Document:

<PAGE>   1
                                                                   EXHIBIT 10.04

                                  CLIFF WILDES

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT entered into as of the date signed below (the "Effective
Date"), by and between Beverly Hills, Ltd., a company organized and existing
under the laws of _____ and having its principal place of business at
___________________, ("BLTD"), and Clifford Wildes, whose address is 387 S Shore
Dr., Sarasota, FL 34234 ("Wildes").

        WHEREAS, Wildes desires to be employed by BLTD;

        WHEREAS, BLTD desires to employ Wildes;

        NOW, THEREFORE, in consideration of the mutual covenants and obligations
hereinafter set forth, the parties hereto agree as follows:

1. EMPLOYMENT.

         A. Subject to the terms and conditions set forth herein, Wildes is
hereby employed as Temporary and Part Time Chief Executive Officer ("CEO").
Wildes' duties and responsibilities shall be limited to assisting the executive
management of BLTD in the organization, and expansion of BLTD. These duties may
be amended from time to time upon agreement by the parties.

         B. Subject to the performance by BLTD of its obligations under this
Agreement, and to the terms and conditions set forth herein, Wildes accepts such
engagement and agrees to use his best efforts during his Employment to perform
the services for BLTD as described above. BLTD expressly acknowledges and agrees
that Wildes shall devote up to 150 hours per month to BLTD, that Wildes is
President of Meridian Capital, Inc. and serves as an officer/director of other
business entities. Nothing contained herein shall prevent Wildes from continuing
his participation as set forth above or from seeking and obtaining participation
in other business entities as an investor, director, officer or consultant.

2. EMPLOYMENT PERIOD AND TERMINATION. Wildes' employment shall commence on the
Effective Date hereof and continue for a period not to exceed twenty-four (24)
months, provided, however, either party may terminate this Agreement by
providing written notice to the other party as set forth in this Agreement. The
termination shall be effective sixty (60) days from the date of the written
notice. Wildes shall be entitled to all compensation from BLTD up to and
including the notice period.

3. EMPLOYMENT COMPENSATION.

         A. As compensation for the services rendered by Wildes as CEO, BLTD
agrees to pay Wildes a monthly salary of Eight Thousand Five Hundred Dollars
($8,500), due the 1st of each month in advance. Notwithstanding the termination
provisions in this Agreement, BLTD hereby agrees that Wildes shall be entitled
to a minimum of six (6) months compensation as set forth in this Agreement.

                                      -1-

<PAGE>   2

                              EMPLOYMENT AGREEMENT

         B. Wildes shall receive within 45 days of execution of this agreement
125,000 warrants for stock in BLTD at .05 (5 cents) per warrant. These warrants
in BLTD shall be exercisable at any time for a period of 5 years. Additionally,
Meridian Capital, Inc. shall receive 40,000 warrants for stock in BLTD and
Wildes Executive Assistant, Susan Noce, shall receive 20,000 warrants for stock
in BLTD, under the same above-noted terms.

         C. Upon execution of this Agreement, Wildes shall receive 125,000
warrants at $1.00 per share of BLTD, exercisable at any time over 24 months, if
BLTD is in reporting compliance to the SEC and has met the requirements to be
listed on the American, New York or NASDAQ stock exchange by November 1, 1999.
The warrants need not be issued until November 1, 1999.

         D. BLTD agrees to pay all normal travel, entertainment and business
expenses incurred by Wildes associated with work performed for BLTD.

         E. Wildes shall receive Officer and Director Liability Insurance.

         F. Wildes shall receive other such benefits as offered to all Employees
and Officers of BLTD.

4. GOVERNING LAW. The validity and construction of this Agreement shall be
governed by the laws of the State of Florida, without regard to Florida conflict
of laws principles. Venue for any action shall be in Sarasota County, Florida.

5. NOTICES. All communications under this Agreement shall be in writing and
either delivered personally or sent by certified mail, return receipt requested
or overnight express service that provides a signed receipt for delivery as
follows:

                    If to Wildes:
                         Cliff Wildes
                         387 S. Shore Dr.
                         Sarasota, Florida 34234

                    If to Beverly Hills, Ltd.

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

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

                         ------------------------------
                         Attention:
                                   --------------------

Either party may change its address set forth above by giving the other party
notice of such change in accordance with the provisions of this Paragraph 5. A
notice shall be deemed given, if by personal delivery, on the date of such
delivery, or, if by certified mail or overnight express, on the date shown on
the applicable return receipt.

6. ENTIRE AGREEMENT. This Agreement constitutes the full and complete
understanding and agreement of the parties hereto and supersedes all prior and
contemporaneous misunderstandings and agreements, whether written or oral. Any
waiver, modification or

                                      -2-

<PAGE>   3

                              EMPLOYMENT AGREEMENT

amendment of any provision of this Agreement shall be effective only if in
writing and signed by both parties.

7. COUNTERPARTS. This Agreement may be executed in one or more counterparts,
each of which shall be an original, but all of which together shall be
considered one and the same agreement.

8. SEVERABILITY/NO WAIVER. Should any term of this Agreement be declared void or
unenforceable by any court of competent jurisdiction, such declaration shall
have no effect on the remaining terms hereof. The failure of either party to
enforce any rights granted hereunder or to take action against the other party
in the event of any breach hereunder shall not be deemed a waiver by that party
as to subsequent enforcement of rights or subsequent actions in the event of
future breaches.

9. INDEMNIFICATION.  BLTD hereby indemnifies and agrees to hold Wildes harmless
from any action, claim, suit or charge brought against BLTD by any governmental
or quasi-governmental agency, department or branch, any business entity or any
person(s). BLTD agrees to pay or reimburse Wildes for any judgment, damages or
costs, including Wildes' reasonable attorney fees, hereunder.

10. SURVIVAL. The rights and obligations set forth in Sections 3, 4 and 9 shall
survive the completion, expiration, termination or cancellation of this
Agreement.

11. In the event of any litigation brought under this Agreement, the prevailing
party shall be entitled to costs and attorney fees at the trial and appellate
levels.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of
the date and year first written below.

BEVERLY HILLS, LTD.

By: /s/ MICHAEL P. HANLON               By: /s/ CLIFF WILDES
   ----------------------------------      ----------------------------------
Name: Michael P. Hanlon                 Name: Cliff Wildes
     --------------------------------        --------------------------------
Title: COB                              Date: 5/19/99
      -------------------------------        --------------------------------
Date: 6
     --------------------------------

                                      -3-<PAGE>   1
                                                                   EXHIBIT 10.05

                         Dated                    1999
                              -------------------------

                         (1)  CNBC SPORTS INTERNATIONAL
                              LIMITED

                         (2)  BEVERLY HILLS LTD., INC.

                         (3)  FOCUSED MEDIA LIMITED

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

                                SUBSCRIPTION AND
                            SHAREHOLDERS' AGREEMENT

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

                       DRAFT(2)SJG/TH(1730569.06)06.05.99
                       ----------------------------------

                                  DENTON HALL
                               FIVE CHANCERY LANE
                                 CLIFFORD'S INN
                                LONDON EC4A IBU
                               FAX: 0171-404-0087
                               TEL: 0171-242-1212
<PAGE>   2
                                    CONTENTS

<TABLE>
<CAPTION>
CLAUSE    HEADING                                                  PAGE
<S>       <C>                                                      <C>

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

2         COMPLETION OF ARRANGEMENTS FOR PARTICIPATION............    2

3         DIRECTORS...............................................    3

4         TRANSFER OF SHARES......................................    3

5         THE BUSINESS............................................    3

6         COMPETITION.............................................    5

7         MISCELLANEOUS...........................................    5

8         NOTICES.................................................    5

9         NO PARTNERSHIP OR AGENCY................................    6

10        GOVERNING LAW...........................................    6
</TABLE>
<PAGE>   3
THE AGREEMENT is made on the _______ day of ________ 1999:

(1)  CNBC SPORTS INTERNATIONAL LIMITED ("CNBC SPORTS") a company incorporated
     in England and Wales under number 3378197 and having its registered
     office at 56 Ennismore Gardens, London SW7 1AJ; and

(2)  BEVERLY HILLS LIMITED ("BHL") a company incorporated in the State of Utah
     and having its principal office at 2100 Roswell Road, Suite 280c-628,
     Marietta, GA 30062, USA; and

(3)  FOCUSED MEDIA LIMITED ("THE COMPANY") a company incorporated in Ireland
     under number 289308 and having its registered office at c/o Michael White
     (Solicitors)

WHEREAS:

(A)  The Company is a private company limited by shares and had prior to the
     date of this Agreement an authorised share capital of L.1,000,000 of which
     121,353 shares of L.1 each have been issued and are fully paid and will on
     the date of Completion of this Agreement in accordance with Clause 2 have
     an issued share capital of L.151,692 comprising 151,692 shares of L.1 each.

(B)  BHL is the registered holder and beneficial owner of the entire issued
     share capital of the Company.

(C)  The Company carries on the business of, inter alia, operating, promoting
     and maintaining the globalgolf.com Internet website (the "Website").

(D)  The parties hereto have agreed to cooperate in the Business (as
     hereinafter defined) on the terms set out in this Agreement for which
     purpose CNBC Sports has agreed to subscribe and the Company has agreed to
     issue 30,339 shares representing, at the date of this Agreement, twenty
     (20) percent of the shares in the capital of the Company.

NOW IT IS HEREBY AGREED as follows:

1.   DEFINITIONS

1.1  Unless the context otherwise requires, in this Agreement and the Schedules
     the following expressions shall have the following meanings:

     "BOARD": the board of directors of the Company for the time being;

     "BUSINESS": the business of operating the globalgolf.com website;

     "COMPLETION DATE": the date upon which BHL delivers to CNBC Sports, which
     BHL shall do no later than June 1st 1999, the following original documents:
<PAGE>   4
     (i)   Register of members of the Company indicating that BHL is the sole
           owner of the entire issued share capital of the Company;

     (ii)  Share certificates representing all the shareholders in the Company
           as at the date of this Agreement; and

     (iii) trademark assignment dated 21 April 1999 relating to "Global Golf";
           and

     (iv)  financial records and/or the latest available management accounts of
           the Company indicating that the Company is solely and wholly
           responsible for the conduct of and entitled to revenues from the
           Business.

     "KNOW-HOW":  all know-how materially relevant to the Business;

     "SHAREHOLDERS":  the holders from time to time of shares in the Company;

     "TELEVISION OR MEDIA COMPANY": a company the business of which is the
     broadcast or transmission by satellite, cable or terrestrial transmission,
     or any other method of delivery, in any country, of programmes of any
     nature, or the business of which involves the creation, promotion,
     organization, marketing, distribution or selling of any programmes, or the
     business of which is the creation or distribution of printed material for
     public consumption in any country.

1.2  Where the context permits, the singular includes the plural and vice versa
     and one gender includes any gender.  Words importing individuals shall be
     treated as importing corporations and vice versa and words importing the
     whole shall be treated as including a reference to any part thereof.

1.3  Clause and Schedule headings are inserted in the Agreement for
     convenience only and shall not affect the construction thereof in any way.

2.   COMPLETION OF ARRANGEMENTS FOR PARTICIPATION

2.1  CNBC Sports shall, on the Completion Date subscribe and hereby applies for
     30,339 shares, representing twenty (20) percent of the issued share
     capital of the Company at a total subscription price of US$1.00.

2.2  On the Completion Date a meeting of the Board shall be held at which:

     (a)  CNBC Sports shall subscribe for 30,339 shares, representing twenty
          (20) percent of the issued share capital of the Company shares for
          US$1.00;

     (b)  John Broke-Smith shall be appointed as a director of the Company; and

     (c)  the Board shall allot the shares mentioned at Clause 2.2(a) above and
          register the shares so allotted in the name of CNBC Sports.

                                       2
<PAGE>   5
3.   DIRECTORS

3.1  For so long as CNBC Sports shall be registered as a member in respect of
     any shares in the capital of the Company it shall be entitled to appoint
     one person to be a director of the Company.

4.   TRANSFER OF SHARES

4.1  This Clause shall apply if one or more parties to this Agreement
     ("PROPOSED TRANSFEROR") wishes to transfer any or all of its Shares or any
     interest therein to a third party.  Where this Clause applies the Proposed
     Transferor may not transfer any or all of its shares unless, at least 28
     days prior to the date of the agreement to transfer, the transferee shall
     have made a written offer ("OFFER") to the other party ("OFFEREE") to
     purchase all of its shares at the same price per share (and otherwise on
     the same terms) as is applicable to the proposed sale of shares by the
     Proposed Transferor.  The Offer shall be on terms that it shall be open
     for acceptance by the Offeree for not less than 21 days and, if accepted,
     the sale of all of the Offeree's Shares shall be completed simultaneously
     with the completion of the sale of the Proposed Transferor's Shares.

4.2  Notwithstanding the provisions of Clause 4.1 above, in the event that CNBC
     Sports shall be under any obligation to assign its shares in the Company
     to any member of the Parallel Media Group of companies, it shall be
     permitted to do so provided that the relevant assignee Parallel Media
     Group company agrees, in a form acceptable to BHL, to adhere to the
     obligations of CNBC Sports under the terms of this Agreement.  No other
     member of the Company shall be entitled to be offered an opportunity to
     acquire such shares.

5.   THE BUSINESS

5.1  Each of the parties hereby undertakes, unless otherwise agreed between the
     parties, with the other that it shall procure that the Company shall not
     undertake any business other than the Business and operations incidental
     thereto.

5.2  BHL warrants that, for so long as CNBC Sports is a member of the Company,
     it will procure that the Business will be conducted by the Company and
     that all revenues derived from the Business will be solely for the benefit
     of the Company and its members.

                                       3
<PAGE>   6
5.3  Any decision of the Board relating to any of the following matters shall
     require the prior approval, such approval not to be unreasonably withheld,
     in writing of each of the parties

     (a)  the capitalisation, repayment or other forms of distribution of any
          amount standing to the credit of any reserve of the Company or the
          redemption or purchase of any shares or any other reorganisation of
          the share capital of the Company;

     (b)  the admission of any person whether by subscription or transfer as a
          member of the Company;

     (c)  the transfer or disposal by the Company to any third party of all or
          any material portion of the assets of the Company outside the ordinary
          course of the Business.

5.4  CNBC Sports and BHL shall have, in the event that the Company issues any
     class of security, the right but not the obligation, pro rata to its
     existing shareholding in the capital of the Company, to subscribe for
     additional shares in the capital of the Company on terms no more onerous
     than those on which the Company is proposing to issue shares to any other
     party.

5.5  CNBC Sports shall have the right, but not the obligation, to contribute
     any capital, by way of loan or any other method, to the Company in the
     event that the Company requires additional funding whether such funding is
     within the ordinary course of business or whether such funding relates to
     transactions involving expenditure by the Company not provided for in the
     budgets of the Company.

5.6  The Company undertakes with each of the Shareholders that the Company will
     ensure that:

     (a)  all business of the Company, other than routine day to day business,
          shall be undertaken and transacted by the Directors;

     (b)  it shall keep the Shareholders fully informed as to all material
          developments regarding its financial and business affairs and will
          notify the Shareholders forthwith upon becoming aware of any
          significant litigation affecting or likely to affect the Company;

     (c)  it shall keep the books of account and therein make true and complete
          entries of all its dealings and transactions of and in relation to its
          business;

     (d)  it shall deliver to the Shareholders as promptly as practicable such
          additional financial or other information as may reasonably be
          requested by the Shareholders upon giving reasonable prior written
          notice; and

     (e)  all decisions relating to the issue of shares in the capital of the
          Company shall be duly considered by the Board at a duly convened Board
          Meeting.

                                       4
<PAGE>   7
5.7  The parties agree that Board Meetings will be held at least once in every
     three calendar months and that for such purposes, the quorum for such
     meetings shall be two directors, provided that one director shall be a
     director appointed by CNBC Sports and that CNBC Sports shall be entitled
     to due notice of any Board Meeting.

6.   COMPETITION

6.1  BHL and CNBC Sports each hereby undertakes that during the continuance of
     this Agreement and for a period of one year thereafter it will neither
     directly or indirectly approach nor contract with any Television or Media
     Company with a view to such a company being a shareholder in the Company.

6.2  Each of the parties shall maintain strict confidence and secrecy in
     respect of all information of a proprietary nature received by it directly
     or indirectly pursuant to this Agreement and shall keep confidential any
     information relating to the specific terms of this Agreement.  The
     obligations of this Clause 6.2 shall survive the termination of this
     Agreement and each of the Founders shall continue to observe them
     regardless of whether its rights hereunder shall be terminated or it shall
     cease to be a party hereto.

7.   MISCELLANEOUS

7.1  Each of the parties shall do all such things as may be within its power
     including without limitation the passing of resolutions (whether by the
     Board or in general meeting of the Company) to procure that the provisions
     of this Agreement are observed and performed.

7.2  In the event of any clause contained in this Agreement or any part thereof
     being declared invalid or unenforceable, all other clauses or parts
     thereof contained in this Agreement shall remain in full force and effect
     and shall not be affected thereby.

8.   NOTICES

8.1  Any notice or other communication given or made under this Agreement shall
     be in writing and may be delivered to the relevant party or sent by first
     class prepaid letter or facsimile transmission to the address of that party
     specified in this Agreement or to that party's or facsimile transmission
     number thereat or such other address or number as may be notified hereunder
     by that party from time to time for this purpose and shall be effectual
     notwithstanding any change of address not so notified.

8.2  Unless the contrary shall be proved, each such notice or communication
     shall be deemed to have been given or made and delivered, if by letter, 48
     hours after posting, if by delivery, when left at the relevant address
     and, if by facsimile transmission, when transmitted

                                       5
<PAGE>   8
9.   NO PARTNERSHIP OR AGENCY

     Nothing in this Agreement shall be deemed to constitute a partnership
     between the parties hereto nor, save as expressly set out herein,
     constitute any party the agent of another party for any purpose. In
     addition, unless otherwise agreed in writing between the parties, neither
     of them shall enter into contracts with third parties as agent for any
     member of the Group or for the other party nor shall either party describe
     itself as agent as aforesaid or in any way hold itself out as being an
     agent as aforesaid.

10.  GOVERNING LAW

     10.1 This Agreement shall be governed by and construed in all respects in
     accordance with the English law and it is irrevocably agreed the courts of
     England are to have jurisdiction to settle any disputes which may arise out
     of or in connection with this Agreement and that accordingly any suit,
     action or proceeding arising out of or in connection with this Agreement
     (in this Clause referred to as 'Proceedings') may be brought in such
     courts. Nothing in this Clause shall limit the right of CNBC Sports to take
     Proceedings against BHL in any other court of competent jurisdiction, nor
     shall the taking of Proceedings in one or more jurisdictions preclude the
     taking of Proceedings in any other jurisdiction, whether concurrently or
     not. Nothing in this Agreement shall require any of the parties to this
     Agreement to breach any provision of the laws of the Republic of Ireland as
     they may relate to companies registered in the Republic of Ireland.

10.2 BHL and Focused Media appoint [       ] as their authorised agent in
     England and Wales for the purpose of accepting service of process for all
     purposes in connection with this Agreement.

AS WITNESS the hands of the parties the day and year first above written

Duly executed            )
for and on behalf of     )
CNBC SPORTS INTERNATIONAL)
LIMITED                  )

Duly executed            )
for and on behalf of     )
BEVERLY HILLS LTD., INC. )

                                       6
<PAGE>   9

Duly executed                 )
for and on behalf of          )
FOCUSED MEDIA LIMITED         )

                                       7
<PAGE>   10
THIS AGREEMENT is made the _______ day of _________ 1999

BETWEEN:

(1)  CNBC SPORTS INTERNATIONAL LIMITED of 56 Ennismore Gardens, Knightsbridge,
     London SW7 1AJ ("CNBC SPORTS");

(2)  FOCUSED MEDIA LIMITED of Carndonagh (c/o Michael White, Solicitors,) County
     Donegal, Ireland ("FOCUSED MEDIA"); and

(3)  BEVERLEY HILLS LTD., INC. a Utah corporation whose principal office is at
     2100 Roswell Road, Suite 280c-628, Marietta, GA 30062, USA ("BHL").

INTRODUCTION:

(A)  Focused Media owns and operates the globalgolf.com Internet web site (the
     "WEB SITE"). This Agreement shall be subject to the completion of an
     agreement of even date pursuant to which CNBC Sports has been allotted
     twenty per cent (20%) of the issued share capital of Focused Media.

(B)  The television channels currently known as "CNBC Europe" and "CNBC Asia"
     (the "NON-US CHANNELS") transmit two international broadcast feeds for six
     (6) hours each day on Saturdays and Sundays consisting of sports
     programming supplied by CNBC Sports (the "CNBC FEEDS") and CNBC Sports has
     the right to sell commercial advertising airtime during the CNBC Feeds.
     Focused Media wishes to purchase certain of such airtime and CNBC Sports
     is willing to produce the commercial advertising for the airtime purchased
     by Focused Media on the terms set out in this Agreement.

(C)  BHL wishes to fund the production by CNBC Sports of a weekly golf show for
     international television broadcast, and to purchase certain commercial
     advertising airtime on the television channel currently known as "CNBC"
     which is broadcast in the United States of America (the "US CHANNEL"), in
     each case on the terms set out in this Agreement.

IT IS AGREED as follows:

1.   GENERAL

1.1  This Agreement shall only be executed subject to and following the
     completion of the agreement outlined in paragraph (A) above.

1.2  Each party to this Agreement hereby indemnifies each of the other parties
     in full against any and all losses, liabilities, claims, actions, damages
     and expenses arising directly or indirectly from any breach by the
     defaulting party of any of the terms of this Agreement.

                                       1
<PAGE>   11
2.   AIRTIME ON NON-US CHANNELS

2.1  CNBC Sports sells to Focused Media, and Focused Media purchases from CNBC
     Sports, upon and subject to the terms of this Agreement during the period
     1st June 1999* to 31st December 1999 (inclusive) (the "INITIAL PERIOD")
     those advertising spots during the CNBC Feeds which are detailed in
     Schedule 1 attached or such other substantially similar advertising spots
     during the CNBC Feeds as may be agreed between CNBC Sports and Focused
     Media (the "NON-US INVENTORY"). The initial term of the broadcast promotion
     contract will be for 3 years (June 1st 1999* - May 31st 2002) with a one
     year continuation clause exercisable 12 months prior to the end of this
     initial contract period.  Airtime purchases made after 31st December 1999
     will be by mutual agreement, the parties agreeing to negotiate with each
     other in good faith.  In the event that the parties fail to reach agreement
     on airtime purchases to be made after 31st December 1999. Focused Media
     agrees that it will purchase from CNBC Sports such advertising spots
     outside the United States of America as will equate to twenty (20) percent
     of the annual advertising expenditure of Focused Media in any one calendar
     year for the term of this Agreement.  Focused Media shall, in such
     circumstances and notwithstanding any other provision of this Agreement, be
     permitted to spend a maximum of eighty (80) percent of its annual budgeted
     advertising expenditure on non-CNBC Channels.

2.2  Focused Media is purchasing and shall utilise the Non-US Inventory for
     commercial advertising promoting the Web Site and the services offered by
     BHL upon and subject to the applicable terms and conditions contained in
     the agreements between CNBC Sports and the Non-US Channels (details of
     which shall be provided by CNBC Sports to Focused Media).

2.3  In consideration of the sale of the Non-US Inventory, Focused Media shall
     pay to CNBC Sports the sum of US$1.5 million (US$1,500,000) to be paid to
     CNBC Sports in equal monthly instalments on the first day of each calendar
     month during the Initial Period.  Focused Media shall also pay any VAT or
     other sales tax at the applicable rate payable on such sum.+

2.4  If Focused Media wishes to purchase additional available advertising spots
     during the CNBC Feeds, CNBC Sports shall sell such advertising spots on
     such terms as Focused Media and CNBC Sports shall agree but in no event at
     less than US$500 per spot.

3.   US CHANNEL AIRTIME

3.1  CNBC Sports sells to BHL, and BHL purchases from CNBC Sports, upon and
     subject to the terms of this Agreement, during the Initial Period
     advertising spots on the US Channel as per the attached Schedule 2 (the
     "US INVENTORY").

3.2  BHL is purchasing and shall utilise the US Inventory upon and subject to
     the standard terms and conditions which are applicable to airtime purchases
     on the US Channel (details of which shall be provided by CNBC Sports to
     BHL).

----------

* 4 Sep 1999 (8/24/99 Amendment)

+ See Addendum 1 (8/24/99 Amendment)

                                       2
<PAGE>   12
3.3  In consideration of the sale of the US Inventory, BHL shall pay to CNBC
     Sports the sum of US$1 million to be paid to CNBC Sports in equal monthly
     installments on the first day of each calendar month during the Initial
     Period. BHL shall also pay any VAT or other sales tax at the applicable
     rate payable on such sum.

4.   PROMOTION OF GLOBAL GOLF SHOW

4.1  BHL agrees to advance to CNBC Sports in three (3) equal monthly
     installments payable by BHL on July 1st 1999, August 1st 1999 and September
     1st 1999 respectively the sum of US$1 million in order to fund the
     production and/or commissioning by CNBC Sports of a series of forty
     golf-based television shows intended to be 26 minutes in duration each (the
     "SERIES") for which CNBC Sports shall act as exclusive worldwide
     distributor as per the attached Schedule 3.

5.   PRINT ADVERTISING

5.1  CNBC Sports shall, at its cost, procure for Focused Media, upon and subject
     to the terms of this Agreement, during the Initial Period the print
     advertising space which is detailed in the attached Schedule 4 or such
     other substantially similar advertising space as may be agreed between
     CNBC Sports and Focused Media (the "PRINT INVENTORY") provided that CNBC
     Sports may, by written notice from Focused Media and at Focused Media's
     sole discretion, make available to Focused Media instead of the Print
     Inventory (or any part thereof) advertising spots of equivalent
     acquisition cost on the US television channel currently known as "MSNBC"
     (the "TRADED INVENTORY").

5.2  Focused Media is purchasing and shall utilize the Print Inventory and/or
     the Traded Inventory upon and subject to the standard terms and conditions
     which are applicable to purchases of the Print Inventory and/or the
     Traded Inventory (details of which shall be provided by CNBC Sports to
     Focused Media).

6.   PRODUCTION SERVICES

6.1  Focused Media engages CNBC Sports, and CNBC Sports agrees, during the
     Initial Term to produce and/or procure the production of the commercial
     advertising which is to be shown on a rotating basis in the advertising
     spots purchased in accordance with Clause 1 (the "COMMERCIALS"). The
     Commercials shall be produced at CNBC Sports' cost but in accordance with a
     production schedule and budgets for the Commercials agreed in writing
     between Focused Media and CNBC Sports.

6.2  BHL shall retain final editorial control over the Series, and Focused
     Media shall retain final editorial control over the Commercials, subject
     to any relevant third party contractual requirements with which CNBC
     Sports must comply and all applicable broadcasting and advertising laws,
     codes and regulations.

                                       3
<PAGE>   13

7.   ADDITIONAL PROMOTIONS

7.1  CNBC Sports shall use its reasonable endeavours to procure (a) the
     services of Robert Trent Jones Jnr. at a cost to be agreed with BHL and (b)
     at CNBC Sports' cost the services of Sam Torrance (or a professional
     golfer of similar standing) to endorse and promote the Web Site during the
     Initial Period.

7.2  CNBC Sports shall negotiate with the US Channel to procure promotional
     exposure for the Web Site at NBC Sports events including the events known
     as "The Skills Challenge" on terms to be agreed.

7.3  CNBC Sports and BHL shall negotiate in good faith regarding a possible
     barter arrangement for the provision by BHL of branded merchandise in
     exchange for the provision by CNBC Sports of airtime exposure for the Web
     Site, BHL or BHL's associated brands on terms to be agreed.

7.4  CNBC Sports and BHL shall negotiate in good faith regarding possible
     arrangements for promotional exposure of the Web Site, BHL or BHL's
     associated brands at golf tournaments managed by CNBC Sports during the
     Initial Period including the World Cup of Golf and the Ladies Irish Open
     on terms to be agreed.

7.5  CNBC Sports shall use its reasonable endeavours to establish linking and
     affiliation arrangements between the Web Site and the planned Internet
     portal web site currently known as the "Sportal" to be owned and operated
     by Pangolin UK Limited or any of its Associates ("PANGOLIN").

8.   COMPETING SERVICES

8.1  In this Agreement:

     (a)   "THE BH PARTIES" shall mean Focused Media and/or BHL (as the context
           may require);

     (b)   "ASSOCIATE" of any party shall mean any person controlling,
           controlled by or under common control with that person. For this
           purpose "control" means the power of a person (directly or
           indirectly) to direct or cause direction of the management and
           policies of any other person or the ownership (directly or
           indirectly) of more than fifty (50) per cent of the equity or
           capital of or the voting power in any other person.

8.2  BHL and Focused Media each hereby agrees and undertakes that during the
     term of this Agreement neither it nor any of its Associates shall without
     the prior written consent of CNBC Sports, such consent not to be
     unreasonably withheld, promote the Web Site on, or enter into any
     promotional arrangements which are similar to any of those set out in this
     Agreement with, any television channel which is a direct competitor of
     either of the Non-US Channels or the broadcaster of either of the Non-US
     Channels including but not limited to the television channels or services
     currently known as Eurosport and Star/ESPN

                                       4

<PAGE>   14
8.3   CNBC Sports agrees that during the continuance of this Agreement it shall
      not enter into arrangements similar to those set out in this Agreement
      with any other golf-based web site other than the web site currently known
      as "Golf.com" (an NBC Sports web site) and those operated from time to
      time by Pangolin.

9.    TERM

9.1   The term of this Agreement shall commence upon the date of execution of
      this Agreement and shall continue for three (3) years unless terminated in
      accordance with this Clause or Clause 10.

9.2   CNBC Sports or the BH Parties shall also have the right to terminate this
      Agreement forthwith by giving written notice to the Defaulting Party at
      any time after the occurrence of any of the following events:

      (a)   the presentation of a petition for the winding up or administration
            of the Defaulting Party, (other than for the purposes of
            amalgamation or reconstruction not involving an insolvency only or
            which is discharged within seven (7) days of presentation) or the
            passing of a resolution for the winding-up of the Defaulting Party;
            or

      (b)   the appointment of, or notice being given of the intended
            appointment of, a receiver (including an administrative receiver) or
            manager or administrator of the Defaulting Party of any of its
            assets or the taking of any step by any other party to propose or
            make any arrangement, composition or compromise with its creditors;
            or

      (c)   any material or persistent breach of this Agreement or of any of the
            terms, conditions, covenants, warranties, undertakings or other
            provisions hereof by the Defaulting Party which is not capable of
            remedy or which if capable of remedy remains unremedied for thirty
            (30) days after written notice specifying such breach has been
            given by the terminating party.

       For the purposes of this Clause, the "DEFAULTING PARTY" shall mean any of
       the BH Parties (in the case of a lawful termination by CNBC Sports) or
       CNBC Sports (in the case of a lawful termination by the BH Parties).

9.3    In the event of a failure by any party to adhere to any of the terms of
       this Agreement, any of the remaining parties shall (in addition to any of
       its other rights and remedies) be permitted to suspend the operation of
       any of the terms of this Agreement in whole or in part.

10.    FORCE MAJEURE

       No party shall be liable to any of the others for any failure to perform
       its obligations under this Agreement to the extent that such failure is
       caused by an event of Force Majeure. If CNBC Sports or any of the BH
       Parties is prevented by any such event of Force Majeure from performing
       any of its material obligations under this Agreement

                                       5
<PAGE>   15
     for a period of sixty (60) consecutive days, the BH Parties (in the case of
     CNBC Sports being so prevented) or CNBC Sports (in the case of any of the
     BH Parties being so prevented) shall be entitled to terminate this
     Agreement without liability. For the purposes of this Agreement, "FORCE
     MAJEURE" shall mean any event or cause not within the control of the party
     affected by it including (but not by way of limitation) accident or
     breakdown of any satellite or any other equipment or apparatus (caused
     otherwise than by the wrongful act, neglect or default of that party, its
     servants or agents), Act of God, flood, fire, war, riot, rebellion, civil
     commotion, strike, lock-out or other industrial dispute or action, Act of
     Parliament, any act, order, direction or regulation of any government or
     any public local or regulatory authority or imposition of government
     sanction, embargo or similar action, law, judgment, order, decree, embargo
     or blockade.

11.  NOTICES

     All communications relating to this Agreement shall be in writing and
     delivered by hand or by facsimile to the party concerned at the relevant
     address shown at the start of this Agreement (or such other address as may
     be notified from time to time in accordance with this Clause 11 by the
     relevant party to the other party). Any such communication shall take
     effect upon delivery if delivered on a business day (that is, any day other
     than a Saturday, Sunday or a day which is a national public holiday in
     England) and during business hours, otherwise upon the next business day,
     or if by facsimile, upon the date and time noted on the transmission
     receipt.

12.  TAXES

     Any payment due from, or any taxable supply of goods or services made by,
     any party pursuant to this Agreement, is expressed exclusively of Value
     Added Tax or any other sales tax at the rate from time to time in force (if
     applicable) which the paying party shall also pay and the parties hereby
     waive any right of set-off which they may have in respect of such payment
     whether arising at law or in equity.

13.  CONFIDENTIALITY

     Each party represents, warrants and undertakes to the other that it will
     not without the prior written consent of the other party, such consent not
     to be unreasonably withheld, disclose to any third party, other than to any
     entity controlling or under common control with, such entity or its
     professional advisers or as required by law or as agreed between the
     parties, any information relating to the specific terms of this Agreement
     or any information relating to the business or affairs of the other parties
     PROVIDED, HOWEVER, that this obligation shall not apply to any information
     that is (a) in the public domain; (b) received from a third party without
     reasonable basis for the disclosing party to believe disclosure was made in
     violation of a confidential agreement with the other party; (c) published
     or otherwise made available to the public at the time of its receipt by the
     disclosing party, or subsequently became

                                       6
<PAGE>   16
     published or available to the public other than by a breach of the
     obligation set forth in this Clause 13; or (d) required or requested to be
     disclosed by oral questions, interrogatories, requests for information or
     documents, subpoena, civil investigative demand or similar process or by
     written advice of counsel to disclose such information. The obligations set
     forth in this Clause 13 shall survive for a period of five (5) years after
     the effective date of any earlier termination of this Agreement in
     accordance with Clause 9.

14.  GOVERNING LAW

14.1 This Agreement shall be governed by and construed in all respects in
     accordance with English law and it is irrevocably agreed that the courts of
     England are to have jurisdiction to settle any disputes which may arise out
     of or in connection with this Agreement and that accordingly any suit,
     action or proceeding arising out of or in connection with this Agreement
     (hereinafter referred to as "PROCEEDINGS") may be brought in such courts.
     Nothing in this Clause shall limit the right of any party to take
     Proceedings against another party in any other court of competent
     jurisdiction, nor shall the taking of Proceedings in one or more
     jurisdictions preclude the taking of Proceedings in any other jurisdiction,
     whether concurrently or not.

14.2 Each party irrevocably waives (and irrevocably agrees not to raise) any
     objection which it may have (whether now or subsequently) to the laying of
     the venue of any Proceedings in any such court as is referred to in this
     Clause.

14.3 BHL and Focused Media appoint [   ] as their authorised agent in England
     and Wales for the purpose of accepting service of process for all purposes
     in connection with this Agreement.

                                       7

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