Document:

<PAGE>   1
                                                                   EXHIBIT 10.27

                              EMPLOYMENT AGREEMENT

         Agreement, made this 25th day of October, 2000, between Crown Media
Holdings, Inc., a Delaware corporation with offices at 12700 Ventura Boulevard,
Los Angeles, California 91604 or its permits assigns ("Employer") and Charles
Stanford ("Employee").

                                   WITNESSETH:

         WHEREAS, Employer desires to retain the services of Employee and
Employee desires to be employed by Employer upon the terms and conditions set
forth:

         NOW, THEREFORE, in consideration of the covenants herein contained, the
parties hereto agree as follows:

         1. Employment and Duties.

                  (a) Effective October 25, 2000 (the "Effective Date"),
Employer hereby employs Employee and Employee hereby agrees to serve as Senior
Vice President, Business Affairs and General Counsel, reporting directly to the
President and CEO of Employer. Employee agrees to perform such services, as
requested by Employer, as are consistent with Employee's position. Employee
shall use Employee's best efforts to promote the interests of Employer and shall
devote Employee's full business time, energy and skill exclusively to the
business and affairs of Employer during the "Term" (as "Term" is defined in
Paragraph 2 below).

                  (b) During the course of Employee's employment hereunder,
Employer may create or utilize subsidiary companies for the production and
distribution of programming or to conduct the other activities and businesses of
Employer. Employer shall have the right, without additional compensation to
Employee, to loan or make Employee available to any subsidiary of Employer or
company in common ownership with Employer to perform services for any
programming, property or project owned or controlled by Employer or any such
entity, provided that Employee's services for any such entity shall be
consistent with Employee's duties hereunder. Employee further agrees that all
the terms of this Employment Agreement shall be applicable to Employee's
services for each such entity.

         2. Term of Employment. The term of Employee's employment ("Term") with
Employer shall commence on October 25, 2000 and shall end on October 24, 2003
unless

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terminated earlier as is provided in Paragraph 8 of this Agreement or extended
by mutual agreement of the parties.

         3. Compensation.

                  (a) Salary. As compensation for Employee's services hereunder,
Employer shall pay to Employee a salary at the rate of $300,000 per year during
the first year of the Term, $330,000 per year during the second year of the Term
and $350,000 during the third year of the Term. Such salary shall be paid
biweekly, in arrears.

                  (b) Bonuses. At the end of each calendar year during the Term,
Employee will be paid such bonus as Employer in its discretion determines,
however, such bonus shall be no less than 20% of the total salary paid to
Employee during such year. Bonus payments shall be made no later than 30 days
after end of calendar year end.

                   (c) Withholding. All payments of salary shall be made in
appropriate installments to conform with the regular payroll dates for salaried
personnel of Employer. Employer shall be entitled to deduct from each payment of
compensation to Employee such items as federal, state and local income taxes,
FICA, unemployment insurance and disability contributions, and such other
deductions as may be required by law.

                  (d) Expenses. During the Term, Employer shall pay or reimburse
Employee on an accountable basis for all reasonable and necessary out-of-pocket
expenses for entertainment, travel, meals, hotel accommodations and other
expenditures incurred by Employee in connection with Employee's services to
Employer in accordance with Employer's expense account policies.

                  (e) Fringe Benefits. During the Term, Employee shall be
entitled to receive the following fringe benefits: (i) four weeks paid vacation
per year, (ii) group medical, dental, life and disability insurance as per
Employer policy, and (iii) any other fringe benefits, on terms that are or may
become available generally to comparable employees of Employer.

         4. Place of Employment. During the Term, Employee shall be based and
principally perform Employee's duties at the Denver area offices of Employer,
however, Employee shall undertake all travel required by Employer in connection
with the performance of Employee's duties hereunder.

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         5. Confidentiality, Intellectual Property; Name and Likeness.

                  (a) Employee agrees that Employee will not during the Term or
thereafter divulge to anyone (other than Employer and its executives,
representatives and employees who need to know such information or any persons
designated by Employer) any knowledge or information of any type whatsoever
designated or treated as confidential by Employer relating to the business of
Employer or any of its subsidiaries or affiliates, including, without
limitation, all types of trade secrets, business strategies, marketing and
distribution plans as well as concrete proposals, plans, scripts, treatments and
formats described in subparagraph (b) below. Employee further agrees that
Employee will not disclose, publish or make use of any such knowledge or
information of a confidential nature (other than in the performance of
Employee's duties hereunder) without the prior written consent of Employer. This
provision does not apply to information which becomes available publicly without
the fault of Employee or information which Employee discloses in confidence to
Employee's own privileged representatives or is required to disclose in legal
proceedings, provided Employee gives advance notice to the Chief Executive
Officer of Employer and an opportunity to Employer to resist such disclosure in
legal proceedings.

                  (b) During the Term, Employee will disclose to Employer all
concrete proposals, plans, scripts, treatments, and formats invented or
developed by Employee during the Term which relate directly or indirectly to the
business of Employer or any of its subsidiaries or affiliates including, without
limitation, any proposals and plans which may be copyrightable, trademarkable,
patentable or otherwise exploitable. Employee agrees that all such proposals,
plans, scripts, treatments, and formats are and will be the property of
Employer. Employee further agrees, at Employer's request, to do whatever is
necessary or desirable to secure for the Employer the rights to said proposals,
plans, scripts, treatments, and formats, whether by copyright, trademark, patent
or otherwise and to assign, transfer and convey the rights thereto to Employer
at Employer's expense.

                  (c) Employer shall have the right in perpetuity to use
Employee's name in connection with credits for programming, properties and
projects for which Employee performs any services pursuant to this Agreement.

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         6. Employee's Representations. Employee represents and warrants that:

                  (a) Employee has the right to enter into this Agreement and is
not subject to any contract, commitment, agreement, arrangement or restriction
of any kind which would prevent Employee from performing Employee's duties and
obligations hereunder;

                  (b) To the best of Employee's knowledge, Employee is not
subject to any undisclosed medical condition which might have a material effect
on Employee's ability to perform satisfactorily Employee's services hereunder.

         7. Non-Competition; No Raid.

                  (a) During the Term, Employee shall not engage directly or
indirectly, whether as an employee, independent contractor, consultant, partner,
shareholder or otherwise, in a business or other endeavor which materially
interferes with any of Employee's duties or obligations hereunder or which is
directly competitive with the business of the Employer or its subsidiaries,
including but not limited to the production, distribution or any other
exploitation of audiovisual television material (the "Other Business").

                  (b) Employee further agrees that during the Term and for a
period of one year thereafter, Employee will not employ, or attempt to employ or
assist anyone else to employ, any person who is, at the date of termination of
Employee's employment, working as an officer, policymaker or in high-level
creative development or distribution (including without limitation executive
employees) for or rendering substantially full-time services as such to
Employer.

         8. Termination.

                  (a) This Agreement may be terminated and the Term ended on
five (5) business days' written notice for any one of the following reasons
(except (i) in which case termination shall occur on the date of death):

                           (i) The death of Employee;

                           (ii) The physical or mental disability of Employee to
such an extent that Employee is unable to render services to Employer for a
period exceeding an aggregate of thirty (30) business days during any twelve
month period of the Term. For purposes of counting the aggregate of thirty (30)
business days, days properly designated by Employee as vacation days shall not
be counted;

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                           (iii) For "cause," which for purposes of this
Agreement shall be defined as:

                                    (A) the use of drugs and/or alcohol which
interfere materially with Employee's performance of Employee's services under
this Agreement;

                                    (B) Employee's conviction of any act which
constitutes a felony under federal, state or local laws or the law of any
foreign country;

                                    (C) Employee's persistent failure after
written notice to perform, or Employee's persistent refusal to perform after
written notice, any of Employee's duties and responsibilities pursuant to this
Agreement; or

                                    (D) Employee's dishonesty in financial
dealings with or on behalf of Employer, its subsidiaries, affiliates and parent
corporation or in connection with performance of Employee's duties hereunder.

                  (b) Employer shall also have the right to terminate Employee
prior to the expiration of the Term in addition to pursuant to Paragraph 8(a)
above by providing Employee with not less than thirty (30) days' advance notice
in writing. In the event of a termination pursuant to this Paragraph 8(b): (i)
the Employer shall pay to the Employee, commencing thirty (30) days after such
notice of termination, the remaining amounts described in Paragraph 3(a) above
for the balance of the Term at such time or times such payments would otherwise
be due. Employer shall have no further obligations to Employee hereunder. If
Employer terminates Employee under this Paragraph 8(b), Paragraph 7(a) shall not
apply from the date of termination.

                  (c) In the event that Employer terminates this Agreement due
to any of the reasons set forth in Paragraphs 8(a)(i), 8(a)(ii) or
8(a)(iii)(A-D) above, Employee shall be paid Employee's salary through the later
of the expiration of the five (5) business days period referred to in Paragraph
8(a) or the end of the month in which the termination event occurs, after which
Employer's obligation to pay salary to Employee shall terminate. After making
the payments provided for in this sub-paragraph (c), Employer shall have no
further obligations to Employee pursuant to this Agreement.

                  (d) Upon termination of this Agreement, Employee shall
promptly return all of Employer's property to Employer.

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                  (e) Upon termination of Employee's employment for any reason,
Employee shall tender Employee's resignation from the Board of Directors of any
of Employer's subsidiaries or affiliates on which Employee is serving, and
Employer shall accept such resignation forthwith.

         9. Breach; Remedies. Both parties recognize that the services to be
rendered under this Agreement by Employee are special, unique and extraordinary
in character, and that in the event of the breach by Employee of the terms and
conditions of this Agreement, Employer shall be entitled, inter alia, if it so
elects, to institute and prosecute proceedings in any court of competent
jurisdiction, either in law or in equity, to obtain damages for any breach of
this Agreement, and to seek to enforce the specific performance thereof by
Employee, and/or to seek to enjoin Employee from performing services for any
other person, firm or corporation. The parties further stipulate that the law of
California shall apply to any dispute of action regarding this Agreement.

         10. Assignment. This Agreement is a personal contract and, except as
specifically set forth herein, the rights, interests and obligations of Employee
herein may not be sold, transferred, assigned, pledged or hypothecated, although
Employee may assign or use as security payments due hereunder from Employer. The
rights and obligations of Employer hereunder shall bind in their entirety the
successors and assigns of Employer, although Employer shall remain fully liable
hereunder. As used in this Agreement, the term "successor" shall include any
person, firm, corporation or other business entity which at the time, whether by
merger, purchase or otherwise, acquires all or substantially all of the assets
or business of Employer.

         11. Amendment; Captions. This Agreement contains the entire agreement
between the parties. It may not be changed orally, but only by agreement in
writing signed by the party against whom enforcement of any waiver, change,
modification or discharge is sought. Paragraph headings are for convenience of
reference only and shall not be considered a part of this Agreement. If any
clause in this Agreement is found to be unenforceable, illegal or contrary to
public policy, the parties agree that this Agreement shall remain in full force
and effect except for such clause.

         12. Prior Agreements. This Agreement supersedes and terminates all
prior agreements between the parties relating to the subject matter herein
addressed, and sets out the full agreement between the parties concerning its
subject matter.

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         13. Notices. Any notices or other communications required or permitted
hereunder shall be in writing and shall be deemed effective when delivered in
person or if mailed, by registered or certified mail, return receipt requested,
in which case the notice shall be deemed effective on the date of deposit in the
mails, postage prepaid, addressed to Employee at the address for Employee
appearing in Employer's records and, in the case of Employer, addressed to its
Chief Executive Officer at the address first written above. Either party may
change the address to which notices are to be addressed by notice in writing
given to the other in accordance with the terms hereof.

         14. Periods of Time. Whenever in this Agreement there is a period of
time specified for the giving of notices or the taking of action, the period
shall be calculated excluding the day on which the giver sends notice and
excluding the day on which action to be taken is actually taken.

         15. Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original, and all of which, taken
together, shall constitute one instrument.

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<PAGE>   8

         IN WITNESS WHEREOF, Employer has by its appropriate officer signed this
Agreement and Employee has signed this Agreement as of the day and year first
above written.

                                                CROWN MEDIA HOLDINGS, INC.

                                                /s/ DAVID EVANS

                                                By  David Evans
                                                   ---------------------------

                                                Title  President & CEO
                                                      ------------------------

                                                EMPLOYEE

                                                /s/ CHARLES STANFORD
                                                ------------------------------
                                                       Charles Stanford

                                       8<PAGE>   1
                                                                   EXHIBIT 10.32

                                 PROMISSORY NOTE

Amount:  $150,000,000                              Date:    February 12, 2001
                                                            Wilmington, Delaware

SECTION 1. PROMISE TO PAY.

         SECTION 1.1 For value received, Crown Media Holdings, Inc., a Delaware
         corporation (hereafter called "Company") and the subsidiaries signatory
         hereto ("Guarantors"), hereby promise to pay to the order of HC Crown
         Corporation, a Delaware corporation ("HC"), at such place as HC may,
         from time to time specify in writing, the principal amount outstanding
         under this Note together with all accrued interest no later than April
         1, 2002.

         SECTION 1.2 The extension of funds under this Note shall not be at a
         rate in excess of Twenty Million Dollars ($20,000,000) a month from
         January 1, 2001; no extension of funds shall be made after an Event of
         Default and the principal amount outstanding under this Note shall not
         exceed One Hundred Fifty Million Dollars ($150,000,000) plus interest.

SECTION 2. DEFINITIONS.

         "Affiliate" means, with respect to any party, any entity which directly
or indirectly holds a controlling interest in, is controlled by or under common
control with such party.

         "Applicable LIBOR Margin" means for any day with respect to any LIBOR
loan, the respective percentages set forth in the pricing grid in Section 5
corresponding to the level applicable from time to time by reference to the
Maximum Leverage Ratio converted to a percent.

         "Company" has the meaning specified in the introductory clause hereto.

         "Contingent Liabilities" means guarantees of any third party
obligations.

         "Cumulative Subscribers" means subscribers to HEN, Kermit, and Odyssey,
carried by reputable cable or satellite distributors in their applicable regions
of operation.

         "EBITDA" means GAAP EBITDA from the Company less amortized programming,
dubbing, subtitling, interstitial and other related programming costs, less the
minority share of majority-owned subsidiaries (to the extent the Company reports
100% of the subsidiaries' EBITDA for GAAP purposes) plus its minority share from
non-wholly owned subsidiaries (to the extent not included in GAAP EBITDA).
Subsidiary EBITDA to be adjusted for programming costs in the same manner as
Company.

         "HC" has the meaning specified in the introductory clause hereto.

         "IPO" means the initial public offering of shares of stock occurring
May 9, 2000.

         "Indebtedness" means all obligations of borrowed money of the Company,
its subsidiaries (without duplication), or of any acquired business including
Contingent Liabilities.

         "LIBOR" means the three month rate published the first day of each
quarter in the Wall Street Journal.

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<PAGE>   2

         "Maturity Date" means April 1, 2002.

         "Maximum Leverage Ratio" means Total Debt/EBITDA.

         "Total Debt" means all obligations of Company and its subsidiaries with
respect to Indebtedness, notes payable, capital leases and letters of credit.

SECTION 3. USE OF PROCEEDS.

         The proceeds of the Facility shall be used: (i) to acquire and
distribute film and television related properties, and (ii) for general
corporate purposes.

SECTION 4. AVAILABILITY.

         Funds shall not be available hereunder until such time that the Company
has utilized 100% of its IPO proceeds, consistent with the Company's business
plan and the Company is in proforma compliance with all covenants.

SECTION 5. INTEREST.

         Loans provided hereunder shall bear interest at a rate equal to the
Applicable LIBOR Margin, as determined in accordance with the Pricing Grid
below, plus LIBOR. Interest shall be payable quarterly as defined in section
6.1. Upon the occurrence of an Event of Default, a default rate per annum of 2%
above the applicable interest rate shall apply on all outstanding loans. For any
period that the Maximum Leverage Ratio calculation is negative, pricing shall be
at the maximum margin of the Pricing Grid set forth below.

<TABLE>
<CAPTION>
                      MAXIMUM LEVERAGE RATIO                       APPLICABLE LIBOR MARGIN
           ---------------------------------------------- -------------------------------------------
<S>                                                       <C>
                             x > 3.00x                                     220 bps
                      2.50x < x or = to 3.00x                              200 bps
                     2.00x < x > or =  to 2.50x                            175 bps
                         x < or = to 2.00x                                 120 bps
</TABLE>

         All calculations of interest and fees shall be made on the basis of
actual number of days elapsed in a 360-day year.

         In the event that this Note has not been fully repaid by September 1,
2001, an additional 25 bps charge will be added to the Applicable LIBOR Margin
indicated in the Pricing Grid. If by December 31, 2001 any amount still remains
outstanding on this facility a 50 bps charge will be added to the Applicable
LIBOR Margin indicated in the Pricing Grid.

SECTION 6. REPAYMENT.

         SECTION 6.1 Subject to Company's right of prepayment as set forth
         herein, the obligation evidenced by this Note shall be repaid on the
         basis of interest only installments. Such payments shall accrue as of
         the end of each calendar quarter occurring during the term hereof and
         shall be paid on or before forty-five (45) days after the end of each
         such calendar quarter. Company shall pay to HC a single principal
         payment (together with all accrued and unpaid interest) on the Maturity
         Date, if not prior to.

         SECTION 6.2 Company shall have the privilege, without premium or
         penalty, at any time and from time to time, to prepay this Note in
         whole or in part.

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<PAGE>   3

SECTION 7. RESPECTING INTEREST.

         In the event the interest provisions of this Note shall result, because
of (a) the reduction of principal, or (b) any other reason related or unrelated
to such interest provisions at any time during the life of the loan or any
combination of (a) and (b), in an effective rate of interest which, for any
period of time, exceeds the limits of the usury or any other law applicable to
the loan evidenced hereby, all sums in excess of those lawfully collectible as
interest for the period in question shall, without further agreement or notice
between or by any party hereto, be applied to principal immediately upon receipt
of such monies by HC with the same force and effect as though Company had
specifically designated such extra sums to be so applied to principal and HC had
agreed to accept such extra payment(s) as a premium-free prepayment.

SECTION 8. COVENANTS.

         SECTION 8.1 Company shall deliver to HC not later than 45 days after
         the end of each fiscal quarter and not later than 90 days in the event
         of the fiscal year end:

         (i)      A consolidated balance sheet of Company and its subsidiaries
                  as of the end of the most recently ended fiscal year together
                  with the consolidated statements of income, shareholder's
                  equity, and cashflows corresponding to the same; and

         (ii)     A balance sheet of Company as of the end of the most recently
                  ended fiscal quarter (together with the consolidated
                  statements of income, shareholder's equity, and cashflows
                  corresponding to such period), and, if HC so requests, each
                  such statement shall be certified by the chief financial
                  officer or the chief accounting officer of Company as to
                  fairness of presentation, generally accepted accounting
                  principles and consistency (subject only to normal year-end
                  adjustments).

         SECTION 8.2 Company shall not, and shall not permit any of its
         subsidiaries to:

         (i)      Incur any additional Indebtedness, including capital leases in
                  excess of $10,000,000. Unless secured by assets purchased from
                  additional Indebtedness, the terms and conditions of
                  additional Indebtedness shall be no less favorable to the
                  Company or relevant subsidiary than this Note.

         (ii)     Incur any liens in excess of $5,000,000.

         (iii)    Sell, lease, license, transfer or otherwise dispose of any
                  assets other than in the ordinary course of business Section

         (iv)     Merge into or consolidate or acquire substantially all the
                  assets of any third party.

         SECTION 8.3 The Company shall achieve the following minimum quarterly
         results for Cumulative Subscribers, last twelve months Revenue and last
         twelve months EBITDA:

<TABLE>
<CAPTION>
                                       CUMULATIVE
                                      SUBSCRIBERS           LTM REVENUE             LTM EBITDA
                                   ------------------- ---------------------- ------------------------
<S>                                <C>                 <C>                    <C>
                         06/30/01        65.0MM              $100.0MM               $ (75.0MM)
                         09/30/01        65.0MM              $100.0MM               $ (75.0MM)
                         12/31/01        65.0MM              $100.0MM               $ (75.0MM)
                         03/31/02        70.0MM              $150.0MM               $(100.0MM)

</TABLE>

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<PAGE>   4

SECTION 9. EVENTS OF DEFAULT.

         Each of the following shall constitute an event of default hereunder
(an "Event of Default"):

         (i)      The failure of Company to make any payment of interest
                  hereunder when the same is due and payable or to pay the
                  principal balance in the lump sum or balloon payment when the
                  same is due and payable, and such failure to pay continues for
                  a period of ten (10) days or more after written notice thereof
                  from HC;

         (ii)     The failure of Company to provide timely financial information
                  or certification as required by Section 8 if such failure
                  continues for a period of thirty (30) days or more after such
                  information or certification is due and HC has made a written
                  demand upon Company for the same;

         (iii)    The failure to observe or perform any other term or covenant
                  contained in this Agreement and such default shall continue
                  for a period of twenty (20) days after the date upon which
                  written notice thereof is given to the Company by the Payer.

SECTION 10. REMEDIES.

         Upon the occurrence of an Event of Default and at any time thereafter
during the continuance of such Event of Default hereunder, HC shall have the
right to declare the entire unpaid amount of principal and interest hereunder
immediately due and payable in full without presentation, demand or protest,
each of which is hereby waived by Company and Guarantors.

SECTION 11. WAIVERS.

         SECTION 11.1 The failure by HC to exercise any right or remedy
         available hereunder in the Event of Default shall in no event be
         construed as a waiver or release of the same. Likewise, HC shall not,
         by any act or omission or commission, be deemed to waive any right
         hereunder unless such waiver is evidenced in writing and signed by HC,
         and then only to the extent specifically set forth in such writing.
         Moreover, a waiver with respect to any one event shall not be construed
         as continuing or as a bar to or waiver of HC's rights or remedies with
         respect to any subsequent event.

         SECTION 11.2 Company and Guarantors expressly waive presentment for
         payment, notice of dishonor, protest, notice of protest, diligence of
         collection, and each other notice of any kind, and hereby consent to
         any number of renewals or extensions of time for payment hereof, which
         renewals and extensions shall not affect the liability of Company.

         SECTION 11.3 Company and Guarantors hereby waive and release all
         errors, defects and imperfections in any proceeding instituted by HC
         under the terms hereof as well as all benefits that might accrue to
         Company or Guarantors by virtue of any present or future laws exempting
         any property, real, personal or mixed, or any part of the proceeds
         arising from any sale of 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 Company and
         Guarantors agree that any real estate that may be levied upon pursuant
         to a judgment obtained by virtue hereof, or any writ of execution
         issued thereon, may be sold upon any such writ in whole or in part or
         in any other manner desired by HC.

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<PAGE>   5

SECTION 12. LICENSE.

         As further consideration for the loans provided hereunder, Company
hereby grants to HC and its Affiliates the royalty-free right to utilize any
technology which is developed at any time prior to the fifth anniversary of this
Note by or for Company or any of its Affiliates. Company will keep HC's
designated representatives advised of all technological developments during such
period.

SECTION 13. NOTICES.

         Each notice required to be given to any party hereunder shall be in
writing and shall be deemed to have been sufficiently given for all purposes
when sent by certified or registered mail, return receipt requested, to the
party at its respective address as follows:

                  COMPANY:           Crown Media Holdings, Inc.
                                     6430 S. Fiddlers Green Circle
                                     Englewood, Colorado  80111
                            Attn:    Mark Thompson

                  HC:                HC Crown Corporation
                                     103 Foulk Road, Suite 214
                                     Wilmington, DE  19803
                                     Attn:    David C. Eppes, Vice President and
                                              Controller

SECTION 14. ASSIGNABILITY.

         This Agreement shall be binding upon and inure to the benefit of
Company and HC and their respective successors and assigns; provided, however,
that this Agreement, or any portion thereof, may not be assigned by Company
without the written consent of HC.

SECTION 15. MODIFICATIONS.

         This Note may be modified only by means of an agreement in writing
signed by Company and HC. Any amendment, extension of time or any other
modification shall not affect Guarantors' obligations hereunder.

SECTION 16. GOVERNING LAW.

         This Note shall be governed by and construed according to the laws of
the State of Delaware without regard to the conflict of laws provisions thereof.

SECTION 17. HEADINGS.

         The heading preceding the text of each Section hereof is inserted
solely for convenience of reference and shall not constitute a part of this
Note, nor shall the same affect the meaning, construction of effect hereof.

SECTION 18. SEVERABILITY.

         If any provision of this Note or the application thereof is declared by
a court of competent jurisdiction to be invalid or unenforceable, the remaining
provisions hereof shall be unaffected and remain valid and enforceable to the
fullest extent permitted by law.

                                       5
<PAGE>   6

         IN WITNESS WHEREOF, the undersigned officers have executed this Note as
of the day and year first above written thereby legally binding such party to
the terms hereof.

                                              CROWN MEDIA HOLDINGS, INC.

                                              By      /s/ WILLIAM J. ALIBER
                                                      -------------------------
                                              Name:   William J. Aliber
                                                      -------------------------
                                              Title:  Chief Financial Officer
                                                      -------------------------

As Guarantor of the obligations hereunder:

                                   CROWN MEDIA INTERNATIONAL, INC.

                                   By      /s/ WILLIAM J. ALIBER
                                           -------------------------
                                   Name:   William J. Aliber
                                           -------------------------
                                   Title:  Chief Financial Officer
                                           -------------------------

                                   ODYSSEY HOLDINGS, L.L.C.

                                   By      /s/ MARGARET A. LOESCH
                                           -------------------------
                                   Name:   /s/ MARGARET A. LOESCH
                                           -------------------------
                                   Title:  President and Chief Executive Officer
                                           -------------------------

                                       6

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