Document:

EXHIBIT 10.33

                        SHARES PLEDGE CONTRACT # 93227/Z

Moscow                                                        September 03, 2004

     OPEN JOINT-STOCK COMPANY "ALPHA-BANK", hereinafter referred to as the
"Pledgee", in the person of Director on crediting corporate clients Mr.
Silvestrov A.K., acting the basis of the Power of attorney # 01/1489D dated
23.08.2004, on the one hand, and STORYFIRST COMMUNICATIONS, INC., hereinafter
referred to as the "Pledgor", in the person of the Chief Executive Officer Mr.
Rodnyansky A.E., acting on the basis of the Resolution of the Board of directors
dated February 25, 2004, on the other hand, hereinafter jointly referred to as
the "Parties", have concluded the present Contract as follows:

                           1. SUBJECT OF THE CONTRACT

     1.1. In accordance with the Contract on # 93227 on opening the credit line
in the foreign currency dated September 03, 2004 concluded between Closed
joint-stock company "Network of television stations", hereinafter referred to as
the "Obligator", and the Pledgee (hereinafter referred to as the "Credit
contract"), the Pledgee has opened a credit line within which the Obligator is
entitled to obtain credits pursuant to the Additional agreements concluded
between the Pledgee and the Obligator for the general amount (further - the
"Withdrawal limit") of not more 40,000,000.00 (forty million 00/100) US Dollars
with the following scheme of decreasing the limit sum.

     o  40,000,000.00 (forty million 00/100) US Dollars from the first up to
        twelfth month of the Credit line valid term;

     o  20,000,000.00 (twenty million 00/100) US Dollars from the thirteenth up
        to termination of the Credit line valid term.

     Date of granting of the Credit: September 03, 2004.

     Date of repayment of the Credit: March 03, 2006.

     1.1.1. The Obligator shall pay to the Pledgee for using Credits the
interest (further the "Interest") under the rate established in corresponding
Additional agreements for the period from the date of granting each Credit up to
the date of repayment of debts under each Credit in full, but not later than the
date of repayment of each Credit, specified in paragraph 1 of the corresponding
Additional agreement.

     1.1.2 Interest Charge shall be carried out starting from the date following
the date of granting each Credit.

     1.1.3. The Interest shall be paid by the Obligator on a monthly basis, on
the 25th of each month for actual amount of days of using the Credits, hereunder
a year shall be recognized to be equal to 365 or 366 days in conformity with the
real number of calendar days in a year. Last payment of Interest shall be made
on the date of closing the Credit line.

     Interest payment date shall be understood as the date of transfer of the
Interest sum to the account of the Pledgee.

     1.1.4. The Obligator shall be entitled to pre-term repayment of the Credits
granted within the limits of the Credit Contract, if otherwise is not stipulated
in the corresponding Additional agreements to the Credit contract.

     1.1.5. In case of untimely repayment of the principal debt and/or payment
of the Interest, the Obligator shall pay to the Pledgee the penalty at the rate
of 0.1 % (one tenth) of the sum of untimely repaid principal debt duty and/or
the Interest per every day of the delay in repayment of the debts.

     1.1.6. The Pledgee shall be entitled to terminate the Credit contract
unilaterally in pre-term and/or collect the debt under the Credits in the
following cases:

     a. Delay in payment of the calculated interest (in full or in part) more
        than for 2 (two) months;

     b. Infringement by the Obligator of the Credits repayment date (dates)
        stipulated by the Additional Contracts to the present Contract;

     c. Initiation (or renewal) of court proceedings against the Obligator where
        the price of the claim makes not less than 10 (ten) percent of the
        balance cost of the assets/property;

Shares Pledge Contract # 93227/z                                               2

     d. Imposing of arrest on property of the Obligator of the cost of not less
        than 10 (ten) percent of the balance cost of the assets/property;

     e. Revelation of inaccuracy or incompleteness of the information presented
        by the Obligator to the Creditor pursuant to paragraph 2.4. of the
        Credit contract;

     f. Initiation of the trial on insolvency (bankruptcy) of the Obligator;

     g. Reorganization of the Obligator without the preliminary notice of the
        Pledgee in writing;

     h. Termination or change without the notice of the Pledgee in writing of
        the type of commercial activity of the Obligator carried out by them for
        the date of signing of the Credit contract;

     i. Non-performance by the Obligator of the condition of the Credit contract
        on target use of the Credit line;

     j. Infringement by the Obligator of the conditions of the Credit contract;

     k. Availability or occurrence of any circumstances that under the Pledgee's
        motivated opinion can complicate or make impossible the duly execution
        by the Obligator of the obligations under the Credit contract;

     l. Transfer by the Obligator of the property without the Pledgee's written
        approval in mortgage, lease, fiduciary management as well as any other
        encumbrance of the Obligator's property, should the cost of such
        property make not less than 20 (twenty) percent of the balance cost of
        assets/property of the Obligator;

     m. Recognizing the transaction (transactions) establishing security of the
        Obligator's performance of the obligations under the Credit Contract
        void (for any reason);

     n. Occurrence of the circumstances listed in subparagraphs "b", "c", "e",
        "f" of the present paragraph concerning the Pledgor under the Contract
        on guarantee # 9p227/i dated September 03, 2004, establishing security
        for the Credit contract provided that another Guarantor satisfying the
        Pledgee is not presented by the Obligator.

     1.1.7. The Pledgor shall be aware of all other conditions of the Credit
contract.

     1.2. In case of infringement by the Obligator of the obligation secured by
the pledge, the Pledgee shall be entitled to receive consideration at the cost
of the securities, being a subject of the pledge under the procedure established
by the legislation of the Russian Federation and the present Contract.

     1.3. Subject of the pledge shall be the following securities belonging to
the Pledgor on the right of ownership:

     ORDINARY REGISTERED STOCK OF CLOSED JOINT-STOCK COMPANY "NETWORK OF
TELEVISION STATIONS" WITH THE PAR VALUE OF 10 (TEN) ROUBLES EACH:
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     - State registration number of issue 1-0200827-I in the amount of 983,520
(Nine hundred eighty three thousand five hundred twenty) pieces.

     according to the extract from the register of shareholders of the Closed
     joint-stock  company  "Network of television  stations" (is attached).

     1.3.1. The subject of the pledge shall remain with the Pledgor, be in their
possession and use and be subject to accounting on the personal account 0001of
the Pledgor in the Register of Closed joint-stock company "Network of television
stations" (thE register holder is Closed joint-stock company "Network of
television stations").

     The Pledgor shall undertake to carry out all actions connected to
registration of the securities pledge in accordance with the current legislation
and to present the Pledgee the extract from the Register of shareholders of
Closed joint-stock company "Network of television stations" on the registration
of the pledge subject.

     1.3.2. The Parties have agreed to estimate securities transferred into the
pledge at the rate of 105,900,000.00 (one hundred five million nine hundred
00/100) US dollars.

     1.3.3. The Pledgor shall be entitled to use the pledge subject, carry out
the rights of shareholders, including, but not limited to, carrying out the
right to participate in a general meeting of shareholders of Closed joint-stock
company "Network of Television stations".

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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract # 93227/z                                               3

     1.4. The Pledgor shall guarantee that the securities transferred into
pledge are free from any rights and claims of any third parties, in particular,
are not an object of the common ownership right, not mortgaged or assigned in
any way to any third party, as well as shall not be legally or actually
encumbered at the moment of entry of the present Contract into legal force.

     1.4.1. In case of revelation of any rights and claims on the pledged
property, as well as occurrence of any disputes or conflicts thereon, the
Pledgor shall undertake to settle them at their own expense bearing all
necessary costs caused by these disputes.

     1.5. Prior to the termination of the relationship arisen from the present
contract, the Pledgor shall not be entitled to dispose of the property specified
in paragraph 1.3. of the present Contract including granting it into the
subsequent mortgage.

                   II. PLEDGED SECURITIES COLLECTING PROCEDURE

     2.1. The Basis for collecting the pledged securities shall be simultaneous
presence of the following circumstances:

     o  Non-performance by the Obligator of the obligation secured by the pledge
        (delay for more than 5 (Five) business days in return by the Obligator
        of the money sum received under the Credit contract and interest for
        using the credit);

     o  Delay in execution by the Pledgor being simultaneously the Guarantor to
        the Credit contract (Contract on guarantee 93227/i dated September 03,
        2004), of obligations of the Guarantor for more than 20 business days.

     Partial execution by the Obligator of the obligation secured by the pledge
shall not give the Pledgor the right to reducing the volume of the pledge in
proportion to the executed part of the obligation secured by the pledge. The
pledge shall be maintained in the initial volume up to the full execution of the
obligation secured hereby.

     2.2. The demands subject to satisfying at the cost of the pledged
securities shall include all claims of the Pledgee, the size of which shall be
determined for the moment of actual execution by the Obligator in full of their
obligations under the Credit contract, including the Interest as well as penalty
stipulated by the Credit contract.

     2.3. At the approach of the circumstances stipulated in paragraph 2.1. of
the present Contract, collecting of the pledged securities (satisfaction of the
Pledgee's requirements) shall be made upon the decision of the Pledgee, without
turning by the Parties for a court judgment.

     2.4. Realization of the pledged securities shall be carried out according
to the effective legislation of the Russian Federation. The Pledgor shall
confide the Pledgee carrying out of all actions on realization of the pledge.

     2.4.1. Within 10 banking days from the moment of receipt of the funds for
realization of the pledge to their account, the Pledgee shall undertake to
transfer to the Pledgor the difference between the sale price of the pledge and
the amount of the obligation secured by the pledge.

         III. DISPUTES SETTLEMENT PROCEDURE AND LIABILITY OF THE PARTIES

     3.1. The Parties shall take all effort to settlement of disputes and
disagreements that can arise regarding the questions concerning the subject of
the present contract, or in connection with it, through negotiations. If the
Parties do not reach an agreement, all disputes and disagreements shall be
resolved in the Arbitration court of Moscow under the procedure established by
the legislation of the Russian Federation.

     3.2. The guilty Party shall bear property responsibility for
non-performance of the obligations taken under the present contract according to
the effective civil-law legislation of the Russian Federation.

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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract # 93227/z                                               4

                          IV. TERMS. SPECIAL CONDITIONS

     4.1. The present Contract shall enter in force from the moment of transfer
to the Pledgee of the extract from the Register of shareholders of Closed
joint-stock company "Network of television stations" confirming registration of
the pledge hereunder.

     4.2. The pledge shall cease upon the termination of the obligation secured
by the pledge as well as under other bases stipulated by the civil-law
legislation of the Russian Federation.

     4.3. The Pledgee shall undertake to unblock (terminate the pledge for) the
securities (shares) transferred into the pledge within 10 (Ten) business days
upon termination of the Contract effectiveness, and in the case if the credit,
Interest and penal sanctions thereon are completely extinguished without
collecting the pledged securities. In case of partial collecting of the pledged
securities, the present obligation shall concern the securities remaining under
the pledge after full performance by the Obligator of all obligations under the
Credit contract.

     4.4. The Pledgee shall not be entitled to transfer the rights under the
present Contract without the preliminary consent of the Pledgor.

     4.5. All amendments and supplements to the present Contract shall be valid
only if they are accomplished in writing and signed by the authorized
representatives of the Parties.

     4.6. Mutual relationship between the Parties not stipulated by the present
Contract shall be governed by the effective legislation of the Russian
Federation.

     4.7. All letters, notices, statements and other messages shall be directed
by the Parties to each other in writing in Russian and in English according to
the requisites specified in Section VI of the present Contract or in additions
hereto.

                               V. FINAL PROVISIONS

     5.1. The present Contract shall be accomplished in 3 original copies
identical in their content and having equal legal force.

                   VI. ADDRESSES AND REQUISITES OF THE PARTIES

     PLEDGEE: OJSC "ALPHA-BANK"
     Location: 27, Kalanchevskaya Str., 107078, Moscow
     Payment requisites: BIC 044525593 cor/acc 30101810200000000593 in the OPERU
                         Moscow GTU of the Bank of Russia, INN 7728168971
                         Acc. 400927098 in JPMorgan Chase Bank, New York

     Consolidated account for calculations on credit operations:
                         47422.840.800000000422
     Phone:              974-25-15
     PLEDGOR: STORYFIRST COMMUNICATIONS, INC.
     Location: 2711 Centerville Road, Suite 400, Wilmington, New Castle,
               Delaware, USA
     Address for correspondence: 15a, Pravda str., Moscow, 125124, Russia
     Copy to: 584 Ashton Park Lane, Sacramento, California, CA 95864-6000
     Payment requisites: Federal registration number for taxation purposes
                         EIN 58-1869211,
     Main Bank: Wells Fargo Bank, 1525 Market Street, San Francisco,
                CA 94105-7329, USA
     Currency account ## WFB Acct: 4068-000769

     Further credit to: TR 358-214486 (USD)

            PLEDGEE                                       PLEDGOR
     Director on crediting                     Chief Executive Officer of
     Corporate clients                         Storyfirst Communications, Inc.
     OJSC "Alpha-bank"
     ___________(A.K.Silvestrov)              ________________ (A.E.Rodnyansky)
[Stamp]

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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract # 93227/z                                               5

         Assistant to Chief accountant
         OJSC "Alpha-bank"
         ___________(E.I.Korsunova)

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Departments    Head of the Department  Date
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               Name      Signature
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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract # 93227/z                                               6

                             ADDITIONAL AGREEMENT #1
         to the Shares pledge contract # 93227/z dd. September 03, 2004

Moscow                                                        September 03, 2004

in the person of Director on crediting corporate clients Mr. Silvestrov A.K.,
acting the basis of the Power of attorney # 01/1489D dated 23.08.2004, on the
one hand, and STORYFIRST COMMUNICATIONS, INC., hereinafter referred to as the
"Pledgor", in the person of the Chief Executive Officer Mr. Rodnyansky A.E.,
acting on the basis of the Resolution of the Board of directors dated February
25, 2004, on the other hand, hereinafter jointly referred to as the "Parties",
have concluded the present Additional agreement as follows:

     1. To add to paragraph 1.1. the following paragraphs:

     "In accordance with Additional agreement # 1 dated September 03, 2004 to
     the Credit contract the Pledgee has granted the Obligator the Credit in the
     amount of 12,000,000.00 (twelve million 00/100) US Dollars with the date of
     granting of the Credit: September 03, 2004, and the date of repayment of
     the Credit: March 03, 2006, and paying the interest for using the Credit at
     the annual rate estimated in 14 % (fourteen percent).

     The Obligator shall have the right to cancel in pre-time the Credit granted
     according to Additional agreement # 1 # 1 dated September 03, 2004 to the
     Credit contract without payment of any additional commission fee, interest,
     penalties, etc. in favour of the Pledgee."

     2. In all the rest the conditions of the Contract shall remain without
        changes.

     3. The present Additional agreement shall inure from the date of its
        signing by the authorized representatives of the Parties and constitute
        an integral part of the Contract.

                            SIGNATURES OF THE PARTIES

            PLEDGEE                            PLEDGOR
     Director on crediting                     Chief Executive Officer of
     Corporate clients                         Storyfirst Communications, Inc.
     OJSC "Alpha-bank"
     ___________(A.K.Silvestrov)               ________________ (A.E.Rodnyansky)
[Stamp]
         Assistant to Chief accountant
         OJSC "Alpha-bank"
         ___________(E.I.Korsunova)

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Departments    Head of the Department  Date
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               Name      Signature
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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract # 93227/z                                               7

                             ADDITIONAL AGREEMENT #2
         to the Shares pledge contract # 93227/z dd. September 03, 2004

Moscow                                                        September 09, 2004

in the person of Director on crediting corporate clients Mr. Silvestrov A.K.,
acting the basis of the Power of attorney # 01/1489D dated 23.08.2004, on the
one hand, and STORYFIRST COMMUNICATIONS, INC., hereinafter referred to as the
"Pledgor", in the person of the Chief Executive Officer Mr. Rodnyansky A.E.,
acting on the basis of the Resolution of the Board of directors dated February
25, 2004, on the other hand, hereinafter jointly referred to as the "Parties",
have concluded the present Additional agreement as follows:

     4. To add to paragraph 1.1. the following paragraphs:

     "In accordance with Additional agreement # 1 dated September 09, 2004 to
     the Credit contract the Pledgee has granted the Obligator the Credit in the
     amount of 8,000,000.00 (eight million 00/100) US Dollars with the date of
     granting of the Credit: September 09, 2004, and the date of repayment of
     the Credit: March 03, 2006, and paying the interest for using the Credit at
     the annual rate estimated in 14 % (fourteen percent 00/100).

     The Obligator shall have the right to cancel in pre-time the Credit granted
     according to Additional agreement # 2 dated September 09, 2004 to the
     Credit contract without payment of any additional commission fee, interest,
     penalties, etc. in favour of the Pledgee."

     5. In all the rest the conditions of the Contract shall remain without
        changes.

     6. The present Additional agreement shall inure from the date of its
        signing by the authorized representatives of the Parties and constitute
        an integral part of the Contract.

                            SIGNATURES OF THE PARTIES

            PLEDGEE                                       PLEDGOR
     Director on crediting                     Chief Executive Officer of
     Corporate clients                         Storyfirst Communications, Inc.
     OJSC "Alpha-bank"
     ___________(A.K.Silvestrov)               ________________ (A.E.Rodnyansky)
[Stamp]
         Assistant to Chief accountant
         OJSC "Alpha-bank"
         ___________(E.I.Korsunova)

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Departments    Head of the Department  Date
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               Name      Signature
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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract # 93227/z                                               8

                             ADDITIONAL AGREEMENT #3
         to the Shares pledge contract # 93227/z dd. September 03, 2004

Moscow                                                        September 09, 2004

in the person of Director on crediting corporate clients Mr. Silvestrov A.K.,
acting the basis of the Power of attorney # 01/1489D dated 23.08.2004, on the
one hand, and STORYFIRST COMMUNICATIONS, INC., hereinafter referred to as the
"Pledgor", in the person of the Chief Executive Officer Mr. Rodnyansky A.E.,
acting on the basis of the Resolution of the Board of directors dated February
25, 2004, on the other hand, hereinafter jointly referred to as the "Parties",
have concluded the present Additional agreement as follows:

     7. To add to paragraph 1.1. the following paragraphs:

     "In accordance with Additional agreement # 3 dated September 09, 2004 to
     the Credit contract the Pledgee has granted the Obligator the Credit in the
     amount of 4,000,000.00 (four million 00/100) US Dollars with the date of
     granting of the Credit: September 09, 2004, and the date of repayment of
     the Credit: March 03, 2006, and paying the interest for using the Credit at
     the annual rate estimated in 13.75 % (thirteen 75/100 percent).

     The Obligator shall have the right to cancel in pre-time the Credit granted
     according to Additional agreement # 3 dated September 09, 2004 to the
     Credit contract without payment of any additional commission fee, interest,
     penalties, etc. in favour of the Pledgee."

     8. In all the rest the conditions of the Contract shall remain without
     changes.

     9. The present Additional agreement shall inure from the date of its
     signing by the authorized representatives of the Parties and constitute an
     integral part of the Contract.

                            SIGNATURES OF THE PARTIES

             PLEDGEE                           PLEDGOR
      Director on crediting                    Chief Executive Officer of
      Corporate clients                        Storyfirst Communications, Inc.
      OJSC "Alpha-bank"
      ___________(A.K.Silvestrov)              ________________ (A.E.Rodnyansky)
[Stamp]
         Assistant to Chief accountant
         OJSC "Alpha-bank"
         ___________(E.I.Korsunova)

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Departments    Head of the Department  Date
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               Name      Signature
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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract # 93227/z                                               9

CTC Media, Inc

                             CONTRACT APPROVAL FORM

CONTRACT # 96073/Z DD. JULY 22, 2005                                           COMPANY: IJSC "ALFA BANK"

Position                         Name                           Signature                     Date

PM                               Pavel Korzh                    [SIGNED]                      July 22, 2005

Legal                            Irina Kostromina               [SIGNED]                      July 22, 2005

CFO/DRC                          Nilesh Lakhani                 [SIGNED]                      July ___, 2005

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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract # 93227/z                                              10

                                  Pledge Order

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Registrar's support notice                            Registrar's support notice
Ref.# 82 dd. 03.09.2004
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Hereby we ask to make an entry to the Register:

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     | V  | pledge appeared                  |     | pledge terminated  |
type of pledge: subsequent pledge of securities is forbidden

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Issuer's full name:
Closed joint-stock company @Network of Television Stations"
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kind, category (type) of securities: ordinary registered shares
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state registration number of issue: # 1-02-00827-H
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amount: 983 520__________________________________________________________ pieces

nine hundred eighty three thousand five hundred and twenty ____________ in words
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THE BASIS FOR MAKING THE ENTRY TO THE REGISTER IS
THE FOLLOWING DOCUMENT:

name and requisites of the document: Shares pledge contract # 93227/z dated
September 03, 2004

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                                     PLEDGOR

                                                         +---------------------+
                                                         |personal account #|
                                                         +---------------------+

Name (full name): Corporation "Storyfirst Communications, Inc."
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certifying document name:  Certificate on incorporation
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document #:                        series:              issue (registration)date
0102067517-2210850                                             18.10.1989

name of the issue (registration) body:
Delaware State Corporations Department
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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]

Shares Pledge Contract # 93227/z                                              11

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                                     PLEDGEE

                                                         +---------------------+
                                                         |personal account #   |
                                                         +---------------------+

Name (full name): Open joint-stock company "Alpha-bank"
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certifying document name Certificate on entry into Unified state register of
legal entities OGRN 1027700067328

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document #:            series:              issue (registration)date
007893219                 77                  26.07.2002

name of the issue (registration) body:
RF MNS Department for Moscow
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the right to receive       | V |   Pledgor         |    |   Pledgee
income belongs             |   |                   |    |

the right to use           |   |   Pledgor         |    |   Pledgee
belongs     :              | V |                   |    |
                           +---+                   +---+

conditions for use                           none
                  --------------------------------------------------------
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                            AUTHORIZED REPRESENTATIVE
Name:
Teit Lloyd Feight (on the basis of Power of Attorney N/A dd. July 04, 2002
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certifying document name
Passport
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document #:               series:                issue (registration) date:
Z8003538                   ____                     19.01.2001
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name of the issue (registration) body:
Consular Department of USA Embassy
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Signature of Pledgor or their                      Signature of Pledgor or their
authorized representative                          authorized representative
[SIGNED]                                           [SIGNED]
Stamp                                                              Stamp [STAMP]

NOTE:
-----
Cell "personal account #" (marked in gray) should be filed only if the
PLEDGOR has several personal accounts in the register.

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PLEDGEE                                                                  PLEDGOR
[SIGNED]                                                                [SIGNED]EXHIBIT 10.38

                      SALE AND PURCHASE CONTRACT # 04-KP/04

     Moscow                                                   September 02, 2004

     Closed joint-stock company "RosT.S." hereinafter referred to as the
Sellers, in the person of the Head of Financial department Mr. Denisevich Jury
Valentinovich, acting the basis of the Power of attorney dated October 01st,
2002 # 31, on the one hand, and

     Closed joint-stock company "CTC-Region" hereinafter referred to as the
Buyers, in the person of General director Mr. Khanumyan Vladimir Sergeevich,
acting on the basis of the Charter, on the other hand, jointly referred to as
the "Parties", have concluded the present Contract on the following:

                           I. SUBJECT OF THE CONTRACT

     1.1. The Sellers shall transfer, and the Buyers shall accept in ownership
and pay on conditions of the present Contract the following securities,
participation share in the charter capital of economic societies and the
technical equipment (further jointly referred to as "Property"):

     1.1.1. 100 (a hundred) registered ordinary uncertified shares of Closed
joint-stock company ((Nevsky channel)) (5, Ordinarnaya Str., 197136,
St.-Petersburg) with a par value of 500 (five hundred) roubles each constituting
100 % of the charter capital of this Company (emission state registration number
of release: 72-1-5388).

     1.1.2. 25 (twenty five) registered ordinary uncertified shares of Closed
joint-stock company "Television company "VarianT" (19, Baumana Str., 420111,
Kazan) with a par value of 1,000 (one thousand) roubles each constituting 50 %
of the charter capital of this Company (emission state registration
release: 11-1-2243).

     1.1.3. A participation share in the charter capital of Society with limited
responsibility "Television company "T-8" (80"A", Gagarina boulevard, 614077,
Perm) with a par value of 260,000 (Two hundred sixty thousand) roubles
constituting 100 % of the charter capital of this Company.

     Economic societies specified in the present paragraph of the Contract shall
be jointly referred to as the "Companies", joint-stock companies further be
referred to as the in the further are called "Issuers", and Issuers' securities
- "SP(1)".

     1.1.4. The Technical equipment pursuant to Appendix 1 to the present
Contract.

                          2. WARRANTIES AND GUARANTEES

     2.1. The Buyers and the Sellers shall warrant that they possess legal
capacity to conclude the present Contract, and persons who signed it have powers
and authorities thereto.

     2.2. The Sellers shall warrant and guarantee that as of the date of signing
the present Contract and for the moment of transfer of ownership right to the
Property from the Sellers to the Buyers:

     2.2.1. The Property shall belong to the Sellers on the ownership right,
fully paid for, assigned to nobody, not under mortgage, not in custody or in
fiduciary management, free from any demands or rights of third parties,
including from any proprietary rights, option or any other encumbrance, as well
as not subject to any prohibition or restriction;

     2.2.2. Companies shall be properly created, registered with all state
authorities and conduct business according to the legislation of the Russian
Federation on economic societies. Companies shall not be under the process of
reorganization, bankruptcy, liquidation or other similar procedures; and there
was no decision adopted regarding the Companies by any management body or state
authority on initiating the process of reorganization, bankruptcy, liquidation
or other similar procedures;

     2.2.3. There are no circumstances that are known or should be known to the
Sellers, that

----------
(1)  SP = Security papers

could influence on the adopting the decision by the Buyer t acquire the Property
on the conditions of the present Contract and have not been advised to the
Buyer;

     2.2.4. Companies shall legally possess all necessary effective licenses,
sanctions and certificates of the Ministry of the Russian Federation on affairs
of the press, tele-radio broadcasting and mass communication, Ministry of
information technologies and communication of the Russian Federation,
Gossvyaznadzor and all other state authorities for conducting television
broadcasting, except for the Gossvyaznadzor license for OOO "Television company
"T-8". All licenses, sanctions and certificates have been obtained pursuant to
the current legislation, are valid and not suspended, terminated or withdrawn.
The Companies shall comply with all requirements and conditions of the licenses,
sanctions and certificates;

     2.2.5. The Companies shall possess the ownership right for the technical
equipment necessary for conducting the activity on television broadcasting
excluding the equipment specified in Appendix 1 to present Contract. Technical
equipment of the Companies assigned to nobody, not under mortgage, not in
custody or in fiduciary management, free from any demands or rights of third
parties, including from any proprietary rights, option or any other encumbrance,
as well as not subject to any prohibition or restriction. No object shall have
any defects (both obvious, and hidden), services according to the usual branch
practice, is in the operating condition (subject to normal deterioration) and is
suitable for current target use;

     2.2.6. The Companies shall have no unperformed obligations (debts) before
physical persons or legal entities, including (i) any agreements, contracts or
other documents, upon which the Companies borrowed money resources or issued
promissory notes, debentures, bonds or other confirmations of indebtedness in
favour of any person; (ii) any agreements, contracts or other documents, upon
which (A) any person directly or indirectly guaranteed any indebtedness or
obligations of the Companies or (B) the Companies directly or indirectly
guaranteed any debts or obligations of any other person; as well as (iii)
mortgage bonds, mortgage or guarantee contracts, contracts on fiduciary property
or other documents upon which the right is granted to retain essential objects
of the Companies' movables or essential objects of the Companies' immovables;
(iv) indebtedness on payment of taxes, fees, duties, penalties or others
obligatory payments, except for the promissory notes specified in para 1.2. of
Contract on sale and purchase of promissory notes # 22-B/04 dated September 2,
2004 and in para 1.2. of Contract on sale and purchase of promissory notes #
23-B/04 dated September 2, 2004, as well as indebtedness resulted from
conducting current operational activity;

     2.2.7. There are no initiated or considered court, administrative or any
other proceedings, that can result in deterioration of the Companies' financial
status.

     2.3. Indemnification for infringement of guarantees.

     2.3.1. Should any assurances and/or guarantees be violated, the Sellers
shall indemnify and compensate to the Buyers any and all Losses of the Buyers
(the term is defined in para 2.3.2.).

     2.3.2. The term ((Losses of the Buyers)) shall mean all the Losses suffered
by the Buyers or a Company that resulted from or directly or indirectly occurred
in connection to: (I) any infringement of warranties and guarantees of the
Sellers included into the present Contract; (2) any essential infringement of
any obligation of the Sellers under the conditions of the present Contract; or
(3) any claim of any third parties based on the facts, that if recognized as
true, shall give the Buyers the right to indemnification pursuant hereto.

     2.4. The Buyers and the Sellers shall warrant that they have obtained the
approval (consent) of the corresponding authorized managing bodies of the
Parties on fulfillment of the transaction under the conditions established by
the present Contract.

     2.5. The Buyers shall warrant that they have obtained the preliminary
consent of the Federal Antimonopoly Service of Russia on acquiring of Issuers'
SP.

    III. PRICE OF THE CONTRACT AND THE PROCEDURE OF SETTLEMENT OF THE PARTIES

     3.1. The Buyers shall undertake to accept the Property and to pay for it
under the following price:

     Price of 100 registered ordinary uncertified shares of Closed joint-stock
company ((Nevsky channel)) shall make: 78,706 (Seventy eight thousand seven
hundred and six) US Dollars.

     Price of 25 registered ordinary uncertified shares of Closed joint-stock
company "Television company "VarianT" shall make: 81,855 (eighty one thousand
eight hundred and fifty five) US Dollars.

     Price of 100 % participation share in the charter capital of Society with
limited responsibility "Television company "T-8" shall make 59,000 (fifty nine
thousand) US Dollars.

     Price of the technical equipment specified in Appendix 1 to the present
Contract shall make: 118,449 (one hundred eighteen thousand four hundred and
forty nine) US Dollars, including VAT (18 %) in the amount of 18,068.49
(eighteen thousand sixty eight 49/100) US Dollars.

     The price of the Contract shall make: 338,010 (three hundred thirty eight
thousand and ten) US Dollars, including VAT (18 %) in the amount of 18,068.49
(eighteen thousand sixty eight 49/100) US Dollars.

     3.2. Payment of the price of the Contract shall be executed by the Buyers
in roubles at the Central bank RF exchange rate on the payment date.

     3.3. The Buyers shall undertake to pay to the Sellers the price of the
Property by its transfer to the settlement account of the Sellers not later than
3 (three) banking days from the moment of passing to the Buyers of ownership
title to the Property under the procedure established by Section IV of the
present Contract. The price of the Contract specified in para 3.1. shall include
all possible taxes that can arise with the Sellers in connection with
realization of the Property pursuant to the legislation of Russia on taxes and
duties.

     3.4. The Buyers shall be obliged to present to the Sellers the original
document on execution of payments according to para 3.3 of the present Contract
with the mark of thebank on execution.

     The Buyers can present a copy of the specified document upon the consent of
the Sellers.

                 IV. PASSING OF OWNERSHIP TITLE TO THE PROPERTY

     4.1. The Buyers shall get the ownership right to Issuers' SP from the
moment of making credit entry to depot account of the Buyers in OOO "Depozitary
Irkol" (further-Depositary), located at the address: Bld.1, 4/3 Myzsnizky pr.,
107078, Moscow, Russia, to the participation share of OOO "Television company
"T-8" - from the moment of receipt by this Company of the notice in writing from
the Sellers on the transfer of the share, and to the technical equipment - from
the moment of signing by the Parties of acceptance-transfer acts.

     4.2. Both Parties shall be responsible for execution of the actions
necessary for realization of transfer of the ownership title to SP from the
Sellers to the Buyers.

     4.3. The Sellers shall be obliged within 7 (seven) days upon signing the
present Contract and receipt from the Buyers of the copies of letters regarding
acquiring of the Issuers' SP from FAS of Russia certified by them to sign and
transfer to the Buyers the mandate to transfer the SP from the depot account of
the Sellers to the depot account of the Buyers in the Depositary. Upon receipt
of such mandates the Buyers shall undertake to sign the specified mandates on
the same day and to transfer them to Depositary for realization of transfer of
the SP from the depot account of the Sellers to the depot account of the Buyers.

     4.4. Not later than the next day after the date of transfer to the
Depositary by the Buyers of the mandates on transfer of SP signed by both
Parties according to para 4.3. of the present Contract the Sellers shall
undertake to present the Buyers copies of the following documents:

     o    Notices on carrying out the operation on transfer of SP from the depot
          account of the Sellers to the depot account of the Buyers issued by
          the Depositary to the Sellers upon the fact of conducting such
          operation; and

     o    Extracts from the Sellers' depot account confirming writing off
          (absence) of SP on the specified depot account issued by the
          Depositary at their request.

     4.5. Not later than the next day after the date of transfer to the
Depositary by the Buyers of the mandates on transfer of SP signed by both
Parties according to para 4.3. of the present Contract the Buyers shall
undertake to present the Sellers copies of the following documents:

     o    Notices on carrying out the operation on transfer of SP from the depot
          account of the Sellers to the depot account of the Buyers issued by
          the Depositary to the Buyers upon the fact of

          conducting such operation; and

     o    Extracts from the Buyers' depot account confirming remittance
          (presence) of SP on the specified depot account issued by the
          Depositary at their request.

     4.6. The Sellers shall be obliged within 1 month upon receipt from the
Buyers of the letter of FAS of Russia regarding purchase of 100 % of
participation share in the charter capital of OOO "Television company "T8"
certified by them to direct to the Company the notice on transfer of the share
and to present to the Buyer the certified copy of this notice with the mark of
the Company on its receipt.

     4.7. The Sellers shall be obliged to transfer to the Buyers the technical
equipment according to Appendix 1 to the present Contract under
acceptance-transfer acts (the form of OC-1) within the term established by para
4.3. of the present Contract for passing to the Buyers of the mandate to
transfer SP.

                               V. FINAL PROVISIONS

     5.1. In case of non-fulfillment or inadequate fulfillment of obligations
under the present Contract, the Party at fault shall bear the responsibility
under the procedure stipulated by the current legislation of the Russian
Federation and the present Contract.

     5.2. In case of delay of execution of the obligation stipulated by para
3.3. of the present Contract, the Buyers shall pay to the Sellers penalty at the
rate of 0,5 % of the price of the Contract (para 3.1. of the present Contract)
per each day of delay.

     5.3. Disputes arising upon execution of the present Contract, shall be
considered in the Arbitration Court of Moscow if there is not possibility to
solve them upon the agreement between the Parties.

     5.4. The Present Contract shall inure from the moment of its signing, and
the obligations of the Parties of the present Contract to transfer, accept in
ownership and pay 100 % participation share in OOO "Television company "T8" -
from the moment of receipt by the Buyers pf the consent of FAS of Russia to the
Buyers' purchase of the specified share.

     The present Contract shall terminate upon the appropriate execution by the
Parties of their obligations.

     5.5. The Present Contract shall be made in duplicate, one for each Party.

             6. ADDRESSES, REQUISITES AND SIGNATURES OF THE PARTIES

The Sellers:

Banking requisites   INN 0814089015, acc 40702810500050570601 in ACB
                     "Promsvyazbank" (ZAO) Moscow, cor/acc 30101810600000000119,
                     BIC 04458319
Postal address       Bld.2, 44 Krasnaya Presnya, 123022 Moscow
Place of location    Off.505, 249 Lenina Str., 358000 Elista
Name                 Denisevich Jury Valentinovich
                     [Signatire, stamp]

The Buyers:

Banking requisites   INN 7734218420, acc 40702810600000014019 in OJSC
                     "Alpha-bank" Moscow, cor/acc 30101810200000000593, BIC
                     044525593, OGRN 1027739082799
Place of location    12, 3rd Khoroshevskaya Str., 123298 Moscow
Name                 Khanumyan Vladimir Sergeevich
                     [Signatire, stamp]

                                                          Appendix 1 to the Sale
                                                          and purchase Contract
                                                          dd.02.09.2004 04-KP/04

                           LIST OF TECHNICAL EQUIPMENT

##      Equipment                                 Quantity, pieces   Serial number   Cost, $ (with VAT)
-----   -------------------------------------     ----------------   -------------   ------------------

1       Measuring-control complex for on-air
        broadcasting, including:                                                             2790
1.1     Indicator LM-16SK-V                               1                                   550
1.2     14"TV monitor                                     2                                   420
1.3     Measuring set MTP-31 041258502                    1                                   920
1.4     Measuring set APP-31 041258502                    1                                   900
2       Dehydrator DB6D-150                               1                                  1830
3       Set of broadcasting station, including:                                            113829
3.1     Equivalent of loading of 5 kW
        8892-300+BA-300-230                               1                                  4612
3.2 1   Manual switchboard VCh 1/2 1-5/8 "                1                                  1879
3.3     Directional coupler 1-5/8 "                       1                                   838
3.4     Angular transition 90 grad. 1/5/8 "
        with iners                                        4                                  1356
3.5     Cable 1+5/8 " 12 meters                           1                                   572
3.6     Flange 1 / 5-8 " with iner                        4                                  1052
3.7     Television transferring antenna                   1                                  7500
        system ASTU of panel type of UHF
        range on the basis of 8 antenna
        panels of COEL (Italy), operational
        frequency range 36 TBK, maximal
        radiation capacity 5 kW, circular,
        Kye=9, horizontal polarization
3.8     TV transmitter SCT512UB, (IV-V),                  1                                 96020
        target capacity of 5 kW, joint
        strengthening of picture and sound
        signals, reserve activator and
        automatic switch to reserve, LD MOS
        technology, resistance of loading
        50 Ohm, VLF=0 kHz, structurally
        executed in the form of one 19 "
        rack 44U, built-in air system of
        cooling, completely prepared for
        conversion into digital
        broadcasting in DVB-T standard by
        replacement of the activator,
        manufactured by Screen Service
        (Italy)

     The total cost of the equipment shall make 118,449 (one hundred eighteen
thousand four hundred and forty nine) US Dollars.

[CTC-Region: Signature, stamp]                       [RosT.C.: Signature, stamp]

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