Document:

EXHIBIT 10.21

                                 PROMISSORY NOTE

$15,000.00                                                   As of April 3, 2006
Dallas, Texas

      Media & Entertainment Holdings, Inc. (the "Maker") promises to pay to the
order of Herbert A. Granath (the "Payee") the principal sum of FIFTEEN THOUSAND
and 00/100 dollars ($15,000.00) in lawful money of the United States of America
on the terms and conditions described below.

1)    PRINCIPAL. The principal balance of this Note shall be repayable on the
earlier of (i) April 3, 2007 or (ii) the date on which Maker consummates an
initial public offering of its securities.

2)    INTEREST. No interest shall accrue on the unpaid principal balance of this
Note.

3)    APPLICATION OF PAYMENTS. All payments shall be applied first to payment in
full of any costs incurred in the collection of any sum due under this Note,
including (without limitation) reasonable attorneys' fees, then to the payment
in full of any late charges and finally to the reduction of the unpaid principal
balance of this Note.

4)    EVENTS OF DEFAULT. The following shall constitute Events of Default:

            a)    FAILURE TO MAKE REQUIRED PAYMENTS. Failure by Maker to pay the
            principal of or accrued interest on this Note within five (5)
            business days following the date when due.

            b)    VOLUNTARY BANKRUPTCY, ETC. The commencement by Maker of a
            voluntary case under the Federal Bankruptcy Code, as now constituted
            or hereafter amended, or any other applicable federal or state
            bankruptcy, insolvency, reorganization, rehabilitation or other
            similar law, or the consent by it to the appointment of or taking
            possession by a receiver, liquidator, assignee, trustee, custodian,
            sequestrator (or other similar official) of Maker or for any
            substantial part of its property, or the making by it of any
            assignment for the benefit of creditors, or the failure of Maker
            generally to pay its debts as such debts become due, or the taking
            of corporate action by Maker in furtherance of any of the foregoing.

            c)    INVOLUNTARY BANKRUPTCY, ETC. The entry of a decree or order
            for relief by a court having jurisdiction in the premises in respect
            of maker in an involuntary case under the Federal Bankruptcy Code,
            as now or hereafter constituted, or any

<PAGE>

            other applicable federal or state bankruptcy, insolvency or other
            similar law, or appointing a receiver, liquidator, assignee,
            custodian, trustee, sequestrator (or similar official) of Maker or
            for any substantial part of its property, or ordering the winding-up
            or liquidation of the affairs of Maker, and the continuance of any
            such decree or order unstayed and in effect for a period of 60
            consecutive days.

5)    REMEDIES.

            a)    Upon the occurrence of an Event of Default specified in
            Section 4(a), Payee may, by written notice to Maker, declare this
            Note to be due and payable, whereupon the principal amount of this
            Note, and all other amounts payable thereunder, shall become
            immediately due and payable without presentment, demand, protest or
            other notice of any kind, all of which are hereby expressly waived,
            anything contained herein or in the documents evidencing the same to
            the contrary notwithstanding.

            b)    Upon the occurrence of an Event of Default specified in
            Sections 4(b) and 4(c), the unpaid principal balance of, and all
            other sums payable with regard to, this Note shall automatically and
            immediately become due and payable, in all cases without any action
            on the part of Payee.

6)    WAIVERS. Maker and all endorsers and guarantors of, and sureties for, this
Note waive presentment for payment, demand, notice of dishonor, protest, and
notice of protest with regard to the Note, all errors, defects and imperfections
in any proceedings instituted by Payee under the terms of this Note, and all
benefits that might accrue to Maker by virtue of any present or future laws
exempting any property, real or personal, or any part of the proceeds arising
from any sale of any such property, from attachment, levy or sale under
execution, or providing for any stay of execution, exemption from civil process,
or extension of time for payment; and Maker agrees that any real estate that may
be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in
any order desired by Payee.

7)    UNCONDITIONAL LIABILITY. Maker hereby waives all notices in connection
with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional,
without regard to the liability of any other party, and shall not be affected in
any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of
time, renewals, waivers, or modifications that may be granted by Payee with
respect to the payment or other provisions of this Note, and agrees that
additional makers, endorsers, guarantors, or sureties may become parties hereto
without notice to them or affecting their liability hereunder.

8)    NOTICES. Any notice called for hereunder shall be deemed properly given if
(i) sent by certified mail, return receipt requested, (ii) personally delivered,
(iii) dispatched by any form of private or governmental express mail or delivery
service providing

<PAGE>

receipted delivery, (iv) sent by telefacsimile or (v) sent by
e-mail, to the following addresses or to such other address as either party may
designate by notice in accordance with this Section:

      IF TO MAKER:

      Media & Entertainment Holdings, Inc.
      4429 Edmondson Avenue
      Dallas, TX 75205
      Attn:    Herbert A. Granath, Chief Executive Officer

      IF TO PAYEE:

      Herbert A. Granath
      244 Long Neck Point Road
      Darien, CT 06820

9)    Notice shall be deemed given on the earlier of (i) actual receipt by the
receiving party, (ii) the date shown on a telefacsimile transmission
confirmation, (iii) the date on which an e-mail transmission was received by the
receiving party's on-line access provider (iv) the date reflected on a signed
delivery receipt, or (vi) two (2) Business Days following tender of delivery or
dispatch by express mail or delivery service.

10)   CONSTRUCTION. This Note shall be construed and enforced in accordance with
the domestic, internal law, but not the law of conflict of laws, of the State of
Texas.

11)   SEVERABILITY. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

      IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has
caused this Note to be duly executed by its Chief Operating Officer the day and
year first above written.

                                            MEDIA & ENTERTAINMENT HOLDINGS, INC.

                                                     By: /s/ Harvey M. Seslowsky
                                                     ---------------------------
                                                       Name: Harvey M. Seslowsky
                                                  Title: Chief Operating OfficerEXHIBIT 10.25

August 3, 2006

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

Lazard Capital Markets LLC
30 Rockefeller Plaza
New York, New York 10112

Ladenburg Thalmann & Co. Inc.
590 Madison Avenue, 34th Floor
New York, New York 10022

               Re:     Initial Public Offering
                       -----------------------

Gentlemen:

               The undersigned  stockholder of Media &  Entertainment  Holdings,
Inc. ("Company"),  in consideration of Lazard Capital Markets LLC ("Lazard") and
Ladenburg  Thalmann & Co. Inc.  ("Ladenburg")  agreeing to underwrite an initial
public  offering of the  securities of the Company  ("IPO") and embarking on the
IPO process, hereby agrees as follows (certain capitalized terms used herein are
defined in paragraph 11 hereof):

               1.  If the  Company  solicits  approval of its stockholders  of a
Business  Combination,  the  undersigned  will vote all  Insider  Shares and IPO
Shares  owned by it in  accordance  with the  majority  of the votes cast by the
holders of the IPO Shares,  other than  Insiders,  officers and directors of the
Company.

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

               3.  Neither the undersigned  nor any Affiliate of the undersigned
will be entitled to receive and will not accept any  compensation  for  services
rendered to the Company prior to the consummation of the Business Combination.

               4.  Neither  the   undersigned   nor  or  any  Affiliate  of  the
undersigned  will be entitled  to receive or accept a finder's  fee or any other
compensation  in the event the  undersigned or any Affiliate of the  undersigned
originates a Business Combination.

<PAGE>

Media & Entertainment Holdings, Inc.
Lazard Capital Markets LLC
Ladenburg Thalmann & Co. Inc.
August 3, 2006
Page 2

               5.  The undersigned will escrow its Insider Shares for the period
commencing on the effective date of the registration  statement  relating to the
IPO and ending one year from the consummation of a business combination, subject
to the terms of a Stock Escrow  Agreement which the Company will enter into with
the undersigned and an escrow agent acceptable to the Company.

               6.  The undersigned represents and warrants that:

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

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

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

               7.  The undersigned has full right and power,  without  violating
any agreement by which he is bound, to enter into this letter agreement.

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

               9. The undersigned hereby waives its right to exercise conversion
rights  with  respect to any  Insider  Shares  and/or  IPO  Shares  owned by the
undersigned, directly or indirectly, and agrees that it will not seek conversion
with respect to such Insider  Shares  and/or IPO Shares in  connection  with any
vote to  approve a  Business  Combination  (as is more  fully  described  in the
Company's Prospectus relating to its IPO).

                                       2
<PAGE>

Media & Entertainment Holdings, Inc.
Lazard Capital Markets LLC
Ladenburg Thalmann & Co. Inc.
August 3, 2006
Page 3

                                               HEARST CORPORATION

                                               By:    /s/ Ronald J. Doerfler
                                                   -----------------------------
                                                      Ronald J. Doerfler
                                                      Senior Vice President and
                                                      Chief Financial Officer

                                       3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}]]