the same being executed as an Addendum duly signed
by the representatives of the Parties.

         16. Language of the Assignment of Indebtedness. This Assignment of
Indebtedness shall be in English and Russian, with the Russian language version
taking precedence and being used for any dispute resolution, arbitration and
court proceedings.

         17. Counterparts. This Assignment of Indebtedness is executed four (4)
counterparts, each of which shall be deemed an original.

IN WITNESS WHEREOF, the Assignor and the Assignees have each caused this
Assignment of Indebtedness to be duly executed and delivered by its proper and
duly authorized officer as of the day and year first above written.

                                   ALFA CAPITAL HOLDINGS (CYPRUS) LIMITED

                                   By /s/ Valerie Zyukin
                                      -------------------------------
                                   Name: Valerie Zyukin
                                   Title: Director

                                   STORYFIRST COMMUNICATIONS, INC.

                                   By /s/ Robert J. Clark
                                      --------------------------------
                                   Name: Robert J. Clark
                                   Title: President

                                       3Exhibit 10.26

                 [LETTERHEAD OF STORYFIRST COMMUNICATIONS, INC.]

                                 January 1, 2003

Petr O. Aven
Alfa Bank
9, ul. Mashi Poryvaevoi
Moscow
Russian Federation

      Re:   Fee for Successful License Tenders

Dear Petr:

      I am writing to confirm our understanding with respect to the payment of
fees to Alfa Bank for successful license tenders. In the event that StoryFirst
and Alfa, working together, are successful in winning, in an open frequency
tender, a VHF license to broadcast terrestrial television in a city listed on
Exhibit A hereto for a company or other legal entity in which StoryFirst and/or
one of its subsidiaries owns at least a 51% interest, StoryFirst shall pay to
Alfa, or its designated affiliate, the sum set forth opposite such city's name
on Exhibit A.

      If StoryFirst or one if its subsidiaries acquires a company or business
with an existing broadcast license (in a city listed on Exhibit A or otherwise),
no success fee will be payable to Alfa unless such a success fee has been agreed
in writing before such acquisition.

      Moreover, StoryFirst reserves the right to remove any city from Exhibit A
at any time by written notice to Alfa so long as no application has been made to
secure a license in such city by or on behalf of StoryFirst as of the date of
such notice. In such event, StoryFirst shall no longer be liable to Alfa to pay
any fee in connection with any license subsequently awarded to StoryFirst (or a
StoryFirst affiliate) in such city.

      In no event will StoryFirst be liable to pay any success fees to Alfa upon
the successful tender for a license to be used in StoryFirst repeater project.

      Please countersign this letter below to confirm Alfa's agreement with the
terms of this letter.

                                         Sincerely,

                                         STORYFIRST COMMUNICATIONS, INC.

                                         Tate Fite
                                         Chief Financial Officer

Agreed to:

ALFA BANK

                                    EXHIBIT A
                             TO LETTER TO ALFA BANK
                              DATED JANUARY 1, 2003

City                           Success Fee
----------                     -----------

Yaroslavl                      $ 300,000

Ekaterinburg                   $ 300,000

Saratov                        $ 300,000

Chelyabinsk                    $ 300,000

Novosibirsk                    $ 300,000

Krasnoyarsk                    $ 300,000

Rostov-on-Don                  $ 300,000

Petrozavodsk                   $ 100,000

Tver                           $ 200,000

Ufa                            $ 300,000

Tumen                      pound 300,000Exhibit 10.27

                 [LETTERHEAD OF STORYFIRST COMMUNICATIONS, INC.]

                                February 4, 2004

Petr O. Aven
Alfa Bank
9, ul. Mashi Poryvaevoi
Moscow
Russian Federation

      Re:   Consulting fees

Dear Petr:

      This year has been an extremely successful year for StoryFirst and a major
part of that success has been driven by growth in distribution. That growth in
distribution is largely attributable to StoryFirst's success is winning tenders
and buying stations in the regions. This success would not have been possible
without the invaluable assistance of Alfa and we wish to formally thank you for
all of your assistance on this front.

      As you know, on January 1, 2003, StoryFirst and Alfa Bank entered into a
letter agreement (the "Existing Letter Agreement") which formally set out the
fees to be paid to Alfa for services provided to the StoryFirst group in
connection with the successful tender for broadcast licenses in certain cities
in Russia. Although the Existing Letter Agreement specifically provided that no
fee would be payable where StoryFirst acquired a company with an existing
broadcast license unless such a fee was agreed in writing before the
acquisition, Alfa has requested that this provision be waived with respect to
certain acquisitions and has sent to StoryFirst a "Claim Letter" dated October
21, 2003. The purpose of this letter is to settle this issue and to replace the
Existing Letter Agreement with the terms and conditions of this letter.

      StoryFirst hereby confirms that it will pay Alfa a fee of $300,000 with
respect to each of its station purchases in Rostov-on-Don and Ekaterinburg. Alfa
agrees that this aggregate $600,000 payment settles all existing claims by Alfa
for consulting fees for services provided to StoryFirst as of December 31, 2003
(whether pursuant to the Existing Letter Agreement or otherwise).

      Going forward, StoryFirst will pay Alfa fees for successful license
tenders and station acquisitions on the basis of this letter. In the event that
StoryFirst, with Alfa's assistance,

      o     is successful in winning, in an open frequency tender, a VHF license
            (in the case of television) or an FM license (in case of radio) in a
            city listed on Exhibit A hereto for a company or other legal entity
            in which StoryFirst or one of its subsidiaries owns a 100% interest;
            or

      o     acquires a 100% interest in a company or business with an existing
            VHF television broadcast license in a city listed on Exhibit A,

StoryFirst shall pay to Alfa, or its designated affiliate, the sum set forth
opposite such city's name on Exhibit A.

      If StoryFirst owns or acquires less than 100% of the company or business
that wins the license or is acquired (but more than 51%), the Operating
Committee of StoryFirst shall have the discretion to determine whether any fee
shall be payable to Alfa in connection with such transaction and to negotiate
with Alfa the amount of any such fee (up to the amount set forth on Exhibit A).
Whether and when a transaction entitling Alfa to a fee hereunder has closed
shall be determined in the sole discretion of the StoryFirst Operating
Committee, which committee shall have authority to authorize payment to Alfa
hereunder.

      StoryFirst reserves the right to remove any city from Exhibit A at any
time by written notice to Alfa so long as no application has been made to secure
a license in such city by or on behalf of StoryFirst as of the date of such
notice and so long as no bona fide negotiations to buy a station in such city
have commenced. In such event, StoryFirst shall no longer be liable to Alfa to
pay any fee in connection with any license subsequently awarded to StoryFirst
(or a StoryFirst affiliate) in such city or any station acquisition in such
city.

      In no event, will StoryFirst be liable to pay any fees to Alfa upon the
successful tender for a license to be used in the StoryFirst repeater project.

      In the future, Alfa agrees that before it provides any other consulting
services for which it expects to be compensated, Alfa will ensure that the scope
of such services and the fee therefor will be approved in advance by the
StoryFirst Board. We believe this will avoid any misunderstandings in the
future.

      We value Alfa's continued support of StoryFirst and hope that, as a major
stockholder, Alfa will continue to offer its assistance in building on
StoryFirst's success. To confirm Alfa's agreement with the terms of this letter,
please countersign this letter below and return the countersigned copy to me by
fax at 785-6349.

                                           Sincerely,

                                           STORYFIRST COMMUNICATIONS, INC.

                                           By: /s/ Tate Fite
                                              -----------------------------
                                                Tate Fite
                                                Chief Financial Officer

Agreed to:

ALFA BANK

By: /s/ Peter Aven
    --------------------------------

Name: Peter Aven
      ------------------------------

Title: President
      ------------------------------

                             EXHIBIT A TO LETTER TO

                        ALFA BANK DATED FEBRUARY 4, 2004

              -----------------------------------------------------
                                    RADIO OR
                  CITIES           TELEVISION          AGREED FEE
              -----------------------------------------------------
                 Yaroslavl         Television           $300,000
              -----------------------------------------------------
                  Saratov          Television           $300,000
              -----------------------------------------------------
                Chelyabinsk        Television           $300,000
              -----------------------------------------------------
                Kaliningrad        Television           $200,000
              -----------------------------------------------------
                 Murmansk          Television           $200,000
              -----------------------------------------------------
                 Krasnodar         Television           $200,000
              -----------------------------------------------------
                  Moscow              Radio             $500,000
              -----------------------------------------------------

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