Document:

<PAGE>   1
                                                                   EXHIBIT 10.20
FROM:             CNBC SPORTS INTERNATIONAL LIMITED
                  56 Ennismore Gardens
                  Knightsbridge
                  London SW7 1AJ
                  ("CNBC SPORTS")

TO:     (1)       FOCUSED MEDIA LIMITED
                  Carndonagh (c/o Michael White, Solicitors)
                  County Donegal
                  Ireland
                  ("FOCUSED MEDIA")

        (2)       BEVERLEY HILLS LTD., INC
                  2100 Roswell Road
                  Suite 280c-628
                  Marietta
                  GA 30062
                  USA
                  ("BHL")

Dated:   31 August 1999

Dear Sirs

We refer to the agreement between CNBC Sports, Focused Media and BHL for inter
alia the purchase of airtime on the Non-US Channels by Focused Media, the
funding by BHL of the production by CNBC Sports of a weekly golf show and the
purchase of certain airtime on the US Channel by BHL ("THE AGREEMENT").

In consideration of the mutual agreements contained herein, the parties hereby
agree to amend the Agreement as follows with immediate effect:

1.       (a)     In Clause 2.1 of the Agreement, the reference to "1st June
                  1999" in the second and third lines shall be and is hereby
                  deleted and replaced with a reference to "1st October 1999".

         (b)      The parties agree that the "Non-US Inventory" shall consist:

                  (i)      during the period between 1 October 1999 and 31
                           December 1999, of such advertising spots during the
                           CNBC Feeds as may be agreed in writing between the
                           parties by not later than 10 September or, in the
                           absence of such agreement, the advertising spots
                           during the CNBC Feeds which are detailed in Schedule
                           3 to this letter; and

                  (ii)     during the period between 1 January 2000 and 30 June
                           2000, of such advertising spots during the CNBC Feeds
                           as may be agreed in writing between the parties by
                           not later than 15 December 1999 or, in the absence of
                           such agreement, a number of advertising spots of 30
                           seconds each during the CNBC Feeds which in each of
                           the calendar months of April, May and June 2000 is
                           equal to not less than three hundred and fifteen
                           (315) and which shall be

<PAGE>   2

                           allocated by CNBC Sports evenly across each such
                           month. This represents not less than six-sixteenths
                           of the total non-US airtime allotted for the campaign
                           during the period 1 October 1999 through 30 June
                           2000. In the absence of such agreement, no
                           advertising spots shall be provided in the calendar
                           months of January, February and March 2000.

                  Schedule 1 to the Agreement is hereby deleted.

         (c)      The parties further agree that until the full launch of
                  Focused Media's Web site the Non-US Inventory shall be
                  utilised in the form of a brand awareness campaign exhibiting
                  pre-launch promotions and thereafter (subject to the receipt
                  by CNBC Sports of reasonable prior written notice of such
                  launch) shall be utilised for the purpose of promoting
                  specific services of such Web site.

2.       The first sentence of Clause 2.3 shall be and is hereby deleted in its
         entirety and replaced with the following:

                  "In consideration of the sale of the Non-US Inventory, Focused
                  Media shall, and BHL shall procure that Focused Media shall,
                  pay to CNBC Sports the sum of one and a half million United
                  States Dollars (US$1,500,000). Notwithstanding the dates on
                  which the advertising spots comprising the Non-US Inventory
                  shall or are to be utilised, such sum shall be paid to CNBC
                  Sports in the following instalments which shall be received
                  by CNBC Sports in cleared funds by not later than 15.00 hours
                  (London time) on the following dates:

<TABLE>
<CAPTION>
                  Amount of Instalment                            Date
                  --------------------                            ----

                      <S>                                    <C>
                       US$100,000                             30 August 1999
                       US$200,000                             3 September 1999
                       US$400,000                             1 October 1999
                       US$400,000                             1 November 1999
                       US$400,000                             1 December 1999".
</TABLE>

3.       In Clause 3.1 of the Agreement, the words "during the Initial Period
         advertising spots on the US Channel as per the attached Schedule 2 (the
         "US Inventory")" shall be and are hereby deleted in their entirety and
         replaced with the words "during the period commencing upon 31 January
         2000 and ending on 31 July 2000 advertising spots on the US Channel up
         to the value of one million United States Dollars ("the US
         Inventory")".

4.       The first sentence of Clause 3.3 of the Agreement shall be and is
         hereby deleted in its entirety and replaced with the following:

                  "In consideration of the sale of the US Inventory, BHL shall
                  pay to CNBC Sports the sum of one million United States
                  Dollars (US$l,000,000) which shall be paid to and received by
                  CNBC Sports in full and in cleared funds by not later than
                  15.00 hours (London time) on 15th November 1999."

<PAGE>   3

5.       In Clause 4.1 of the Agreement, the words "on July 1st, 1999, August
         1st, 1999 and September 1st 1999" shall be and are hereby deleted and
         replaced with the words "on 1st November 1999, 1st December 1999 and
         7th January 2000".

6.       Provided that CNBC Sports has received in full and in cleared funds by
         not later than 15.00 hours (London time) on 3 September 1999 the sum of
         three hundred thousand United States Dollars (US$300,000) (comprising
         the first two installments set forth in paragraph 2 above) in
         consideration of the sale of the Non-US Inventory and provided further
         that BHL has performed its obligations under and in accordance with
         paragraph 10 below, CNBC Sports shall not later than 10 September 1999
         execute and deliver to BHL a letter in the form attached as Schedule 1
         to this letter agreement. For the avoidance of doubt, nothing contained
         in this paragraph shall discharge or relieve Focused Media or BHL in
         any way from any of their respective obligations under the Agreement.

7.       All capitalised words and expressions used in this letter agreement and
         defined in the Agreement shall, when used in this letter agreement,
         have the same meaning as in the Agreement.

8.       The existing Clause 12 of the Agreement shall be re-numbered as Clause
         12.1 and the heading of the said Clause 12 shall be changed to read
         "TAXES AND INTEREST". The following shall be and is hereby added as a
         new Clause 12.2:

         "12.2    If Focused Media or BHL fails to pay to CNBC Sports any sum
                  which is due to CNBC Sports under the Agreement on the due
                  date for payment of such sum, then without prejudice to any of
                  CNBC Sports' other rights and remedies Focused Media or (as
                  the case may be) BHL shall pay to CNBC Sports interest on such
                  amount at 3% above National Westminster Bank plc's base rate
                  from time to time in force. Such interest shall accrue from
                  day to day on such sum from the due date for payment until the
                  actual date of payment and shall accrue both before and after
                  the date of any judgment."

9.       Without prejudice to and without detracting in any way from any of the
         obligations of Focused Media and/or BHL under the Agreement (as amended
         by this letter agreement) which fall due to be performed after the date
         of this letter agreement, CNBC Sports hereby waives any claim which it
         may have against Focused Media and/or BHL as a result of any failure by
         Focused Media and/or BHL to pay to CNBC Sports any sum which has
         become due to CNBC Sports under the Agreement prior to the date of this
         letter agreement.

10.      Not later than 3 September 1999 BHL shall (a) procure that its
         directors shall pass at a duly convened and held meeting of its board
         of directors resolutions in the form attached as Schedule 2 to this
         letter agreement and (b) deliver to CNBC Sports a copy of such
         resolutions certified by its attorney to be a true copy of the original
         BHL acknowledges that CNBC Sports is entering into this letter
         agreement in reliance upon such resolutions being valid and effective.

11.      Save as hereby expressly amended, the Agreement shall continue in full
         force and effect unamended.

<PAGE>   4

12.      This letter agreement shall be governed by and construed in all
         respects in accordance with English law.

Please signify your agreement to and acceptance of the foregoing by signing and
returning to us the enclosed duplicate of this letter agreement.

Yours faithfully

/s/ [ILLEGIBLE]
---------------------------------------
for and on behalf of
CNBC SPORTS INTERNATIONAL LIMITED

Agreed and Accepted:                      Agreed and Accepted:

------------------------------------      ------------------------------------
duly authorised for and on behalf of      duly authorised for and on behalf of
FOCUSED MEDIA LIMITED                     BEVERLEY HILLS LTD., INC<PAGE>   1
                                                                   EXHIBIT 10.21

              THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE
               UPON THE EXERCISE OF THIS WARRANT ARE TRANSFERABLE
                  ONLY IN ACCORDANCE WITH PARAGRAPH H HEREOF.

            Void after 5:00 P.M., New York Time, on February 24, 2003

                               Warrant to Purchase
                                 100,000 Shares
                                 of Common Stock

                        WARRANT TO PURCHASE COMMON STOCK

This is to Certify That, FOR VALUE RECEIVED, Leon F. Willis, Jr. (the "Holder"),
is entitled to purchase, subject to the provisions of this Warrant, from Beverly
Hills Ltd., Inc., a Utah corporation, having an office at 16 N. Ft. Harrison,
Clearwater, FL 33755 (the "Company"), an aggregate of 100,000 shares (the
"Warrant Shares") of the Company's Common Stock, 0.001 par value ("Common
Stock") at a price of $7.00 per share (or such other price computed by applying
all adjustments made on or before February 24, 2003, in accordance with Section
F hereof, to $7.00 as if it had been the initial Exercise Price per share
hereunder) at any time on or after February 24, 1999 until 5:00 P.M. New York
Time, on February 24, 2003. The number of shares of Common Stock to be received
upon the exercise of this Warrant and the price to be paid for a share of Common
Stock may be adjusted from time to time as hereinafter set forth. The shares of
Common Stock deliverable upon such exercise, and as adjusted from time to time,
are hereinafter sometimes referred to as "Warrant Shares" and the exercise price
of a share of Common Stock in effect at any time and as adjusted from time to
time is hereinafter sometimes referred to as the "Exercise Price."

A.       EXERCISE OF WARRANT. Subject to the following conditions precedent and
         the provisions of Section H and I hereof, this Warrant may be exercised
         in whole or in part at any time or from time to time on or after
         February 24, 1999, and before 5:00 P.M. New York Time on February 24,
         2003, or, if either such day is a day on which banking institutions are
         authorized by law to close, then on the next succeeding day which shall
         not be such a day, by presentation and surrender hereof to the Company
         at any office maintained by it, or at the office of its Warrant Agent,
         if any, with the Purchase Form annexed hereto duly executed and
         accompanied by payment of the Exercise Price for the number of shares
         specified in such form. If this Warrant should be exercised in part
         only, the Company shall, upon surrender of this Warrant for
         cancellation, execute and deliver a new Warrant evidencing the rights
         of the Holder hereof to purchase the balance of the shares purchasable
         hereunder. Upon receipt by the Company of this Warrant at its office,
         or by the Warrant Agent of the Company at its office, in proper form
         for exercise, the Holder shall be deemed to be the holder of record of
         the shares of Common Stock issuable upon such exercise, notwithstanding
         that the stock transfer books of the Company shall

<PAGE>   2

         then be closed or that certificate representing such shares of Common
         Stock shall not then be actually delivered to the Holder.

B.       RESERVATION OF SHARES. The Company hereby agrees that at all times
         there shall be reserved for issuance and/or delivery upon exercise of
         this Warrant such number of shares of its Common Stock as shall be
         required for issuance of delivery upon exercise of this Warrant.

C.       FRACTIONAL SHARES. No fractional shares or scrip representing
         fractional shares shall be issued upon the exercise of this Warrant.
         With respect to any fraction of a share called for upon exercise
         hereof, the Company shall issue to the Holder the next whole share.

D.       EXCHANGE, ASSIGNMENT OR LOSS OF WARRANT. This Warrant is exchangeable,
         without expense, at the option of the Holder, upon presentation and
         surrender hereof to the company or at the office of the Warrant Agent
         for other Warrants of different denominations entitling the holder
         thereof to purchase in aggregate the same number of shares of Common
         Stock purchasable hereunder. The term Warrant as used herein includes
         any Warrants into which this Warrant may be divided or exchanged. Upon
         receipt by the Company of evidence reasonably satisfactory to it of the
         loss, theft, destruction, or mutilation of this Warrant, and (in the
         case of loss, theft or destruction) of reasonably satisfactory
         indemnification, and upon surrender and cancellation of this Warrant,
         if mutilated, the Company will execute and deliver a new Warrant of
         like tenor and date. Any such new warrant executed and delivered shall
         constitute an additional contractual obligation on the part of the
         Company, whether or not this Warrant so lost stolen, destroyed, or
         mutilated shall be at any time enforceable by anyone.

E.       RIGHTS OF THE HOLDER. The Holder shall not, by virtue here of, be
         entitled to any rights of a shareholder in the Company, either at law
         or equity, and the rights of the Holder are limited to those expressed
         in the Warrant and are not enforceable against the Company except to
         the extent set forth herein.

F.       STOCK DIVIDENDS, RECLASSIFICATION, REORGANIZATION, ANTI-DILUTION
         PROVISIONS, ETC. This Warrant is subject to the following further
         provisions:

         1.       In case, prior to the expiration of this Warrant by exercise
                  or by its terms, the Company shall issue any shares of its
                  Common Stock as a stock dividend or subdivide the number of
                  outstanding shares of Common Stock into a greater number of
                  shares, then, in either of such cases, the Exercise Price per
                  share of the Warrant Shares purchasable pursuant to this
                  Warrant in effect at the time of such action shall be
                  proportionately reduced and the number of Warrant Shares at
                  that time purchasable pursuant to this Warrant shall be
                  proportionately increased. In the event the Company shall
                  contract the number of outstanding shares of

<PAGE>   3

                  Common Stock by combining such shares into a smaller number of
                  shares, then, in such case, the Exercise Price per share of
                  the Warrant Shares purchasable pursuant to this Warrant in
                  effect at the time of such action shall be proportionately
                  increased and the number of Warrant Shares at that time
                  purchasable pursuant to this Warrant shall be proportionately
                  decreased. Any dividend paid or distributed upon the Common
                  Stock in stock of any other class of securities convertible
                  into shares of Common Stock shall be treated as a dividend
                  paid in Common Stock to the extent that shares of Common Stock
                  are issuable upon the conversion thereof.

         2.       In case, prior to the expiration of this Warrant by exercise
                  or by its terms, the Company shall be recapitalized by
                  reclassifying its outstanding Common Stock, no par value, into
                  stock with a different par value or by changing its
                  outstanding Common Stock with par value to stock without par,
                  the Company or a successor corporation shall be consolidated
                  or merge with or convey all or substantially all of its or of
                  any successor corporation's property and assets to any other
                  corporation or corporations (any such corporation being
                  included within the meaning of the term successor corporation
                  in the event of any consolidation or merger of any such
                  corporation with, or the sale of all or substantially all of
                  the property of any such corporation to, another corporation
                  or corporations), in exchange for stock or securities of a
                  successor corporation, the holder of this Warrant shall
                  thereafter have the right to purchase upon the terms and
                  conditions and during the time specified in this Warrant, in
                  lieu of the Warrant Shares theretofore purchasable upon the
                  exercise of this Warrant, the kind and amount of shares of
                  stock and other securities receivable upon such
                  recapitalization or consolidation, merger or conveyance by a
                  holder of the number of shares of Common Stock which the
                  holder of this Warrant might have purchased immediately prior
                  to such recapitalization or consolidation, merger or
                  conveyance.

         3.       Upon the occurrence of each event requiring an adjustment of
                  the Exercise Price and of the number of Warrant Shares
                  purchasable at such adjusted Exercise Price by reason of such
                  event in accordance with the provisions of this Section F.,
                  the Company shall compute the adjusted Exercise Price and the
                  adjusted number of Warrant Shares purchasable at such adjusted
                  Exercise Price by reason of such event in accordance with the
                  provisions of this Section F. and shall prepare a certificate
                  setting forth such adjusted Exercise Price and the adjusted
                  number of Warrant Shares and showing in detail the facts upon
                  which such conclusions are based. The Company shall mail
                  forthwith to each holder of this Warrant a copy of such
                  certificate, and thereafter said certificate shall be
                  conclusive and shall be binding upon such holder unless
                  contested by such holder by written notice to the Company
                  within thirty (30) days after receipt of the certificate by
                  such holder.

<PAGE>   4

         4.       In case:

                  (a)      the Company shall take a record of the holders of its
                           Common Stock for the purpose of entitling them to
                           receive a dividend or any other distribution in
                           respect of the Common Stock (including cash),
                           pursuant to without limitation, any spin-off,
                           split-off or distribution of the Company's assets; or

                  (b)      the Company shall take a record of the holders of its
                           Common Stock for the purpose of entitling them to
                           subscribe for or purchase any shares of stock of any
                           class or to receive any other rights; or

                  (c)      of any classification, reclassification or other
                           reorganization of the capital stock of the Company,
                           consolidation or merger of the Company with or into
                           another corporation, or conveyance of all or
                           substantially all of the assets of the Company; or

                  (d)      of the voluntary or involuntary dissolution,
                           liquidation or winding up of the Company;

                  then, and in any such case, the Company shall mail to the
                  Holder, at least twenty (20) days prior thereto, a notice
                  stating the date or expected date on which a record is to be
                  taken for the purpose of such dividend or distribution of
                  rights, or the date on which such classification,
                  reclassification, reorganization, consolidation, merger,
                  conveyance, dissolution, liquidation, or winding up is to take
                  place, as the case may be. Such notice shall also specify the
                  date or expected date, if any is to be fixed, as of which
                  holders of Common Stock of record shall be entitled to
                  participate in said dividend on distribution of rights, or
                  shall be entitled to exchange their shares of Common stock for
                  securities or other property deliverable upon such
                  classification, reclassification, reorganization,
                  consolidation, merger, conveyance, dissolution, liquidation,
                  or winding up, as the case may be. The failure to give such
                  notice shall not affect the validity of any such proceeding or
                  transaction and shall not affect the right of the holder of
                  this Warrant to participate in said dividend, distribution of
                  rights, or any such exchange and acquire the kind and amount
                  of cash, securities or other property as the Holder would have
                  been entitled to acquire if it was the record holder of the
                  Warrant Shares which could be obtained upon the exercise of
                  the Warrants immediately before such proceeding or
                  transaction; provided that, the Holder exercises the Warrants
                  within 30 days after discovery that such action or proceeding
                  has taken place.

         5.       In case the Company at any time while this Warrant shall
                  remain unexpired and unexercised, shall dissolve, liquidate,
                  or wind up its affairs, the holder of this Warrant may
                  thereafter receive upon exercise hereof in lieu of each share
                  of Common Stock of the Company which it would have been
                  entitled to receive, the same kind and amount of any
                  securities or assets as may be issuable, distributable

<PAGE>   5

                  or payable upon any such dissolution, liquidation or winding
                  up with respect to each share of Common Stock of the Company.

G.       OFFICER'S CERTIFICATE. Whenever the Exercise Price shall be adjusted as
         required by the provisions of the foregoing Section, the Company shall
         forthwith file in the custody of its Secretary at its principal office
         and with the Warrant agent, an officer's certificate showing the
         adjusted Exercise Price determined as therein provided, setting forth
         in reasonable detail the facts requiring such adjustment, including a
         statement of the number of additional shares of Common Stock, if any,
         the consideration for such shares, determined as such Section F.
         provided, and such other facts as shall be necessary to show the reason
         for and the manner of computing such adjustment. Each such officer's
         certificate shall be made available at all reasonable times for
         inspection by the holder and the Company shall, forthwith after each
         such adjustment, mail a copy of such certificate to the holder.

H.       TRANSFER TO COMPLY WITH THE SECURITIES ACT OF 1933. Neither this
         Warrant, the Warrant Shares, nor any other security issued or issuable
         upon exercise of this Warrant may be sold or otherwise disposed or
         except as follows:

         1.       to a person who, in the opinion of counsel reasonably
                  satisfactory to the Company, is a person to whom the Warrant
                  or Warrant Shares may legally be transferred without
                  registration and without the delivery of a current prospectus
                  under the Securities Act of 1933, as amended (the "Act") with
                  respect thereto and then only against receipt of an agreement
                  of such person to comply with the provisions of this Section
                  H. with respect to any resale or other disposition of such
                  securities; or

         2.       to any person upon the filing of a Registration Statement
                  under the Act and delivery of a prospectus then meeting the
                  requirements of the Act relating to such securities and the
                  offering thereof for such sale or disposition.

I.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

         The Company represents and warrants to the holder as follows:

         1.       The Company is duly organized and, as of the date of the
                  original issuance hereof, validly existing and in good
                  standing under the laws of the state of Utah.

         2.       The Company shall at all times reserve and keep available out
                  of its authorized shares of Common Stock, solely for the
                  purpose of issuing Warrant Shares upon the exercise of this
                  Warrant, such shares as may be issuable upon the exercise
                  hereof.

         3.       Warrant Shares, when issued and paid for in accordance with
                  the terms of this Warrant, will be fully paid and not
                  assessable.

<PAGE>   6

         4.       This Warrant has been duly authorized and approved by all
                  required corporate action by the Company and does not violate
                  the certificate of incorporation or by-laws of the Company.

                                             BEVERLY HILLS LTD., INC.

[CORPORATE SEAL]

                                             By:  /s/ Marc Barhonovich
                                                -------------------------------
                                                Marc Barhonovich, President

                                             Signed:  December 16, 1999

                                             Issued as of:  February 24, 1999

ATTEST:

/s/ Leon F. Willis Jr.
----------------------------------------
Leon F. Willis, Acting Secretary

Dated:  12/16/99

<PAGE>   7

                                  PURCHASE FORM
                                 TO BE EXECUTED
                            UPON EXERCISE OF WARRANTS

TO:      Beverly Hills Ltd., Inc.
         16 N. Ft. Harrison
         Clearwater, FL  33755

         The undersigned hereby exercises, according to the terms and conditions
thereof, the right to purchase ___________ Shares of Common Stock, evidenced by
the within Warrant Certificate, and herewith makes payment of the purchase price
in full,

         Dated:
               ------------------------------------------------
         Name:
              -------------------------------------------------
         Address:
                 ----------------------------------------------
         Signature:
                   --------------------------------------------

         UPON EXERCISE OF THIS WARRANT PAYMENT SHOULD BE MADE TO THE ORDER OF
BEVERLY HILLS LTD., INC.

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