Document:

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                                                                     EXHIBIT 4.4

                        [FORM OF SHAREHOLDERS AGREEMENT]

                          DATED _________________ 2000

                        (1)      SUMITOMO CORPORATION

                        (2)      LIBERTY MEDIA CORPORATION

                        (3)      LIBERTY JUPITER, INC.

                        (4)      LIBERTY JAPAN, INC.

                        (5)      MICROSOFT CORPORATION

                        (6)      MICROSOFT HOLDINGS V, INC.

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

                             SHAREHOLDERS AGREEMENT
                                  relating to
                      Jupiter Telecommunications Co., Ltd.

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

                                LATHAM & WATKINS
                                 99 Bishopsgate
                                   11th Floor
                                 London EC2M 3XF

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                                TABLE OF CONTENTS

1.    DEFINITIONS......................................................     1

2.    [INTENTIONALLY LEFT BLANK].......................................     5

3.    THE BOARD, AUDITORS AND MANAGEMENT...............................     5

4.    AGREEMENT TO PERFORM.............................................     7

5.    TRANSFER OF SHARES...............................................     7

6.    NEW SHARES.......................................................    11

7.    REGISTRATION RIGHTS..............................................    11

8.    TERMINATION......................................................    12

9.    REPRESENTATIONS AND WARRANTIES...................................    12

10.   NO ASSIGNMENT....................................................    12

11.   WAIVERS, REMEDIES CUMULATIVE, AMENDMENTS, ETC....................    12

12.   INVALIDITY.......................................................    12

13.   COSTS............................................................    13

14.   NOTICES..........................................................    13

15.   ENGLISH LANGUAGE.................................................    14

16.   GOVERNING LAW....................................................    14

17.   DISPUTES.........................................................    14

18.   ENTIRE AGREEMENT.................................................    15

19.   NO PARTNERSHIP/AGENCY............................................    15

20.   EXECUTION........................................................    15

21.   GUARANTEE........................................................    15

22.   NO THIRD PARTY BENEFICIARIES.....................................    16

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THIS AGREEMENT is made on the ____ day of _________ 2000

BETWEEN:

(1)      SUMITOMO CORPORATION, a company incorporated in Japan whose principal
         place of business is at 1-2-2 Hitotsubashi, Chiyoda-ku, Tokyo 100-8601,
         Japan ("SC"); and

(2)      LIBERTY MEDIA CORPORATION, a company incorporated in the State of
         Delaware, United States of America, whose principal place of business
         in at 9197 South Peoria Street, Englewood ("LMC") for the purposes of
         giving the guarantee set forth in Clause 21.1; and

(3)      LIBERTY JUPITER, INC., a company incorporated in the State of Delaware,
         United States of America, whose principal place of business is at 9197
         South Peoria Street, Englewood, Colorado 80112 ("LJ"); and

(4)      LIBERTY JAPAN, INC., a company incorporated in the State of Delaware,
         United States of America, whose principal place of business is at 9197
         South Peoria Street, Englewood, Colorado 80112 ("LIBERTY JAPAN"); and

(5)      MICROSOFT CORPORATION, a company incorporated in the State of
         Washington whose principal place of business is at One Microsoft Way,
         Redmond, Washington 98052-6399 ("MICROSOFT") for the purposes of giving
         the guarantee set forth in Clause 21.2; and

(6)      MICROSOFT HOLDINGS V, INC., a company incorporated in the State of
         Nevada whose principal place of business is at One Microsoft Way,
         Redmond, Washington 98052-6399 ("MS HOLDINGS").

WHEREAS:

(A)      SC, Liberty Japan, LJ and MS Holdings propose that this Agreement will
         record the basis of their relationship as shareholders in the Company
         with effect from the consummation of the IPO;

(B)      LMC has agreed to enter into this Agreement to guarantee the
         obligations of Liberty Japan and LJ (as a primary obligor and not as a
         surety only) under this Agreement;

(C)      Microsoft has agreed to enter into this Agreement to guarantee the
         obligations of MS Holdings (as a primary obligor and not as surety
         only) under this Agreement.

NOW IT IS HEREBY AGREED as follows:

1.       DEFINITIONS

1.1      In this Agreement and in the recitals hereto the following words and
         expressions shall save as otherwise specifically provided have the
         following meanings:

         "APPLICABLE LAW": with respect to a Party or the Company, any domestic
         or foreign, federal, state or local statute, law, ordinance, rule,
         administrative interpretation, regulation, order, writ, injunction,
         directive, judgement, decree or other requirement of any Governmental
         Authority applicable to such Party or the Company or their respective
         properties, business or assets;

         the "ARTICLES": the articles of incorporation of the Company as in
         effect from time to time;

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         "ASSOCIATE": in relation to any person, another company, corporation,
         partnership, joint venture, firm and/or any other person (other than a
         director or officer of such person) in which the Parent of such person
         directly or indirectly (i) owns Equity Securities of such other person
         entitling it to cast fifty percent (50%) or more of the total votes
         entitled to be cast generally for the election of directors (or persons
         of a similar position) of such person by all the holders of such Equity
         Securities or (ii) otherwise has the power to control or direct the
         management of such person through a management agreement or other
         contractual arrangement that grants management and operational control
         irrespective of voting power or equity ownership; [provided that,
         notwithstanding the foregoing, UnitedGlobalCom, Inc. shall be deemed an
         Associate of LMC and Liberty Media for the purposes of Clause 5 so long
         as LMC, directly or indirectly, holds the right to appoint at least one
         third of the directors to the board of UnitedGlobalCom, Inc.]

         the "BOARD": the board of Directors of the Company from time to time;

         "BUSINESS PLAN": the business plan of the Company approved by the
         Board;

         "COMBINED PERCENTAGE ENTITLEMENT": when used in relation to any
         Shareholder, means the combined Percentage Entitlements of such
         Shareholder and its Associates; provided, however, that if any Person
         is an Associate of any two or more Parents, then its Percentage
         Entitlement shall be divided pro rata among such Parents and their
         Associates for this purpose;

         the "COMPANY": Jupiter Telecommunications Co., Ltd., a company
         incorporated in Japan, whose principal place of business is at
         Higashi-Ikebukuro Building, 4-41-24, Higashi Ikebukuro, Toshima-ku,
         Tokyo 170-0013;

         "DEED OF ADHERENCE": the deed substantially in the form of the draft
         set out in Schedule 1;

         "DIRECTORS": the directors (full time and part time) for the time being
         of the Company;

         "ENCUMBRANCE": any mortgage, charge, pledge, option, attachment,
         restriction, assignment, security interest, title retention,
         preferential right, equity or trust arrangement, lien right of set-off,
         hypothecation, encumbrance or any security interest whatsoever
         howsoever created or arising, including any analogous security interest
         under local law;

         "EQUITY SECURITIES": in relation to any person, any shares of, or other
         equity interests in, such person that entitle the holder thereof to
         vote generally for the election of directors (or persons of a similar
         position) of such person;

         "FOREIGN SHAREHOLDER": Liberty Media, MS Holdings and any other
         non-Japanese Shareholder from time to time;

         "FUKU-SHACHO": the Japanese title for the executive vice-president from
         time to time of the Company;

         "GOVERNMENTAL AUTHORITY": any foreign, domestic, federal, territorial,
         state or local governmental authority, quasi-governmental authority,
         court, government or self-regulatory organisation, commission,
         tribunal, organisation or any regulatory, administrative or other
         agency, or any political or other subdivision, department or branch of
         any of the foregoing;

         "IN WRITING" or "WRITTEN": includes any communication made by letter or
         facsimile;

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         "IPO": the consummation of the first public offering of the Company's
         Equity Securities representing ten percent (10%) or more of the
         outstanding Equity Securities of the Company after such offering and
         the listing of such Equity Securities on a recognised securities
         exchange;

         "JOMU-TORISHIMARIYAKU": the Japanese title for an executive managing
         director from time to time of the Company;

         the "KAICHO/SAIKO-KEIEI-SEKININSHA": the Japanese title for the
         chairman from time to time of the Company with the title of the
         "Saiko-Keiei-Sekininsha";

         "LIBERTY MEDIA": collectively, Liberty Japan and LJ, who shall be
         considered as one Original Shareholder for the purposes of this
         Agreement;

         "MARKET SALE" means each of (a) a sale in accordance with Rule 144 of
         the US Securities Act of 1933 [resulting in shares being widely
         distributed], (b) a registered sale in accordance with the Registration
         Rights Agreement, or (c) an offering on the Tokyo Stock Exchange
         resulting in Shares being widely distributed;

         "MARKET VALUE": as defined in Clause 5.4.11

         "NOTICE DATE": as defined in Clause 5.4.6;

         "ORIGINAL SHAREHOLDER": for as long as it holds Securities, each of SC,
         Liberty Media and MS Holdings or any other Shareholder who executes a
         Deed of Adherence;

         "PARENT": with respect to (i) SC, SC or its successor, (ii) MS
         Holdings, Microsoft or its successor, (iii) Liberty Media, LMC or its
         successor (iv) or in the case of any other Original Shareholder, the
         person in which no other person directly or indirectly (a) owns Equity
         Securities of such person entitling it to cast fifty percent (50%) or
         more of the total votes entitled to be case generally for the election
         of directors (or persons of a similar position) of such person by all
         the holders of such Equity Securities or (b) otherwise has the power to
         control or direct the management of such person through a management
         agreement or other contractual arrangement that grants management and
         operational control irrespective of voting power or equity ownership;

         "PARTY" or "PARTIES": the party or parties to this Agreement (including
         any person who executes a Deed of Adherence);

         "PERCENTAGE ENTITLEMENT" in relation to any Shareholder, the percentage
         (rounded to two decimal places) equal to (i) the total number of votes
         that such Shareholder is entitled to cast generally in the election of
         directors of the Company in respect of Securities owned by such
         Shareholder, divided by (ii) the total number of votes that all
         Shareholders are entitled to cast generally in the election of
         directors, multiplied by (iii) one hundred (100);

         "PERSON": any individual, firm, company, partnership, joint venture,
         limited liability company or other incorporated or unincorporated
         entity;

         "POTENTIAL PURCHASER": as defined in Clause 5.4.1;

         "PRESCRIBED PRICE": in relation to a voluntary Transfer of Shares in
         respect of which a Transfer Notice shall have been served pursuant to
         Clause 5.4.1, the price per Share of the Sale Shares offered by the
         Vendor;

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         "RELATIVE PERCENTAGE ENTITLEMENT": when used with respect to any
         Original Shareholder in relation to any other Shareholders, shall mean
         (i) the Percentage Entitlement of such Original Shareholder, divided by
         the sum of the Percentage Entitlements of such Original Shareholder and
         such other Shareholders multiplied by, (ii) 100;

         "REPRESENTATIVE DIRECTOR(S)": the Representative Director(s) of the
         Company being the Kaicho/Saiko-Keiei-Sekininsha, Shacho and/or such
         other director(s) appointed by the Board;

         the "SAIKO-KEIEI-SEKININSHA": the Japanese title for the chief
         executive officer from time to time of the Company;

         the "SAIKO-ZAIMU-TANTO-YAKUIN": the Japanese title for the chief
         financial officer from time to time of the Company;

         "SALE AGREEMENT": the signed written agreement pursuant to which a
         transferee agrees to purchase Shares from a Vendor;

         "SALE SHARES": the Shares to be sold by a Vendor on the Sale Terms
         pursuant to Clause 5.4, including any Unpurchased Sale Shares;

         "SALE TERMS": as defined in Clause 5.4.1;

         "SECURITIES": Equity Securities of the Company;

         "SHACHO": the Japanese title for the president from time to time of the
         Company;

         "SHAREHOLDER": a person holding Securities from time to time;

         "SHAREHOLDER PURCHASER": an Original Shareholder who gives notice under
         Clause 5.4.2(a);

         "SHARES": shares of the common stock of the Company;

         "TRANSFER": any sale, assignment, transfer or grant of lease of any
         legal or beneficial ownership or of any economic rights;

         "TRANSFEREE": the intended transferee of a transferor pursuant to
         Clause 5.4;

         "TRANSFEROR": an Original Shareholder that proposes to Transfer all of
         its Shares pursuant to Clause 5.4;

         "TRANSFER NOTICE": as defined in Clause 5.4.1;

         "UNPURCHASED SALE SHARES": as defined in Clause 5.4.3;

         "VENDOR": an Original Shareholder who wishes to Transfer for cash all
         of its Shares, pursuant to Clause 5.4;

         "YEN" and "(Y)": the lawful currency of Japan.

1.2      References in this Agreement to Clauses, Sub-Clauses, paragraphs and
         Schedules are references to those contained in this Agreement.

1.3      References to any Clause in this Agreement include references to its
         Sub-Clauses.

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1.4      The Schedule and Annex to this Agreement are an integral part of this
         Agreement and references to this Agreement include references to such
         Schedule and Annex.

1.5      Clause headings are for ease of reference only and shall not be taken
         into account in construing this Agreement.

2.       [INTENTIONALLY LEFT BLANK]

3.       THE BOARD, AUDITORS AND MANAGEMENT

3.1      Subject to Clause 3.10, the Original Shareholders agree and undertake
         that they shall procure (to the extent that the same is within their
         respective powers and voting rights as Shareholders) that the Board
         shall comprise up to fourteen (14) Directors with SC having the sole
         right to nominate three (3) non-executive Directors, Liberty Media
         having the sole right to nominate three (3) non-executive Directors and
         MS Holdings having the sole right to nominate two (2) non-executive
         Directors.

3.2      The Original Shareholders agree and undertake that they shall procure
         (to the extent that the same is within their respective powers and
         voting rights as Shareholders) that each Original Shareholder will, for
         so long as it has the right to nominate a Director, have the right to
         nominate one member of any committee set up by the Board, including
         committees relating to technology.

3.3      In addition, if necessary, the Original Shareholders agree and
         undertake that they shall procure (to the extent that the same is
         within their respective powers and voting rights as Shareholders) that
         each Original Shareholder shall have the right, subject to compliance
         with the Articles, to remove any Director appointed to the Board as a
         result of its nomination rights described in Clause 3.1.

3.4      Unless required by any Applicable Law or regulation, any Director
         nominated by a Foreign Shareholder need not be a Japanese national or
         resident in Japan.

3.5      The nomination rights described in Clause 3.1 and the removal rights
         described in Clause 3.3 shall be exercisable at a duly held meeting of
         Shareholders or by written notice signed by the nominating Original
         Shareholder (accompanied by a letter of resignation from the relevant
         Director in the case of a removal) and each of the Original
         Shareholders agrees to vote in favour of resolutions appointing or, if
         necessary removing Directors nominated so that such persons may be
         properly appointed or removed in accordance with the foregoing.

3.6      The Original Shareholders agree and undertake that they shall procure
         (to the extent that the same is within their respective powers and
         voting rights as Shareholders) that, unless otherwise prohibited by
         Applicable Law, the Board (and any committee thereof) shall act by
         majority vote of those Directors who are in attendance in person or by
         video conference. No Director shall have a second or casting vote. The
         Original Shareholders agree and undertake that they shall procure (to
         the extent that the same is within their respective powers and voting
         rights as Shareholders) that the transaction of the business of any
         committee of the Board shall be permitted only if (i) the Directors
         nominated by any Original Shareholder do not constitute a majority of
         the Directors in attendance and (ii) at least one (1) Director
         nominated by each of SC, Liberty Media and MS Holdings is in attendance
         but only for as long as that particular Original Shareholder has the
         right to appoint a Director. The Original Shareholders agree to vote in
         favour of a resolution amending the Articles to provide that if the
         appropriate number of Directors necessary for the transaction of
         business by the Board or any committee thereof is not satisfied on a
         first call of a meeting as prescribed in

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         Clause 3.8(b), the meeting shall be reconvened on the day being ten
         (10) business days thereafter (which may be shortened by the written
         consent of all Directors on the Board or such committee). In the event
         that, on a second call of such meeting, the appropriate number of
         Directors necessary for the transaction of business is not satisfied,
         the meeting shall be reconvened on the date being five (5) business
         days thereafter (which may be shortened by the written consent of all
         Directors on the Board or such committee). The Original Shareholders
         shall procure that notice of any such reconvened meeting be given to
         all Directors not in attendance at the prior inquorate meeting.

3.7      The roles of the Kaicho/Saiko-Keiei-Sekininsha and the Shacho shall be
         determined by the Board.

3.8      Save as otherwise provided in this Agreement, the Original Shareholders
         agree and undertake that they shall procure that the Company (so far as
         it is legally able) shall and the Original Shareholders shall exercise
         their respective powers and rights in relation to the Company so as to
         ensure that the Company shall:

         (a)      convene and hold a formal meeting of the Board at least once
                  in every period of three (3) months and the dates for the
                  Board meetings for each following calendar year shall where
                  possible be agreed by the Board at the last Board meeting in
                  each preceding calendar year and notified to all Directors;

         (b)      procure that not less than fourteen (14) days prior written
                  notice of any meeting of the Board shall be given to the
                  Directors, that every such notice shall be accompanied by a
                  written agenda (in Japanese and English) specifying the
                  business of such meeting (provided, however, that such
                  fourteen (14) day period may be shortened with the consents of
                  all Directors);

         (c)      be permitted to convene meetings of the Board by video
                  conference; and

         (d)      provide each Director with a management report and quarterly
                  financial report (in Japanese and English) each financial
                  quarter;

3.9      Meetings of the Board and any material committee thereof will be
         conducted in the English language. The Original Shareholders agree to
         procure that minutes of each meeting be prepared in both Japanese and
         English by the Company which shall distribute them to the Directors.

3.10     The entitlement of each of SC, Liberty Media and MS Holdings to
         nominate and maintain a certain number of Directors will vary according
         to its Combined Percentage Entitlement. A Combined Percentage
         Entitlement in the Company greater than twenty-five (25) percent will
         entitle that Original Shareholder to nominate three (3) Directors. An
         Combined Percentage Entitlement in the Company greater than ten (10)
         percent but not more than twenty-five (25) percent will entitle that
         Original Shareholder to nominate two (2) Directors. A Combined
         Percentage Entitlement in the Company of greater or equal to five (5)
         percent but not more than ten (10) percent will entitle that Original
         Shareholder to one (1) Director. A Combined Percentage Entitlement in
         the Company of less than five (5) percent shall not entitle that
         Original Shareholder to nominate a Director. If an Original Shareholder
         loses its right to maintain one or more Directors under Clause 3.10
         then currently serving on the Board, such Original Shareholder shall be
         required to procure the resignation of a Director from the Board and,
         such Original Shareholder shall procure that, in his or her
         resignation, each such Director shall deliver to the Company a letter
         acknowledging that he or she has no claim outstanding for fees or
         compensation for wrongful dismissal or unfair dismissal or

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         entitlement to any payment for redundancy or in respect of any other
         moneys or benefits due to him or her from the Company arising out of
         such resignation other than those arising or accrued prior to the
         effective date or such resignation.

4.       AGREEMENT TO PERFORM

         Each Original Shareholder agrees at all times to exercise its
         respective powers and votes as a shareholder of the Company to cause
         the election or removal of the Directors nominated by the Parties as
         provided herein and to ensure that (to the extent that the same is
         within such powers and voting rights) the Company takes all necessary
         or desirable actions to implement the arrangements envisaged by this
         Agreement.

5.       TRANSFER OF SHARES

5.1      The Original Shareholders agree and undertake that they shall procure
         that a Transfer of Shares may only be made or registered in accordance
         with this Agreement.

5.2      Nothing in this Agreement shall prevent an Original Shareholder from
         Transferring at any time all or part of its Shares to an Associate of
         such Original Shareholder. However, it shall be a precondition to any
         such transfer that:

5.2.1    Each of the other Original Shareholders is given written notice of the
         Transfer to the Associate ten (10) business days prior to such
         Transfer; and

5.2.1    the proposed transferee shall execute a Deed of Adherence in accordance
         with Clause 5.4.14; and

5.2.2    the transferring Original Shareholder (and Microsoft, in the case of MS
         Holdings, and LMC, in the case of Liberty Media, as guarantors) remains
         bound to this Agreement; and

5.2.3    the transferee does not cease to be an Associate.

5.3      Nothing in this Agreement shall prevent an Original Shareholder from
         Transferring all or part, of their Shares provided that they comply
         with Clause 5.4 below.

5.4      The following Clause 5.4 applies to Transfers of Shares other than
         pursuant to Clause 5.2:

5.4.1    If any Original Shareholder proposes to Transfer all or part of its
         Shares (such Original Shareholder being a "VENDOR") (other than
         pursuant to Clause 5.2) (a) in a Market Sale; or (b) any other sale to
         a third party it shall give notice in writing to the other Original
         Shareholders of such intent (a "TRANSFER NOTICE") offering the Sale
         Shares for sale to the other Original Shareholders (the "POTENTIAL
         PURCHASERS") at the Prescribed Price in cash (such Prescribed Price in
         the event of a Market Sale being the Market Value of the Sale Shares at
         the latest date on which a Potential Purchaser gives notice under
         Clause 5.4.2(a) or the last date the Vendor receives notice from a
         Shareholder Purchaser under Clause 5.4.3) and stating all other
         material terms and conditions of the proposed sale (collectively with
         the Prescribed Price, the "SALE TERMS").

5.4.2    The Transfer Notice shall require each Potential Purchaser to state in
         writing to the Vendor (with a copy to each of the other Potential
         Purchasers) within [thirty (30)] business days after the date on which
         it receives the Transfer Notice:

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         (a)      that it is willing to purchase its Relative Percentage
                  Entitlement in relation to the other Potential Purchasers of
                  the Sale Shares on the Sale Terms; or

         (b)      that it consents to the sale of the Sale Shares on the Sale
                  Terms (or at a price and on other terms and conditions at
                  least as favourable in all material respects to the Vendor as
                  the Sale Terms, taken as a whole and as provided in Clause
                  5.4.9).

         In the event that no notice is received by the Vendor from a Potential
         Purchaser within the said period of [thirty (30)] business days then
         the Potential Purchaser shall be deemed to have served a notice
         pursuant to Clause 5.4.2(b) at the end of such [thirty (30)] business
         day period.

5.4.3    If one or more (but less than all) of the Potential Purchasers gives
         notice (or is deemed to have given notice) under Clause 5.4.2(b) above,
         the Vendor, within five (5) business days of receipt of the last of
         such notices, shall offer the Sale Shares that the Potential
         Purchaser(s) could have purchased by giving notice under Clause
         5.4.2(a) (the "UNPURCHASED SALE SHARES") to the Potential Purchasers
         who gave notice under Clause 5.4.2(a) (each, a "SHAREHOLDER PURCHASER")
         who shall each respond in writing within ten (10) business days after
         the date on which it receives such notice stating the number of
         Unpurchased Sale Shares, if any, that it is willing to purchase on the
         Sale Terms.

5.4.4    In the event that no notice is received from a Shareholder Purchaser
         within the said period of ten (10) business days after the date on
         which it receives notice under Clause 5.4.3 then such Shareholder
         Purchaser shall be deemed to have declined the offer to purchase
         Unpurchased Sale Shares.

5.4.5    The Vendor shall, by notice within five (5) business days after receipt
         of the last notice from a Shareholder Purchaser pursuant to Clause
         5.4.3, allocate the Unpurchased Sale Shares in the following manner:

         (a)      if the amount of Unpurchased Sale Shares applied for is equal
                  to the total amount of Unpurchased Sale Shares, the Vendor
                  shall allocate to the Shareholder Purchasers the Unpurchased
                  Sale Shares in the amounts they have specified on the Sale
                  Terms; or

         (b)      if the amount of Unpurchased Sale Shares applied for is more
                  than the total amount of Unpurchased Sale Shares, each
                  Shareholder Purchaser shall be entitled to purchase on the
                  Sale Terms its Relative Percentage Entitlement in relation to
                  the other Shareholder Purchasers or such lesser amount for
                  which it may have applied, save that where such lesser amount
                  is applied for by a Shareholder Purchaser, the balance of such
                  Shareholder Purchaser's Relative Percentage Entitlement shall
                  automatically be allocated to each other Shareholder Purchaser
                  pro rata in accordance with its Relative Percentage
                  Entitlement or in such lesser amount as is necessary to equal
                  the amount specified by it until all the Unpurchased Sale
                  Shares are taken up; or

         (c)      if the amount of Unpurchased Sale Shares applied for is less
                  than the total amount of Unpurchased Sale Shares, the Vendor
                  shall, within five (5) business days after the end of the ten
                  (10) business day period referred to in Clause 5.4.4, notify
                  in writing each Shareholder Purchaser of the amount of the
                  shortfall and shall offer to them, for a final time, the
                  shortfall of the Unpurchased Sale Shares to be allocated with
                  the other Unpurchased Sale Shares in accordance with Clause
                  5.4.5(a) or (b) as the case may be (such offer to be accepted
                  by written notice to the Company within five (5)

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                  business days after the date on which they received
                  notification of the shortfall), failing which the Vendor shall
                  be entitled to Transfer all of the Sale Shares pursuant to
                  Clause 5.4.8.

5.4.6    Within the later of (i) twenty (20) business days after the latest date
         on which a Potential Purchaser gives notice under Clause 5.4.2(a) or,
         if Clause 5.4.3 applies, the last date on which a Shareholder Purchaser
         receives notice of the allocation of Unpurchased Sale Shares to it (the
         "NOTICE DATE") or (ii) five (5) business days after receiving all
         necessary regulatory clearances (if any), each Shareholder Purchaser
         shall complete the purchase from the Vendor of the Sale Shares so
         allocated to them on the Sale Terms. Notwithstanding anything to the
         contrary set forth herein, with respect to an offer made on the terms
         of a Market Sale pursuant to Clause 5.4.1, the Vendor shall be entitled
         at any time up to one (1) business day after the latest date on which
         notice from a Potential Purchaser under Clause 5.4.2(a) is received by
         the Vendor or the last date the Vendor receives notice from a
         Shareholder Purchaser under Clause 5.4.3 to withdraw its offer to
         Transfer the Sale Shares. On receipt of the purchase money, the Vendor
         shall be bound to transfer the allocated Sale Shares on the Sale Terms.
         The Shareholder Purchasers and the Vendor shall provide all information
         and take all steps necessary to make all necessary regulatory filings
         within twenty (20) business days after the Notice Date and shall use
         their commercially reasonable efforts to obtain all necessary
         regulatory clearances. If a Transfer to a Shareholder Purchaser
         pursuant to this Clause 5.4 would trigger a requirement on the
         Shareholder Purchaser to make a bid for Shares of other Shareholders,
         the Vendor will co-operate within commercially reasonable limits with
         such Shareholder Purchaser to allow such Shareholder Purchaser to
         structure the transfer of the Sale Shares in a manner that would avoid
         triggering such requirement, subject to the terms of this Agreement. No
         Shareholder Purchaser shall acquire Sale Shares if such Transfer would
         result in any other Original Shareholder being required to make an
         offer for Equity Securities of other Shareholders.

5.4.7    [Nothing in this Agreement shall prevent an Original Shareholder from
         appointing a nominee, reasonably acceptable to the other Original
         Shareholders to acquire the Sale Shares and any Unpurchased Sale. Such
         Shares shall remain subject to the limitations on Transfer set out in
         this Clause 5.]

5.4.8    In the event that (i) the Potential Purchasers do not elect to
         purchase, in the aggregate, one hundred percent (100%) of the Sale
         Shares or (ii) the Shareholder Purchasers do not complete the purchase
         of one hundred percent (100%) of the Sale Shares (other than as the
         result of a breach by the Vendor) on or before thirty (30) business
         days after the Notice Date (provided that this date may be extended for
         up to one hundred and eighty (180) days in the event that any required
         governmental clearances have not been obtained, or applicable waiting
         periods have not expired or terminated, provided that applications have
         been filed on or before the date specified in Clause 5.4.7, the Vendor
         shall be at liberty to sell the Sale Shares at any time within:

         (a)      (i) ninety (90) days in the event of a Transfer or group of
                  Transfers under Rule 144 of the US Securities Act of 1933 as
                  amended or any successor made thereof, or (ii) two hundred and
                  seventy (270) days in the event of a Transfer pursuant to a
                  registered offering under the Registration Rights Agreement,
                  or (iii) thirty (30) days in the event of an offering on the
                  Tokyo Stock Exchange, or

         (b)      one hundred and eighty (180) days in the event of any other
                  sale to a third party other than a Market Sale after the
                  expiry of:

                                       9
<PAGE>   12

         (x)      the period specified in Clause 5.4.2 if no Original
                  Shareholder gives notice under Clause 5.4.2(a); or

         (y)      the period specified in Clause 5.4.5(c); or

         (z)      the period described in Clause 5.4.8(ii) above,

         as the case may be.

5.4.9    A sale by the Vendor of the Sale Shares pursuant to Clause 5.4.8, shall
         be:

         (a)      in the event of a sale to a third party other than a Market
                  Sale at a price and on other terms and conditions at least as
                  favourable to the Vendor as the Sale Terms, taken as a whole,
                  in all material respects; or

         (b)      in the event of a Market Sale on whatever price and terms as
                  are determined under the Market Sale.

5.4.10   The consideration to be received for the sale of Sale Shares to a third
         party may be for consideration other than cash provided that:

         (a)      it gives written notice to the other Original Shareholders
                  stating the intended Market Value of the consideration to be
                  paid, the nature of the consideration and the date of the
                  agreement with respect to the Transfer of the Sale Shares; and

         (b)      the Market Value of the consideration (as of the date that the
                  agreement with respect to the Sale Shares was entered into) is
                  equal to or greater than the Prescribed Price (taking into
                  account the tax treatment of the non-cash consideration as
                  against cash). If the sale to the third party is in a tax-free
                  transaction, the Vendor may request that the savings to the
                  Vendor with respect to state, federal and foreign income or
                  similar taxes be taken into account in determining the Market
                  Value of the consideration to the extent that such savings are
                  reasonably demonstrated to the Potential Purchasers.

5.4.11   For the purposes of this Agreement, "MARKET VALUE" shall mean (i) in
         the case of securities of a class or series which is traded on an
         established market, the average of the closing sales price per share
         for the period of ten trading days ending on the trading day that is
         two trading days prior to the date of determination, as reported by the
         principal securities exchange or comparable organisation on which such
         class or series of stock is traded and (ii) in the case of other types
         of consideration, by agreement of the Parties, or if they cannot agree
         within ten (10) business days after the date on which they receive
         written notice under Clause 5.4.10(a), by an investment banking firm of
         international repute reasonably acceptable to the Parties or, if no
         such investment banking firm can be engaged within fifteen (15)
         business days after the date on which they receive written notice under
         Clause 5.4.10(a), in accordance with Clause 5.4.12.

5.4.12   If the Parties are unable to engage an investment banking firm that is
         reasonably acceptable to the Parties within fifteen (15) business days
         after the date on which they receive written notice under Clause
         5.4.10(a), the Market Value shall be ascertained by the following
         means:

         (a)      The Vendor shall nominate an investment bank within the next
                  five (5) business day period;

         (b)      The other Original Shareholders shall nominate another
                  investment bank within such five (5) business day period; and

                                       10
<PAGE>   13

         (c)      The two nominated banks shall then together nominate an
                  investment bank (the "APPRAISING BANK") to determine the
                  market value of the non-cash consideration.

5.4.13   Any transaction whereby an Original Shareholder (or any of its parent
         companies) ceases to be an Associate of its respective Parent, shall
         constitute an "INDIRECT TRANSFER" and shall be deemed a Transfer of
         Shares for the purposes of this Clause 5.

5.4.14   If an Original Shareholder (the "TRANSFEROR") proposes, subject to the
         restrictions set out in this Agreement, to Transfer all or part of its
         Shares to any person (the "TRANSFEREE") and on completion of such
         Transfer, the transferee will have a Combined Percentage Entitlement
         equal to fifteen percent (15%) or more, then it shall be a condition
         precedent to the effectiveness of such Transfer that the transferee,
         and, if required by any of the other Original Shareholders who
         reasonably consider it necessary, the transferee's ultimate parent as
         guarantor of the transferee's obligations thereunder, shall execute a
         deed of adherence in the form set out in Schedule 1.

5.5      All Shares Transferred pursuant to Clause 5.4 shall be transferred by
         the beneficial owner and free from all Encumbrances (except as may
         exist solely by virtue of this Agreement) together with all rights,
         benefits and advantages attached thereto as at the date of the Transfer
         of the Shares or deemed Transfer Notice except the right to any
         dividend the record date of which is prior to the date of the relevant
         Transfer of the Shares.

5.6      If, immediately upon completion of the Transfer of any Shares by any
         Vendor pursuant to the provisions of Clause 5.4 the Vendor shall have
         lost its entitlement to appoint one or more Directors as provided in
         Clause 3.10, the Vendor shall procure the resignation of the
         appropriate number of Directors appointed to the Board by the Vendor
         pursuant to Clause 3.10 without any claim for damages or compensation
         for loss of office of any kind whatsoever.

6.       NEW SHARES

6.1      Each of the Original Shareholders agrees and undertakes that it will
         only subscribe for new issuances of Securities (including, for the
         purposes of this Clause 6, any other securities convertible
         exchangeable or exercisable into Securities) if each of the other
         Original Shareholders is offered its Relative Percentage Entitlement of
         such Securities on the same terms.

6.2      The covenant of each Original Shareholder set out in Clause 6.1 shall
         not apply to any issuances by the Company as consideration for the
         acquisition by the Company or any of its subsidiaries of, or merger of
         the Company or any of its subsidiaries with, another business or
         entity.

7.       REGISTRATION RIGHTS

         Concurrently with the execution and delivery of this Agreement, the
         Parties and the Company are executing and delivering the registration
         rights agreement set out in Exhibit A to this Agreement (the
         "REGISTRATION RIGHTS AGREEMENT").

8.       TERMINATION

8.1      This Agreement shall continue in full force and effect from the date of
         this Agreement until the date upon which the Original Shareholders
         cease to have a collective Combined Percentage Entitlement of at least
         one third, whereupon this Agreement (with the exception

                                       11
<PAGE>   14

         of Clauses 8, 10, 11, 13, 14, 15, 16, 17, 18, 19, 20 and 22) shall
         automatically terminate with none of the Original Shareholders having a
         claim against the others save for any breach by an Original Shareholder
         prior to the date of termination.

9.       REPRESENTATIONS AND WARRANTIES

9.1      Each of the Parties hereto represents and warrants to each other that,
         as at the date hereof:

         (a)      it is a company duly incorporated and validly existing in all
                  respects under the laws of the jurisdiction of its
                  incorporation with full power and authority to own its assets
                  and to carry on its business as it is now being conducted and
                  no action has been taken or threatened (whether by it or, to
                  its knowledge, any third party) for or with a view to its or
                  their liquidation, receivership or analogous process;

         (b)      no litigation or administrative or arbitration proceeding
                  before or of any court, judicial, administrative or
                  Governmental Authority, arbitrator(s) or other body is taking
                  place, pending or threatened against any of its or their
                  respective assets which would be reasonably likely to have a
                  material adverse effect on its and its Associates business,
                  assets, condition or operations taken as a whole, or would be
                  reasonably likely to adversely affect its ability duly and
                  punctually to perform and observe all its obligations
                  hereunder.

10.      NO ASSIGNMENT

         No Party may assign its rights or obligations under this Agreement.

11.      WAIVERS, REMEDIES CUMULATIVE, AMENDMENTS, ETC.

11.1     No failure or delay by any of the Parties hereto in exercising any
         right, power or privilege under this Agreement shall operate as a
         waiver thereof nor shall any single or partial exercise by any of the
         Parties hereto of any right, power or privilege preclude any further
         exercise thereof or the exercise of any other right, power or
         privilege.

11.2     The rights and remedies herein provided are cumulative and not
         exclusive of any rights and remedies provided by law.

11.3     No provision of this Agreement may be amended, modified, waived,
         discharged or terminated, otherwise than by the express written
         agreement of the Parties nor may any breach of any provision of this
         Agreement be waived or discharged except with the express written
         consent of the Parties not in breach.

12.      INVALIDITY

         Should any provision of this Agreement be or become ineffective for
         reasons beyond the control of the Parties, the Parties shall use
         reasonable efforts to agree upon a new provision which shall as nearly
         as possible have the same commercial effect as the ineffective
         provision.

13.      COSTS

         Each of the Parties hereto shall pay its own costs, charges and
         expenses connected with the preparation and implementation of this
         Agreement and the transactions contemplated by it.

14.      NOTICES

                                       12
<PAGE>   15

         Any notice or other communication given or made under this Agreement
         shall be in writing in English and, without prejudice to the validity
         of any other method of service, may be delivered via facsimile or
         personally or by courier or by prepaid recorded delivery letter,
         addressed as follows:

         (a)      If to SC:

                  Sumitomo Corporation
                  1-2-2 Hitotsubashi
                  Chiyoda-ku, Tokyo 100-8601
                  Japan

                  Attention:   Tsuguhito Aoki,
                               General Manager,
                               CATV & Satellite Business Dept.
                  Fax:         +81 3 3217 7049

                  with a copy to:

                  Attention:   Naoki Saito,
                               Deputy General Manager,
                               Legal Dept.
                  Fax:         +81 3 3217 5277

         (b)      If to LMC, LJ or Liberty Japan:

                  Liberty Media International, Inc.
                  9197 South Peoria Street,
                  Englewood, Colorado 80112
                  USA

                  Attention:   Chief Financial Officer
                  Fax:         +1 720 875 4983

                  with copies to:

                  Attention:   Elisa Erickson
                  Fax:         +1 720 875 5858

                  and

                  Latham & Watkins,
                  99 Bishopsgate,
                  11th Floor
                  London  EC2M 3XF
                  United Kingdom

                  Attention:   David Miles
                  Fax:         +44 20 7374 4460

         (c)      If to Microsoft or MS Holdings:

                  Microsoft Corporation
                  One Microsoft Way

                                       13
<PAGE>   16

                  Redmond, Washington 98052-6399
                  USA

                  Attention:   Chief Financial Officer
                  Fax:         +1 (425) 936 2625

                  with a copy to:

                  Sullivan & Cromwell
                  125 Broad Street
                  New York, New York 10004

                  Attention:        Duncan C. McCurrach
                  Fax:              +1 212 558 3588

         or to such other address as the relevant addressee may hereafter by
         notice hereunder substitute.

14.2     Any such notice or other communication shall be deemed to have been
         duly served, given or made (i) in the case of posting, five (5)
         business days after the envelope containing such notice was posted; or
         (ii) in the case of delivery by courier, by written confirmation; or
         (iii) in the case of facsimile, by receipt of transmission
         confirmation.

15.      ENGLISH LANGUAGE

         Where this or any other English language agreement between the Parties
         or referred to herein is translated into Japanese for the convenience
         of the parties or some of them, the English language version
         hereof/thereof shall for all purposes be deemed to be the definitive
         and binding version thereof. Conversely where the Articles are
         translated into English for such convenience, the Japanese language
         version shall for all purposes be deemed to be the definitive and
         binding version thereof.

16.      GOVERNING LAW

         This Agreement shall be governed by and construed in accordance with
         the laws of Japan.

17.      DISPUTES

17.1     In the event of a disagreement among the Parties, including a
         disagreement regarding this Agreement, or any breach thereof, the
         Parties engaged in such disagreement shall use their commercially
         reasonable efforts to resolve such disagreement amicably and where
         applicable the Party in breach shall promptly take all reasonable steps
         to remedy such breach. If, at the end of thirty (30) days from
         notification to the other Parties of such disagreement or breach, no
         resolution has been reached the most senior executive officer (jomu) of
         each Party involved in the disagreement or alleging or contesting the
         breach will meet to resolve the matter. If they, too, are unable to
         reach a mutually agreeable resolution within thirty (30) days of the
         matter being referred to them any Party involved may elect that the
         matter will be arbitrated in accordance with Clause 17.2.

17.2     Any and all disputes with respect to which such authorised persons
         failed to reach a mutually agreeable resolution shall be finally and
         exclusively settled by arbitration conducted in London under UNCITRAL
         Arbitration Rules by three (3) arbitrators in the English language
         provided that nothing under this Clause 17.2 shall prevent a Party from
         seeking injunctive relief. The award shall be final and binding upon
         the Parties.

                                       14
<PAGE>   17

18.      ENTIRE AGREEMENT

         This Agreement and the Registration Rights Agreement replace, supersede
         and cancel as of the date of the IPO all other previous and
         contemporaneous arrangements, understandings, representations or
         agreements (including the two existing shareholders agreement entered
         into between the Original Shareholders, each dated 31 August, 2000)
         between the Original Shareholders either oral or written with respect
         to the subject matter of this Agreement and the Registration Rights
         Agreement and expresses and constitutes the entire agreement between
         the Original Shareholders (as a whole) with reference to the terms and
         conditions of the constitution and operation of the management of the
         business and affairs of the Company.

19.      NO PARTNERSHIP/AGENCY

         Nothing herein contained shall be construed or deemed to constitute a
         partnership or joint venture between the Parties and no Original
         Shareholder shall hold itself out as the agent of the other.

20.      EXECUTION

         This Agreement may be executed in counterparts (which may be exchanged
         by facsimile transmissions) each of which shall be an original and
         which together shall constitute one (1) document. Without prejudice to
         the foregoing, if this Agreement shall initially be exchanged by
         facsimile transmission as aforesaid the Original Shareholders shall as
         soon as reasonably possible thereafter arrange for the signature and
         exchange of original signed copies of this Agreement.

21.      GUARANTEE

21.1     LMC agrees that it will guarantee to the Original Shareholders (as a
         primary obligor and not as a surety only) the performance by Liberty
         Japan and LJ of all of their respective obligations from time to time
         in force under the terms of this Agreement for so long as either
         Liberty Japan or LJ or their Associates holds Equity Securities of the
         Company.

21.2     Microsoft agrees that it will guarantee to the Original Shareholders
         (as a primary obligor and not as a surety only) the performance by MS
         Holdings of all of its obligations from time to time in force under the
         terms of this Agreement for so long as MS Holdings or its Associates
         holds Equity Securities of the Company.

22.      NO THIRD PARTY BENEFICIARIES

         Nothing in this Agreement shall be deemed to make the Company, any
         Shareholder or other person who is not a Party hereto, a third party
         beneficiary under this Agreement.

IN WITNESS WHEREOF each of the undersigned has caused this Agreement to be
signed by its duly authorised officers as of the date first above written.

                                       15
<PAGE>   18

                                   SCHEDULE I

                                DEED OF ADHERENCE

THIS DEED OF ADHERENCE is made the           day of            200[ ]

BETWEEN:

(1)      SUMITOMO CORPORATION, a company incorporated in Japan whose principal
         place of business is at 1-2-2 Hitotsubashi, Chiyoda-ku, Tokyo 100-8601,
         Japan ("SC"); and

(2)      LIBERTY MEDIA CORPORATION, a company incorporated in the State of
         Delaware, United States of America, whose principal place of business
         in at 9197 South Peoria Street, Englewood, Colorado 80112 ("LMC"); and

(3)      LIBERTY JUPITER, INC., a company incorporated in the State of Delaware,
         United States of America, whose principal place of business is at 9197
         South Peoria Street, Englewood, Colorado 80112 ("LJ"); and

(4)      LIBERTY JAPAN, INC., a company incorporated in the State of Delaware,
         United States of America, whose principal place of business is at 9197
         South Peoria Street, Englewood, Colorado 80112] ("LIBERTY JAPAN"); and

(5)      MICROSOFT CORPORATION, a company incorporated in the State of
         Washington whose principal place of business is at One Microsoft Way,
         Redmond, Washington 98052-6399 ("MICROSOFT"); and

(6)      MICROSOFT HOLDINGS V, INC., a company incorporated in the State of
         Nevada whose principal place of business is at One Microsoft Way,
         Redmond, Washington 98052-6399 ("MS HOLDINGS").

(7)      [NEW SHAREHOLDER] (the "PROPOSED TRANSFEREE").

(8)      [GUARANTOR OF NEW SHAREHOLDER]

WHEREAS:

On [ ] day of [ ] 2001 the Original Shareholders entered into a Shareholders
Agreement (the "SHAREHOLDERS AGREEMENT") to which a pro forma version of this
Deed forms Schedule 1.

The Proposed Transferee wishes to have [Transferred/issued to him/her/it] [ ]
[ordinary] shares (the "SHARES") in the issued capital of the Company [from ]
and in accordance with the Shareholders Agreement has agreed to enter into this
Deed.

NOW THIS DEED WITNESSES as follows:

Interpretation

In this Deed, except as the context may otherwise require, all words and
expressions defined in the Shareholders Agreement shall have the same meanings
when used herein.

Covenants

The Proposed Transferee hereby covenants with the Original Shareholders.

                                       16
<PAGE>   19

()to adhere to and be bound by all the duties, burdens and obligations of terms
imposed pursuant to the provisions of the Shareholders Agreement and all
documents expressed in writing to be supplemental or ancillary thereto as if the
Proposed Transferee had been an original party to the Shareholders Agreement;
and

[()[FOR ASSOCIATES ONLY] that if at any time it ceases to be an Associate of the
Original Shareholder [or of LMC] [or of Microsoft] from which it is to receive
the Shares, it shall immediately Transfer the Shares back to the Original
Shareholder from which it received them.]

() The Proposed Transferee hereto represents and warrants to each of the parties
to the Shareholders Agreement that, as at the date hereof:

         () it is a company duly organised and validly existing in all respects
         under the laws of the jurisdiction of its organisation with full power
         and authority to own its assets and to carry on its business as it is
         now being conducted and no action has been taken or threatened (whether
         by it or, to its knowledge, any third party) for or with a view to its
         or their liquidation, receivership or analogous process;

         () no litigation or administrative or arbitration proceeding before or
         of any court, judicial, administrative or governmental authority,
         arbitrator(s) or other body is taking place, pending or threatened
         against or against any of its or their respective assets which would be
         reasonably likely to have a material adverse effect on its and its
         Associates business, assets, condition or operations taken as a whole,
         or would be reasonably likely to adversely affect its ability duly and
         punctually to perform and observe all its obligations hereunder;

Enforceability

Each Original Shareholder shall be entitled to enforce the Shareholders
Agreement against the Proposed Transferee and the Proposed Transferee shall be
entitled to all rights and benefits of an Original Shareholder under the
Shareholders Agreement in each case as if the Proposed Transferee had been a
party to the Shareholders Agreement.

Governing Law

This Deed of Adherence shall be governed by and construed in all respects in
accordance with the laws of Japan.

IN WITNESS WHEREOF this Deed of Adherence has been executed as a deed on the
date first above written.

                                       17
<PAGE>   20

SUMITOMO CORPORATION

By:

Its:

LIBERTY MEDIA CORPORATION

By:

Its:

LIBERTY JUPITER, INC.

By:

Its:

LIBERTY JAPAN, INC.

By:

Its:

MICROSOFT CORPORATION

By:

Its:

MICROSOFT HOLDINGS V, INC.

By:

Its:

                                       18<PAGE>   1

                                                                    EXHIBIT 10.1

                             DATED February 21, 2000

                     (1) JUPITER TELECOMMUNICATIONS CO., LTD

                                      -AND-

                    (2) JUPITER PROGRAMMING COMPANY CO., LTD

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

                          LONG TERM CARRIAGE AGREEMENT

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

                                LATHAM & WATKINS
                                 99 Bishopsgate
                                     London
                                    EC2M 3XF
                               Tel: 020 7710 1000
                               Fax: 020 7374 4460

<PAGE>   2

THIS AGREEMENT is made on the 21st day of February 2000

BETWEEN:

(1)     JUPITER TELECOMMUNICATIONS CO., LTD, a kabushiki kaisha organised in
        Japan, whose principal place of business is at 4-41-42 Higashi
        Ikebukuro, Toshima-ku, Tokyo 170-0013, Japan ("JCOM"); and

(2)     JUPITER PROGRAMMING COMPANY CO., LTD a kabushiki kaisha organised in
        Japan, whose principal place of business is at Tokyo Opera City Tower
        35F, 20-2, 3-chome, Nishi-Shinjuku, Shinjuku-ku, Tokyo 163-14 , Japan
        ("JPC").

WHEREAS:

(A)     JCom is a leading Multi-Systems Operator in Japan and JPC is involved in
        the programming of a number of Japanese television channels covering
        such genre as movies, sports, business news and shopping.

(B)     The parties intend to enter into a long term carriage agreement, whereby
        JCom shall carry cable television channels and services supplied by JPC.

IT IS AGREED as follows:

1.      DEFINITIONS

        Capitalised terms and expressions in this Agreement shall have the
        following meaning:

<TABLE>
<S>                                     <C>
        "CHANNELS"                      the Current Channels and the Future
                                        Channels, and each a "Channel";

        "CHANNEL PERFORMANCE"           the performance of a Channel as assessed
                                        by surveys conducted in accordance with
                                        recognised professional standards,
                                        including information on viewer
                                        satisfaction and other relevant data;

        "CURRENT CHANNELS"              CSN, Golf Network, Shop Channel, J
                                        Sports and Discovery Japan;

        "FUTURE CHANNELS"               any channel in which, during the Term of
                                        this Agreement, JPC takes a Significant
                                        Position;

        "LICENSE FEE"                   the license fee payable in relation to
                                        each Channel calculated, in the case of
                                        JCom, on a per subscriber basis as
                                        validated and agreed from time to time;

        "SIGNIFICANT POSITION"          control exercised through: (a) the
                                        direct or indirect ownership of twenty
                                        percent (20%) or more of the stock,
                                        shares or other voting
</TABLE>

                                       2
<PAGE>   3

<TABLE>
<S>                                     <C>
                                        interests; or
                                        (b) the direct or indirect ownership of
                                        stock, shares or other voting interests
                                        together with a contract for affiliate
                                        sales in relation to any undertaking
                                        that owns or operates programming of a
                                        cable television channel or is otherwise
                                        able to offer a cable television channel
                                        to a cable operator.

        "TERM"                          the term of the Agreement as set out in
                                        Clause 7.
</TABLE>

2.      CARRIAGE OF CHANNELS

        2.1    Subject to the terms of this Agreement, JCom agrees to carry and
               JPC agrees to exercise its Significant Position in favour of
               providing, each of the Current Channels for as long as JPC
               retains a Significant Position in such Current Channel.

        2.2    Subject to the terms of this Agreement, JCom agrees to carry and
               JPC agrees to exercise its Significant Position in favour of
               providing, each Future Channel in which JPC takes a Significant
               Position for as long as JPC retains a Significant Position in
               each Future Channel, provided that the initial proposed
               investment in each Future Channel shall be discussed with JCom
               before JPC invests to enable agreement to be reached between them
               in good faith.

        2.3    Subject to any licence granted in respect of sub-Clauses 2.1 and
               2.2 above, JPC retains all rights, title and interest in and to
               the Channels.

3.      QUALITY OF CHANNELS

        3.1    JPC agrees to use its best endeavours (within commercially
               acceptable limits) to ensure that each Channel is, and continues
               to be, of good quality and is better or not dissimilar in quality
               than other competing channels of a similar genre taking into
               account trends in the cable television industry.

        3.2    If the average Channel Performance over a period of twelve months
               is demonstrably worse than the previous twelve month period or is
               demonstrably worse as against the average Channel Performance of
               competing channels of a similar genre over a period of twelve
               months, JCom and JPC agree to meet to decide what action should
               be taken to improve the Channel Performance. Remedies may
               include, but shall not be limited to, changing the Channel
               content, modifying the marketing strategies, reviewing the
               License Fee for the Channel, changing the Channel's package or
               tier position or, if none of these provides a viable alternative,
               ultimately ceasing carriage of the Channel by JCom.

                                       3
<PAGE>   4

4.      LICENSE FEE

        4.1    For so long as JCom remains a leading provider of cable
               television channels in Japan, JCom shall be required to pay
               License Fee payments to JPC on no less favourable terms than are
               offered by JPC to any other cable operator unless specifically
               agreed otherwise by JCom. To the extent that JPC offers a License
               Fee to any party on better terms than those offered to JCom (save
               as agreed otherwise between JPC and JCom), JPC shall reimburse
               JCom an amount equal to the difference in monetary terms.

        4.2    In consideration of JPC's undertaking set out in Clause 3.1, JCom
               shall be required to pay License Fee payments to JPC on no less
               favourable terms to JPC than are offered by JCom to channels of a
               similar genre.

        4.3    Where License Fee payments cannot meet the requirements of both
               Clause 4.1 and 4.2, JPC and JCom shall discuss the Licence Fee to
               enable agreement to be reached between them in good faith.

        4.4    Within the Term and subject to Clause 3.2, JCom and JPC will meet
               to review the License Fee for each Channel every three years
               commencing on the date that the License Fee is agreed for that
               Channel. In evaluating the amount of the License Fee, the parties
               shall only take into consideration changes in costs or operating
               conditions for JCom and JPC that are significant.

5.      MARKETING AND BUSINESS CO-OPERATION

        5.1    The parties will meet at least twice each year during the Term to
               discuss marketing plans, joint marketing activities, business
               operations and any other activities leading to further
               development of business for both JCom and JPC.

6.      DIGITAL SERVICES DEVELOPMENT

        6.1    The parties agree to jointly develop interactive video services
               and PPV/NVOD for cable digital services.

        6.2    Each party agrees to assign senior and other staff on a fulltime
               or part time basis, as is considered appropriate by the parties,
               to an entity or group of entities involved in developing new
               content for digital carriage.

7.      TERM

        7.1    The initial term of this Agreement shall be 10 years following,
               which the Agreement shall be subject to automatic renewal for
               periods of 3 year, terminable by 3 month's notice in writing to
               the other party.

                                       4
<PAGE>   5

8.      VARIATION

        8.1    A variation of this Agreement is valid only if it is in writing
               and signed by or on behalf of JCom and JPC.

9.      ASSIGNMENT

        9.1    Neither party may assign or transfer or purport to assign or
               transfer any of its rights or obligations under this Agreement
               without the prior written consent of the other.

10.     GOVERNING LAW

        10.1 This Agreement shall be governed and construed by the laws of
             Japan.

        IN WITNESS WHEREOF the parties have executed this document on the date
first above written.

                                       5
<PAGE>   6

Signed by [       ]                         )
a duly authorised                           )
representative for                          )
and on behalf of                            ) /s/ T. Ishibashi
JUPITER                                     )
TELECOMMUNICATIONS CO., LTD                 )

Signed by [       ]                         )
a duly authorised                           )
representative for                          )
and on behalf of                            ) /s/ T. Moriizumi
JUPITER                                     )
PROGRAMMING                                 )
COMPANY CO., LTD                            )

                                       6

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