Document:

EXHIBIT 10.23

                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                           REQUESTED BY
                                                  PLAY BY PLAY TOYS & NOVELTIES,
                                                               INC.
                                                --------------------------------

           CERTAIN PORTIONS OF THIS EXHIBIT, MARKED AS "*REDACTED*,"
                HAVE BEEN OMITTED HEREFROM AND FILED SEPARATELY
                  WITH THE COMMISSION BASED UPON A REQUEST FOR
                             CONFIDENTIAL TREATMENT.

                                November 10, 2000
                                  AMENDMENT #5

Raymond Braun
PLAY-BY-PLAY TOYS & NOVELTIES, INC.
4400 Tejasco
San Antonio, TX  78218

RE:  WARNER BROS. LICENSE AGREEMENT #8700-BLT (BABY LOONEY TUNES)

Gentlemen:

This letter when fully executed shall formally amend the above-referenced
License Agreement, dated September 10, 1997, as amended, relative to certain
rights owned and controlled by Warner Bros.

By our mutual execution hereof, it is agreed as follows:

1.    PARAGRAPH 1 (D) "TERM": The Term is hereby extended for an additional two
      (2) year period, *REDACTED*. Notwithstanding anything to the contrary set
      forth in this Agreement, effective January 1, 2000, all rights granted to
      Licensee hereunder for all Licensed Products shall be *REDACTED*.

2.    PARAGRAPH 1 (F) "GUARANTEED CONSIDERATION": is hereby amended as follows:

      Licensor hereby acknowledges receipt of ($*REDACTED*) of the original
      ($*REDACTED* Guaranteed Consideration. The remaining balance of the
      Guaranteed Consideration of ($*REDACTED*) is payable in United States
      dollars as follows:

      ($*REDACTED*) payable on or before December 31, 2000;

      ($*REDACTED*) payable on or before March 31, 2001;

      ($*REDACTED*) payable on or before June 30, 2001;

      ($*REDACTED*) payable on or before September 30, 2001;

      ($*REDACTED*) payable on or before December 31, 2001;

      ($*REDACTED*) payable on or before March 31, 2002;

      ($*REDACTED*) payable on or before June 30, 2002; and

      ($*REDACTED*) payable on or before September 30, 2002.

<PAGE>
                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                           REQUESTED BY
                                                  PLAY BY PLAY TOYS & NOVELTIES,
                                                               INC.
                                                --------------------------------

   It is understood and agreed that, effective upon execution of this Amendment,
   the Guaranteed Consideration shall not be allocated by Region and shall be
   cross-collateralized among all the Regions.

3.    PARAGRAPH 1 (H) "CHANNELS OF DISTRIBUTION": is hereby amended by deleting
      Schedule B-2 in its entirety and replacing it with the revised Schedule
      B-2 attached to this Amendment.

4.    PARAGRAPH 14 "TERMINATION BY LICENSOR": is hereby amended by adding a new
      subparagraph 14 (c ) as follows:

      (c) Notwithstanding anything to the contrary contained herein, and in
      addition to Licensor's right to terminate this Agreement in the event of a
      default of Licensee, Licensor shall have the right to terminate this
      Agreement at any time, without cause, upon thirty (30) days prior written
      notice to Licensee. In the event of such a termination by Licensor without
      cause:

         (i)    Licensee shall be entitled to its ordinary Sell-Off Period, as
                provided in Paragraph 15 below;

         (ii)   Licensee shall, upon the effective date of such termination, pay
                to Licensor the pro-rated portion of the Guaranteed
                Consideration payment due at the end of the calendar quarter in
                which the effective date of the termination occurs, such
                pro-rated portion to be calculated by dividing the number of
                days in the quarter prior to and including the effective date of
                the termination, by the total number of days in the quarter. By
                way of example, if Licensor gives notice of termination to
                Licensee on April 15, 2002, such termination shall be effective
                on May 15, 2002. In such case, Licensee shall pay to Licensor,
                on or before May 15, 2002, a pro-rated portion of the payment
                due on June 30, 2002, which pro-rated portion shall be equal to
                ($*REDACTED*) (calculated as follows:

                *REDACTED*; and

         (iii)  Licensee shall not be obligated to pay the remaining Guaranteed
                Consideration payments due in calendar quarters after the
                effective date of the termination.

5.    PARAGRAPH 16 "MCDONALD'S SPACE JAM PLUSH ("SJ PLUSH")": is hereby amended
      as follows:

      Licensor hereby acknowledges receipt of ($*REDACTED*) with respect to the
      SJ Plush units acquired from McDonald's. The remaining balance of
      ($*REDACTED*) due in connection with the SJ Plush is payable in US Dollars
      as follows:

      ($*REDACTED*) payable on or before November 15, 2000;

      ($*REDACTED*) payable on or before December 15, 2000;

      ($*REDACTED*) payable on or before January 15, 2001;

      ($*REDACTED*) payable on or before February 15, 2001;

      ($*REDACTED*) payable on or before March 15, 2001;

      ($*REDACTED*) payable on or before April 15, 2001;

      ($*REDACTED*) payable on or before May 15, 2001;

      ($*REDACTED*) payable on or before June 15, 2001;

      ($*REDACTED*) payable on or before July 15, 2001;

<PAGE>
                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                           REQUESTED BY
                                                  PLAY BY PLAY TOYS & NOVELTIES,
                                                               INC.
                                                --------------------------------

      ($*REDACTED*) payable on or before August 15, 2001;

      ($*REDACTED*) payable on or before September 15, 2001;

      ($*REDACTED*) payable on or before October 15, 2001;

      ($*REDACTED*) payable on or before November 15, 2001;

      ($*REDACTED*) payable on or before December 15, 2001;

      ($*REDACTED*) payable on or before January 15, 2002;

      ($*REDACTED*) payable on or before February 15, 2002;

      ($*REDACTED*) payable on or before March 15, 2002;

      ($*REDACTED*) payable on or before April 15, 2002;

      ($*REDACTED*) payable on or before May 15, 2002;

      ($*REDACTED*) payable on or before June 15, 2002;

      ($*REDACTED*) payable on or before July 15, 2002;

      ($*REDACTED*) payable on or before August 15, 2002;

      ($*REDACTED*) payable on or before September 15, 2002; and

      ($*REDACTED*) payable on or before October 15, 2002;

   It is understood and agreed that the foregoing payment obligations set forth
   in this Paragraph 16 shall survive any early termination of this Agreement.
   In the event of a termination of this Agreement by Licensor, without cause,
   as set forth in Paragraph 14 (c) of this Agreement, Licensee shall have a
   continuing obligation to make all such payments in accordance with the
   payment schedule set forth in this Paragraph 16. In the event of a
   termination of this Agreement by Licensor due to a default by Licensee, all
   such payments shall be accelerated and immediately due and payable as
   provided in Paragraph 14 (b).

In all other respects, other than as noted above the subject License Agreement
and all of its terms and conditions shall continue to govern our relationship.
Capitalized terms used herein and not otherwise defined herein shall have the
meaning set forth in the License Agreement.

This letter shall have no legal effect unless and until signed by all parties
noted below.

LICENSOR                                  LICENSEE:
WARNER BROS. CONSUMER PRODUCTS            PLAY-BY-PLAY TOYS & NOVELTIES, INC.
A division of Time Warner
Entertainment Company L.P., on
Behalf of itself and as Agent
For Warner Bros.  A division of
Time Warner Entertainment Company L.P.
By: __________________________________    By: ______________________________
       Gary R. Simon
       Senior Vice President              Its: ______________________________
       Business and Legal Affairs
Date: _________________________________   Date: _____________________________

<PAGE>
                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                           REQUESTED BY
                                                  PLAY BY PLAY TOYS & NOVELTIES,
                                                               INC.
                                                --------------------------------

                         #8700-BLT ("BABY LOONEY TUNES"-
                                  SCHEDULE B-2

                  CHANNELS OF DISTRIBUTION - ASIS/PACIFIC RIM

Department Stores

Specialty Stores

Gift Stores *REDACTED*

Toy Stores

Mass Retailers (where applicable)EXHIBIT 10.24

                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                          REQUESTED BY
                                                 PLAY BY PLAY TOYS & NOVELTIES,
                                                            INC.
                                                --------------------------------

         CERTAIN PORTIONS OF THIS EXHIBIT, MARKED AS "*REDACTED*,"
              HAVE BEEN OMITTED HEREFROM AND FILED SEPARATELY
                WITH THE COMMISSION BASED UPON A REQUEST FOR
                             CONFIDENTIAL TREATMENT.

                                November 10, 2000
                                  AMENDMENT #4

Raymond Braun
PLAY-BY-PLAY TOYS & NOVELTIES, INC.
4400 Tejasco
San Antonio, TX  78218

RE:   WARNER BROS. LICENSE AGREEMENT #68116

Gentlemen:

This letter when fully executed shall formally amend the above-referenced
License Agreement, dated January 1, 1998, as amended, relative to certain rights
owned and controlled by Warner Bros.

By our mutual execution hereof, it is agreed as follows:

1.   PARAGRAPH 1(A) "LICENSED PROPERTY": is hereby amended as follows:

         Notwithstanding anything to the contrary contained herein:

      (a)   The "Licensed Property" with respect to Licensed Products
            distributed through the TOY CHANNELS shall be limited to the
            specific properties listed in Exhibit 1 attached to this Amendment
            and incorporated herein by reference (the "Exhibit 1 Properties")
            only;

      (b)   The "Licensed Property" with respect to Licensed Products
            distributed through the AMUSEMENT CHANNELS shall be limited to the
            specific properties listed in Exhibit 2 attached to this Amendment
            and incorporated herein by reference (the "Exhibit 2 Properties")
            only:

      (c)   The "Licensed Property" with respect to MANUFACTURING rights for
            Licensed Products for the Toy Channel and the Gift Channel (as
            provided in Paragraphs 6 (a) - (b) of this Amendment) shall be
            limited to the Exhibit 2 Properties.

2.    PARAGRAPH 1 (B) "TERRITORY":  is hereby amended as follows:

      Notwithstanding anything to the contrary contained herein:

      (a)   The Territory for the TOY CHANNELS shall be limited to the countries
            listed in Exhibit 3 attached to this Amendment and incorporated
            herein by reference (the "Exhibit 3 Countries") only;

      (b)   The Territory for the AMUSEMENT CHANNELS shall be limited to the
            Exhibit 3 Countries only; and

      (c)   The Territory for MANUFACTURING rights for the Toy Channels and the
            Gift Channels (as provided in Paragraphs 6 (a) - (b) of this
            Amendment) shall be limited to the countries listed in Exhibit 4
            attached to this Amendment and incorporated herein by reference (the
            "Exhibit 4 Countries").

<PAGE>
                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                          REQUESTED BY
                                                 PLAY BY PLAY TOYS & NOVELTIES,
                                                            INC.
                                                --------------------------------

3.    PARAGRAPH 1 ( C) "LICENSED PRODUCT (S)": is hereby amended by adding the
      following Licensed Products for distribution through the AMUSEMENT
      CHANNELS only:

      (V)   ARTICLES 5 "INFLATABLES AND NOVELTIES":

            *REDACTED*

            Articles 1, 2, 3, 4, and 5 shall be referred to separately and
            collectively herein as the "Licensed Product (s)".

4.    PARAGRAPH 1 (D) "GUARANTEED CONSIDERATION": is hereby amended as follows:

      (a)   Licensor hereby acknowledges receipt of ($*REDACTED*) of the
            original ($*REDACTED*) Guaranteed Consideration. The sum of the
            remaining balance of the Guaranteed Consideration of ($*REDACTED*),
            plus overage royalties of ($*REDACTED*) due for the Amusement
            Channels, which sum equals ($*REDACTED*) shall constitute a flat fee
            (the "Flat Fee"), and shall be payable in United States dollars as
            follows:

            ($*REDACTED*) payable on or before December 31, 2000;

            ($*REDACTED*) payable on or before March 31, 2001;

            ($*REDACTED*) payable on or before June 30, 2001;

            ($*REDACTED*) payable on or before September 30, 2001;

            ($*REDACTED*) payable on or before December 31, 2001;

            ($*REDACTED*) payable on or before March 31, 2002;

            ($*REDACTED*) payable on or before June 30, 2002; and

            ($*REDACTED*) payable on or before September 30, 2002.

      (b)   On or before November 22, 2000, Licensee shall provide to Licensor a
            security instrument in the form of an irrevocable insurance bond
            issued by Amwest Surety Insurance Company (provided that all
            reinsurers must comply with the financial characteristics as
            described in the letter attached to this Amendment as Exhibit 5) in
            the amount of ($*REDACTED*) (the "Security Instrument"), of which
            (a) ($*REDACTED*) shall be security against the Guaranteed
            Consideration under this Agreement under this Agreement, and (b)
            ($*REDACTED*) shall be security against the Guaranteed Consideration
            under License Agreement #90248 between Licensor and Licensee.

            In the event the Security Instrument is not delivered to Licensor as
            provided herein, this Amendment shall be null and void and of no
            force or effect.

      (c)   Licensee agrees that the *REDACTED* executed in connection with this
            Agreement shall be amended as follows: *REDACTED*. Licensee shall
            deliver documentation for the foregoing amendments to the
            *REDACTED*, in a form acceptable to Licensor, no later than November
            30, 2000, and for the new price under (B) above within ten (10)
            business days following determination of the new price.

5.    PARAGRAPH 1 (G) "ROYALTY RATE": is hereby deleted in its entirety.

6.    PARAGRAPH 1 (E) "TERM":  The Term is hereby extended as follows:

<PAGE>
                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                          REQUESTED BY
                                                 PLAY BY PLAY TOYS & NOVELTIES,
                                                            INC.
                                                --------------------------------

      (a)   For the AMUSEMENT CHANNELS: An additional two (2) year period,
            *REDACTED*

      (b)   For the TOY CHANNELS: An additional nine (9) month period,
            *REDACTED*; and

      (c)   For MANUFACTURING rights for the Toy Channel and the Gift Channel
            (as provided in Paragraphs 6 (a) - (b) of this Amendment): An
            additional one (1) year period, *REDACTED*.

      Notwithstanding anything to the contrary set forth in this Agreement,
      effective January 1, 2000, all rights granted to Licensee under this
      Agreement for all Licensed Products shall be on a *REDACTED*, except
      rights with respect to Articles 1 and Articles 2 in the Amusement Channels
      shall *REDACTED* throughout the Term.

7.    PARAGRAPH 1 (H) "DISTRIBUTION CHANNELS": is hereby amended as follows:

      Effective as of the execution of this Amendment, *REDACTED*. Effective
      January 1, 2001, *REDACTED*, provided, however, that for the period
      January 1, 2001 through December 31, 2001:

      (a)   Licensee shall have *REDACTED* which may be nominated by Licensor in
            the Exhibit 4 Countries for the Exhibit 2 Properties only in the Toy
            Channels and Gift Channels; and

      (b)   Licensee shall have *REDACTED* which may be nominated by Licensor
            for the Exhibit 2 Properties only. Such plush may only be supplied
            in open card tray format (mass style) to non-EU countries only and
            is subject to approval by Licensor on a case-by-case basis.

      Effective January 1, 2000, the Toy Channels shall be limited to mass
      market Toy Channels only.

8.    PARAGRAPH 4 "CONSIDERATION": is hereby deleted in its entirety and
      replaced with the following:

      (a)   "The Flat Fee paid by Licensee shall not be applied or accrue
            against any royalties. No part of the Flat Fee shall be repayable to
            Licensee.

      (b)   Intentionally omitted.

      (c)   Sales shall be reported as set forth in Paragraph 5 (a). It is a
            material term and condition of this Agreement that sales be broken
            down by (1) Licensed Product, (2) country, (3) Licensed Property,
            and (4) Distribution Channel. In the event Licensee fails to do so,
            Licensor shall have the right to terminate this Agreement. Licensor
            shall also have the right to require Licensee to report sales on a
            retailer-by-retailer basis.

      (d)   Intentionally omitted.

      (e)   Licensee shall pay all taxes, customs, duties, assessments and other
            charges levied upon the importation of or assessed against the
            Licensed Products under this Agreement, as well as all Licensee's
            costs of doing business and Licensor shall have no liability
            therefor.

      (f)   Intentionally omitted."

9.    PARAGRAPH 5 "PERIODIC STATEMENTS":  is hereby amended as follows:

   Notwithstanding anything to the contrary contained herein, Licensee shall not
   be required to include any references to royalties in the periodic statements
   hereunder. Licensee shall continue to report all sales in the manner required
   hereunder.
<PAGE>
                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                          REQUESTED BY
                                                 PLAY BY PLAY TOYS & NOVELTIES,
                                                            INC.
                                                --------------------------------

In all other respects, other than as noted above the subject License Agreement
and all of its terms and conditions shall continue to govern our relationship.
Capitalized terms used herein and not otherwise defined herein shall have the
meaning set forth in the License Agreement.

This letter shall have no legal effect unless and until (a) it is signed by
Licensee and delivered to Licensor no later than November 14, 2000, and (b) it
is thereafter signed by Licensor.

LICENSOR                               LICENSEE:
WARNER BROS. CONSUMER PRODUCTS         PLAY-BY-PLAY TOYS & NOVELTIES,
A division of Time Warner              INC.
Entertainment Company L.P., on
Behalf of itself and as Agent
For Warner Bros.  A Division of
Time Warner Entertainment Company L.P.
By:__________________________________  By:________________________________
     Gary R. Simon
     Senior Vice President             Its:________________________________
     Business and Legal Affairs
Date:_________________________________ Date:_______________________________

                                    EXHIBIT 1

         (i)         *REDACTED* (as defined in Schedule A-1);
         (ii)        *REDACTED* (as defined in Schedule B-4);
         (iii)       *REDACTED* (as defined in Schedule B-5);
         (iv)      *REDACTED* (as defined in Schedule B-6); and
         (v)         *REDACTED* (as defined in Schedule B-9).

                                    EXHIBIT 2

                  (i)    *REDACTED* (as defined in Schedule A-1);
                 (ii)    *REDACTED* (as defined in Schedule B-3);
                 (iii)    *REDACTED* (as defined in Schedule B-4);
                 (iv)    *REDACTED* (as defined in Schedule B-5);
                (v)    *REDACTED* (as defined in Schedule B-6); and
                 (vi)     *REDACTED* (as defined in Schedule B-9).

                                    EXHIBIT 3

            UK, Eire, France, Germany, Italy, Spain, Portugal, Iceland, Belgium,
            The Netherlands, Luxembourg, Greece, Denmark, Sweden, Finland,
            Switzerland, Austria, Norway, Yugoslavia, Russia, Turkey, Poland,
            Cyprus, Malta, Hungary, Czech Republic & Slovakia, Rumania, Croatia,
            Bulgaria, Israel and South Africa

<PAGE>
                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                          REQUESTED BY
                                                 PLAY BY PLAY TOYS & NOVELTIES,
                                                            INC.
                                                --------------------------------

                                    EXHIBIT 4

            All countries within Europe, Middle East and Africa (as defined in
            Exhibit 3 of the Agreement), EXCEPT those countries listed in
            Exhibit 3 of this Amendment.

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