Document:

EXHIBIT 10.12

                                     FORM OF

                          REGISTRATION RIGHTS AGREEMENT

        THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into as
of the ____ day of ______,  2006, by and among Media &  Entertainment  Holdings,
Inc., a Delaware corporation (the "Company"), and the undersigned parties listed
under  Investor  on  the  signature   page  hereto  (each,   an  "Investor"  and
collectively, the "Investors").

        WHEREAS,  the Investors currently hold all of the issued and outstanding
securities of the Company;

        WHEREAS,  the  Investors  and the  Company  desire  to enter  into  this
Agreement  to  provide  the  Investors  with  certain  rights  relating  to  the
registration of shares of Common Stock held by them;

        NOW, THEREFORE,  in consideration of the mutual covenants and agreements
set forth herein, and for other good and valuable consideration, the receipt and
sufficiency  of which are  hereby  acknowledged,  the  parties  hereto  agree as
follows:

        1.      DEFINITIONS.  The following  capitalized  terms used herein have
the following meanings:

        "Agreement" means this Agreement, as amended, restated, supplemented, or
otherwise modified from time to time.

        "Commission" means the Securities and Exchange Commission,  or any other
federal agency then administering the Securities Act or the Exchange Act.

        "Common Stock" means the common stock,  par value $0.0001 per share,  of
the Company.

        "Company" is defined in the preamble to this Agreement.

        "Exchange  Act" means the  Securities  Exchange Act of 1934, as amended,
and the rules and regulations of the Commission promulgated  thereunder,  all as
the same shall be in effect at the time.

        "Indemnified Party" is defined in Section 4.3.

        "Indemnifying Party" is defined in Section 4.3.

        "Investor" is defined in the preamble to this Agreement.

        "Investor Indemnified Party" is defined in Section 4.1.

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        "Notices" is defined in Section 6.3.

        "Register," "Registered" and "Registration" mean a registration effected
by  preparing  and  filing a  registration  statement  or  similar  document  in
compliance with the requirements of the Securities Act, and the applicable rules
and regulations promulgated thereunder, and such registration statement becoming
effective.

        "Registrable  Shares"  mean all of the shares of Common  Stock  owned or
held by  Investors.  Registrable  Shares  include any shares of capital stock or
other securities of the Company issued as a dividend or other  distribution with
respect to or in exchange for or in replacement of such shares of Common Stock.

        "Registrable  Warrants"  mean all of the warrants to purchase  shares of
Common  Stock  of the  Company,  owned  or  held  by  Investors,  including  the
underlying shares of Common Stock.

        "Registrable  Securities" mean,  collectively,  the "Registrable Shares"
and "Registrable  Warrants." As to any particular Registrable  Securities,  such
securities  shall cease to be  Registrable  Securities  when: (a) a Registration
Statement  with  respect  to the  sale  of such  securities  shall  have  become
effective  under the  Securities Act and such  securities  shall have been sold,
transferred,  disposed of or  exchanged  in  accordance  with such  Registration
Statement;  (b) such  securities  shall  have been  otherwise  transferred,  new
certificates  for them not bearing a legend  restricting  further transfer shall
have been delivered by the Company and subsequent  public  distribution  of them
shall not require  registration  under the Securities  Act; (c) such  securities
shall  have  ceased  to be  outstanding,  or (d)  the  Securities  and  Exchange
Commission makes a definitive  determination to the Company that the Registrable
Securities are salable under Rule 144(k).

        "Registration  Statement"  means a registration  statement  filed by the
Company with the Commission in compliance  with the Securities Act and the rules
and regulations  promulgated thereunder for a public offering and sale of Common
Stock  (other than a  registration  statement  on Form S-4 or Form S-8, or their
successors,  or any registration  statement covering only securities proposed to
be issued in exchange for securities or assets of another entity).

        "Release Date" means:  (a) with respect to the Registrable  Shares,  the
date on which  shares of Common  Stock are  disbursed  from  escrow  pursuant to
Section 3 of that certain Stock Escrow Agreement dated as of _____________, 2006
by and among the parties hereto and Continental  Stock Transfer & Trust Company;
and (b) with respect to the Registrable Warrants, 90 days after the consummation
by the  Company of a business  combination  (as  described  in the  Registration
Statement).

        "Securities  Act" means the Securities Act of 1933, as amended,  and the
rules and regulations of the Commission promulgated thereunder,  all as the same
shall be in effect at the time.

        "Underwriter"  means a securities  dealer who purchases any  Registrable
Securities  as  principal  in an  underwritten  offering and not as part of such
dealer's market-making activities.
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        2.      MANDATORY REGISTRATION; PROCEDURES.

                2.1.    FILINGS; INFORMATION.

                        2.1.1.  FILING  REGISTRATION   STATEMENT.   The  Company
shall, as expeditiously as possible after the Release Date, use its best efforts
to prepare and file with the Commission a Registration Statement on any form for
which the Company  then  qualifies or which  counsel for the Company  shall deem
appropriate  and which form shall be available  for the sale of all  Registrable
Securities in accordance with the intended  method(s) of  distribution  thereof,
and shall use its best  efforts to cause such  Registration  Statement to become
and  remain  effective  for the period  required  by  Section  2.1.3;  provided,
however,  that the Company shall have the right to defer any Registration for up
to thirty (30) days,  if the Company  shall furnish to the holders a certificate
signed by the Chief  Executive  Officer of the Company stating that, in the good
faith judgment of the Board of Directors of the Company,  it would be materially
detrimental to the Company and its stockholders for such Registration  Statement
to be effected at such time;  provided  further,  that the Company  shall not be
obligated  to deliver  securities  and shall not have  penalties  for failure to
deliver securities,  if a Registration Statement is not effective at the time of
exercise by the holder thereof.

                        2.1.2.  COPIES.  The  Company  shall,  prior to filing a
Registration  Statement or prospectus,  or any amendment or supplement  thereto,
furnish without charge to the holders of Registrable Securities included in such
registration,  and such  holders'  legal  counsel,  copies of such  Registration
Statement  as  proposed  to be filed,  each  amendment  and  supplement  to such
Registration  Statement  (in  each  case  including  all  exhibits  thereto  and
documents  incorporated by reference  therein),  the prospectus included in such
Registration Statement (including each preliminary  prospectus),  and such other
documents as the holders of Registrable Securities included in such registration
or legal  counsel for any such  holders may request in order to  facilitate  the
disposition of the Registrable Securities owned by such holders.

                        2.1.3.  AMENDMENTS  AND  SUPPLEMENTS.  The Company shall
prepare and file with the Commission such amendments,  including  post-effective
amendments,  and supplements to such  Registration  Statement and the prospectus
used in  connection  therewith  as may be  necessary  to keep such  Registration
Statement  effective and in compliance with the provisions of the Securities Act
until  all  Registrable   Securities  and  other  securities   covered  by  such
Registration  Statement  have been disposed of in  accordance  with the intended
method(s) of distribution set forth in such Registration Statement (which period
shall not exceed the sum of one hundred eighty (180) days plus any period during
which any such disposition is interfered with by any stop order or injunction of
the Commission or any governmental agency or court) or such securities have been
withdrawn.

                        2.1.4.  NOTIFICATION. After the filing of a Registration
Statement,  the  Company  shall  promptly,  and in no  event  more  than two (2)
business days after such filing,  notify the holders of  Registrable  Securities
included in such Registration Statement of such filing, and shall further notify
such holders  promptly  and confirm such advice in writing in all events  within
two (2) business days of the occurrence of any of the  following:  (i) when such
Registration Statement becomes effective; (ii) when any post-effective amendment
to  such  Registration  Statement  becomes  effective;  (iii)  the  issuance  or
threatened  issuance by the

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Commission of any stop order (and the Company shall take all actions required to
prevent the entry of such stop order or to remove it if  entered);  and (iv) any
request by the Commission  for any amendment or supplement to such  Registration
Statement or any prospectus relating thereto or for additional information or of
the  occurrence  of an  event  requiring  the  preparation  of a  supplement  or
amendment to such prospectus so that, as thereafter  delivered to the purchasers
of the securities covered by such Registration  Statement,  such prospectus will
not contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the  statements  therein
not  misleading,  and  promptly  make  available  to the holders of  Registrable
Securities  included  in such  Registration  Statement  any such  supplement  or
amendment;  except  that  before  filing  with  the  Commission  a  Registration
Statement or  prospectus  or any  amendment  or  supplement  thereto,  including
documents incorporated by reference, the Company shall furnish to the holders of
Registrable  Securities included in such Registration Statement and to the legal
counsel for any such holders,  copies of all such documents proposed to be filed
sufficiently in advance of filing to provide such holders and legal counsel with
a reasonable  opportunity to review such documents and comment thereon,  and the
Company shall not file any Registration  Statement or prospectus or amendment or
supplement thereto, including documents incorporated by reference, to which such
holders or their legal counsel shall reasonably object.

                        2.1.5.  STATE  SECURITIES LAWS  COMPLIANCE.  The Company
shall use its best efforts to (i) register or qualify the Registrable Securities
covered by the  Registration  Statement under such securities or "blue sky" laws
of such  jurisdictions  in the  United  States  as the  holders  of  Registrable
Securities  included in such Registration  Statement (in light of their intended
plan of  distribution)  may request and (ii) take such action necessary to cause
such  Registrable  Securities  covered  by  the  Registration  Statement  to  be
registered  with or approved by such other  Governmental  Authorities  as may be
necessary by virtue of the business and operations of the Company and do any and
all other acts and  things  that may be  necessary  or  advisable  to enable the
holders of Registrable  Securities  included in such  Registration  Statement to
consummate the disposition of such Registrable Securities in such jurisdictions;
provided,  however,  that the Company shall not be required to qualify generally
to do business in any  jurisdiction  where it would not otherwise be required to
qualify  but for this  paragraph  or  subject  itself  to  taxation  in any such
jurisdiction.

                        2.1.6.  AGREEMENTS  FOR  DISPOSITION.  The Company shall
enter into  customary  agreements  (including,  if applicable,  an  underwriting
agreement  in  customary  form) and take such other  actions  as are  reasonably
required in order to expedite or facilitate the disposition of such  Registrable
Securities. The representations,  warranties and covenants of the Company in any
underwriting agreement which are made to or for the benefit of any Underwriters,
to the  extent  applicable,  shall  also be made to and for the  benefit  of the
holders of Registrable  Securities included in such registration  statement.  No
holder of Registrable  Securities included in such registration  statement shall
be  required  to make any  representations  or  warranties  in the  underwriting
agreement  except,  if applicable,  with respect to such holder's  organization,
good standing,  authority, title to Registrable Securities,  lack of conflict of
such sale with such holder's material  agreements and organizational  documents,
and with respect to written information relating to such holder that such holder
has furnished in writing expressly for inclusion in such Registration Statement.
<PAGE>

                        2.1.7.  COOPERATION.  The principal executive officer of
the Company,  the  principal  financial  officer of the Company,  the  principal
accounting  officer of the  Company  and all other  officers  and members of the
management of the Company shall  cooperate  fully in any offering of Registrable
Securities hereunder,  which cooperation shall include, without limitation,  the
preparation of the Registration  Statement with respect to such offering and all
other offering  materials and related  documents,  and participation in meetings
with Underwriters, attorneys, accountants and potential investors.

                        2.1.8.  RECORDS.  The Company  shall make  available for
inspection  by  the  holders  of   Registrable   Securities   included  in  such
Registration  Statement,  any  Underwriter   participating  in  any  disposition
pursuant to such  registration  statement and any attorney,  accountant or other
professional  retained by any holder of Registrable  Securities included in such
Registration  Statement or any  Underwriter,  all financial  and other  records,
pertinent  corporate  documents  and  properties  of the  Company,  as  shall be
necessary to enable them to exercise  their due  diligence  responsibility,  and
cause the Company's officers,  directors and employees to supply all information
requested by any of them in connection with such Registration Statement.

                        2.1.9.  OPINIONS AND COMFORT LETTERS.  The Company shall
furnish to each holder of Registrable  Securities  included in any  Registration
Statement a signed counterpart,  addressed to such holder, of (i) any opinion of
counsel to the Company  delivered to any Underwriter and (ii) any comfort letter
from the Company's  independent public accountants delivered to any Underwriter.
In the event no legal opinion is delivered to any Underwriter, the Company shall
furnish to each holder of Registrable  Securities  included in such Registration
Statement,  at any time that such holder elects to use a prospectus,  an opinion
of  counsel  to the  Company  to the  effect  that  the  Registration  Statement
containing such prospectus has been declared effective and that no stop order is
in effect.

                        2.1.10. EARNINGS  STATEMENT.  The Company  shall  comply
with all applicable  rules and  regulations of the Commission and the Securities
Act, and make available to its stockholders, as soon as practicable, an earnings
statement  covering a period of twelve (12) months,  beginning  within three (3)
months after the effective date of the  registration  statement,  which earnings
statement  shall satisfy the  provisions of Section 11(a) of the  Securities Act
and Rule 158 thereunder.

                        2.1.11. LISTING.  The Company shall use its best efforts
to cause all Registrable Securities included in any registration to be listed on
such exchanges or otherwise designated for trading in the same manner as similar
securities  issued by the Company are then listed or  designated  or, if no such
similar  securities are then listed or designated,  in a manner  satisfactory to
the  holders  of a  majority  of the  Registrable  Securities  included  in such
registration.

                2.2.    OBLIGATION TO SUSPEND DISTRIBUTION.  Upon receipt of any
notice from the Company of the  happening of any event of the kind  described in
Section  2.1.4(iv),  each  holder  of  Registrable  Securities  included  in any
registration  shall  immediately  discontinue  disposition  of such  Registrable
Securities  pursuant to the  Registration  Statement  covering such  Registrable
Securities  until such holder receives the  supplemented  or amended  prospectus
contemplated  by  Section  2.1.4(iv)  or  the  restriction  on  the  ability  of
"insiders" to transact in the Company's

<PAGE>

securities is removed, as applicable,  and, if so directed by the Company,  each
such holder will deliver to the Company all copies,  other than  permanent  file
copies then in such holder's possession,  of the most recent prospectus covering
such Registrable Securities at the time of receipt of such notice.

                3.3.    REGISTRATION  EXPENSES. The Company shall bear all costs
and  expenses  incurred in  connection  with any  Registration  pursuant to this
Agreement,   whether  or  not  the  Registration  Statement  becomes  effective,
including,  without limitation:  (i) all registration and filing fees; (ii) fees
and expenses of compliance  with  securities or "blue sky" laws  (including fees
and  disbursements of counsel in connection with blue sky  qualifications of the
Registrable  Securities);  (iii) printing expenses;  (iv) the Company's internal
expenses  (including,  without  limitation,  all  salaries  and  expenses of its
officers and employees);  (v) the fees and expenses  incurred in connection with
the listing of the Registrable  Securities as required by Section  2.1.11;  (vi)
National   Association  of  Securities  Dealers,   Inc.  fees;  (vii)  fees  and
disbursements  of counsel for the Company and fees and expenses for  independent
certified public accountants  retained by the Company (including the expenses or
costs associated with the delivery of any opinions or comfort letters  requested
pursuant to Section 2.1.9);  (viii) the fees and expenses of any special experts
retained by the Company in connection with such  registration  and (ix) the fees
and   expenses   of  one  legal   counsel   selected   by  the   holders   of  a
majority-in-interest   of  the   Registrable   Securities   included   in   such
registration.  The  Company  shall have no  obligation  to pay any  underwriting
discounts or selling  commissions  attributable  to the  Registrable  Securities
being sold by the  holders  thereof,  which  underwriting  discounts  or selling
commissions  shall be borne by such holders.  Additionally,  in an  underwritten
offering,  all selling  stockholders  and the Company shall bear the expenses of
the underwriter  pro rata in proportion to the respective  amount of shares each
is selling in such offering.

                2.4.    INFORMATION. The holders of Registrable Securities shall
provide such  information as may reasonably be requested by the Company,  or the
managing  Underwriter,  if  any,  in  connection  with  the  preparation  of any
Registration  Statement,  including amendments and supplements thereto, in order
to effect the  registration of any Registrable  Securities  under the Securities
Act pursuant to Section 2 and in  connection  with the  Company's  obligation to
comply with federal and applicable state securities laws.

        3.      INDEMNIFICATION AND CONTRIBUTION.

                3.1.    INDEMNIFICATION  BY THE COMPANY.  The Company  agrees to
indemnify and hold  harmless each Investor and each other holder of  Registrable
Securities,  and  each of  their  respective  officers,  employees,  affiliates,
directors, partners, members, attorneys and agents, and each person, if any, who
controls an Investor and each other holder of Registrable Securities (within the
meaning of Section 15 of the  Securities  Act or Section 20 of the Exchange Act)
(each, an "Investor Indemnified Party"), from and against any expenses,  losses,
judgments, claims, damages or liabilities, whether joint or several, arising out
of or based upon any untrue  statement  (or  allegedly  untrue  statement)  of a
material fact contained in any  Registration  Statement  under which the sale of
such  Registrable  Securities  was  registered  under the  Securities  Act,  any
preliminary prospectus,  final prospectus or summary prospectus contained in the
Registration  Statement,  or any amendment or  supplement  to such  Registration
Statement, or arising out of or based upon any omission (or alleged omission) to
state a material fact required

<PAGE>

to be stated therein or necessary to make the statements therein not misleading,
or any violation by the Company of the  Securities Act or any rule or regulation
promulgated  thereunder  applicable  to the  Company  and  relating to action or
inaction required of the Company in connection with any such  registration;  and
the Company  shall  promptly  reimburse the Investor  Indemnified  Party for any
legal and any other expenses  reasonably  incurred by such Investor  Indemnified
Party in connection  with  investigating  and defending any such expense,  loss,
judgment,  claim,  damage,  liability  or action;  provided,  however,  that the
Company will not be liable in any such case to the extent that any such expense,
loss,  claim,  damage or  liability  arises  out of or is based  upon any untrue
statement or allegedly  untrue statement or omission or alleged omission made in
such  Registration  Statement,  preliminary  prospectus,  final  prospectus,  or
summary prospectus, or any such amendment or supplement, in reliance upon and in
conformity  with  information  furnished  to the  Company,  in writing,  by such
selling holder  expressly for use therein.  The Company also shall indemnify any
Underwriter  of  the  Registrable   Securities,   their  officers,   affiliates,
directors,  partners,  members  and agents and each  person  who  controls  such
Underwriter  on  substantially  the same  basis  as that of the  indemnification
provided above in this Section 3.1.

                3.2.    INDEMNIFICATION  BY HOLDERS OF  REGISTRABLE  SECURITIES.
Each  selling  holder of  Registrable  Securities  will,  in the event  that any
registration  is being  effected  under  the  Securities  Act  pursuant  to this
Agreement of any Registrable  Securities held by such selling holder,  indemnify
and hold  harmless  the  Company,  each of its  directors  and officers and each
underwriter  (if any), and each other selling  holder and each other person,  if
any, who controls another selling holder or such underwriter  within the meaning
of the  Securities  Act,  against  any  losses,  claims,  judgments,  damages or
liabilities,   whether  joint  or  several,  insofar  as  such  losses,  claims,
judgments,  damages or liabilities (or actions in respect  thereof) arise out of
or are based  upon any untrue  statement  or  allegedly  untrue  statement  of a
material fact contained in any  Registration  Statement  under which the sale of
such  Registrable  Securities  was  registered  under the  Securities  Act,  any
preliminary prospectus,  final prospectus or summary prospectus contained in the
Registration  Statement,  or any  amendment or  supplement  to the  Registration
Statement,  or arise  out of or are  based  upon  any  omission  or the  alleged
omission to state a material fact required to be stated  therein or necessary to
make the statement therein not misleading, if the statement or omission was made
in reliance upon and in conformity with information  furnished in writing to the
Company by such selling holder  expressly for use therein,  and shall  reimburse
the Company,  its  directors  and  officers,  and each other  selling  holder or
controlling person for any legal or other expenses reasonably incurred by any of
them in connection with investigation or defending any such loss, claim, damage,
liability or action. Each selling holder's indemnification obligations hereunder
shall be  several  and not joint and shall be  limited  to the amount of any net
proceeds actually received by such selling holder.

                3.3.    CONDUCT OF INDEMNIFICATION  PROCEEDINGS.  Promptly after
receipt by any person of any notice of any loss,  claim,  damage or liability or
any action in respect of which  indemnity may be sought  pursuant to Section 3.1
or 3.2,  such  person (the  "Indemnified  Party")  shall,  if a claim in respect
thereof is to be made  against any other person for  indemnification  hereunder,
notify  such other  person  (the  "Indemnifying  Party") in writing of the loss,
claim,  judgment,  damage,  liability  or action;  provided,  however,  that the
failure by the  Indemnified  Party to notify the  Indemnifying  Party  shall not
relieve the Indemnifying  Party from any liability which the Indemnifying  Party
may have to such Indemnified  Party  hereunder,  except and solely

<PAGE>

to the extent the Indemnifying Party is actually  prejudiced by such failure. If
the Indemnified  Party is seeking  indemnification  with respect to any claim or
action brought against the Indemnified  Party, then the Indemnifying Party shall
be entitled to participate  in such claim or action,  and, to the extent that it
wishes,  jointly with all other Indemnifying  Parties,  to assume control of the
defense thereof with counsel satisfactory to the Indemnified Party. After notice
from the Indemnifying  Party to the Indemnified  Party of its election to assume
control of the defense of such claim or action, the Indemnifying Party shall not
be liable to the Indemnified Party for any legal or other expenses  subsequently
incurred by the  Indemnified  Party in connection with the defense thereof other
than reasonable costs of investigation; provided, however, that in any action in
which  both the  Indemnified  Party  and the  Indemnifying  Party  are  named as
defendants,  the  Indemnified  Party  shall  have the right to  employ  separate
counsel  (but  no  more  than  one  such  separate  counsel)  to  represent  the
Indemnified  Party and its  controlling  persons who may be subject to liability
arising  out of any claim in  respect  of which  indemnity  may be sought by the
Indemnified Party against the Indemnifying  Party, with the fees and expenses of
such  counsel to be paid by such  Indemnifying  Party if, based upon the written
opinion of counsel of such Indemnified Party,  representation of both parties by
the same counsel  would be  inappropriate  due to actual or potential  differing
interests between them. No Indemnifying  Party shall,  without the prior written
consent of the  Indemnified  Party,  consent to entry of  judgment or effect any
settlement of any claim or pending or threatened  proceeding in respect of which
the  Indemnified  Party is or could have been a party and  indemnity  could have
been  sought  hereunder  by such  Indemnified  Party,  unless  such  judgment or
settlement includes an unconditional  release of such Indemnified Party from all
liability arising out of such claim or proceeding.

                3.4.    CONTRIBUTION.

                        3.4.1.  If  the  indemnification  provided  for  in  the
foregoing  Sections 3.1, 3.2 and 3.3 is unavailable to any Indemnified  Party in
respect of any loss, claim, damage, liability or action referred to herein, then
each such Indemnifying  Party, in lieu of indemnifying  such Indemnified  Party,
shall  contribute to the amount paid or payable by such  Indemnified  Party as a
result of such loss, claim, damage, liability or action in such proportion as is
appropriate  to reflect the relative  fault of the  Indemnified  Parties and the
Indemnifying  Parties in connection with the actions or omissions which resulted
in such loss, claim, damage,  liability or action, as well as any other relevant
equitable  considerations.  The relative fault of any Indemnified  Party and any
Indemnifying  Party shall be  determined  by reference  to, among other  things,
whether  the  untrue or  alleged  untrue  statement  of a  material  fact or the
omission or alleged  omission to state a material  fact  relates to  information
supplied by such Indemnified Party or such  Indemnifying  Party and the parties'
relative intent, knowledge,  access to information and opportunity to correct or
prevent such statement or omission.

                        3.4.2.  The  parties  hereto  agree that it would not be
just and equitable if contribution  pursuant to this Section 3.4 were determined
by pro rata allocation or by any other method of allocation  which does not take
account of the equitable considerations referred to in the immediately preceding
Section 3.4.1. The amount paid or payable by an Indemnified Party as a result of
any loss,  claim,  damage,  liability or action  referred to in the  immediately
preceding  paragraph shall be deemed to include,  subject to the limitations set
forth above, any legal or other expenses  incurred by such Indemnified  Party in
connection with investigating or defending any

<PAGE>

such action or claim.  Notwithstanding  the  provisions  of this Section 3.4, no
holder of Registrable  Securities  shall be required to contribute any amount in
excess  of  the  dollar  amount  of  the  net  proceeds  (after  payment  of any
underwriting  fees,  discounts,  commissions or taxes) actually received by such
holder  from  the  sale  of  Registrable  Securities  which  gave  rise  to such
contribution  obligation.  No  person  guilty  of  fraudulent  misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution   from  any  person   who  was  not   guilty  of  such   fraudulent
misrepresentation.

        4.      UNDERWRITING AND DISTRIBUTION.

                4.1.    RULE 144. The Company shall use its best efforts to file
any reports required to be filed by it under the Securities Act and the Exchange
Act and shall use its best efforts to take such further action as the holders of
Registrable  Securities may reasonably request,  all to the extent required from
time to time to enable  such  holders  to sell  Registrable  Securities  without
registration  under the  Securities  Act within the limitation of the exemptions
provided by Rule 144 under the Securities Act, as such Rules may be amended from
time to  time,  or any  similar  Rule or  regulation  hereafter  adopted  by the
Commission.

        5.      MISCELLANEOUS.

                5.1.    OTHER REGISTRATION RIGHTS.  Except with respect to those
securities issued or issuable upon exercise of that certain Unit Purchase Option
to be issued to Ladenburg  Thalmann & Co. Inc. or its  designees  in  connection
with the Company's  initial public offering in 2006, the Company  represents and
warrants that no person, other than a holder of the Registrable Securities,  has
any right to require the Company to register any shares of the Company's capital
stock  for sale or to  include  shares  of the  Company's  capital  stock in any
registration  filed by the Company  for the sale of shares of capital  stock for
its own account or for the account of any other person.

                5.2.    ASSIGNMENT; NO THIRD PARTY BENEFICIARIES. This Agreement
and the  rights,  duties and  obligations  of the Company  hereunder  may not be
assigned or delegated by the Company in whole or in part. This Agreement and the
rights,  duties  and  obligations  of  the  holders  of  Registrable  Securities
hereunder  may be freely  assigned or  delegated  by such holder of  Registrable
Securities in conjunction  with and to the extent of any transfer of Registrable
Securities by any such holder. This Agreement and the provisions hereof shall be
binding upon and shall inure to the benefit of each of the parties, to Ladenburg
Thalmann & Co. Inc. and its successors and the permitted assigns of the Investor
or holder of Registrable Securities or of any assignee of the Investor or holder
of Registrable  Securities.  This Agreement is not intended to confer any rights
or benefits on any persons that are not party hereto other than as expressly set
forth in Article 3 and this Section 5.2.

                5.3.    NOTICES.  All  notices,  demands,  requests,   consents,
approvals  or  other  communications   (collectively,   "Notices")  required  or
permitted  to be given  hereunder  or  which  are  given  with  respect  to this
Agreement  shall be in writing  and shall be  personally  served,  delivered  by
reputable  air courier  service with charges  prepaid,  or  transmitted  by hand
delivery, telegram, telex or facsimile, addressed as set forth below, or to such
other  address  as such party  shall have  specified  most  recently  by written
notice.  Notice shall be deemed given on the date of

<PAGE>

service or transmission if personally  served or transmitted by telegram,  telex
or  facsimile;  provided,  that  if such  service  or  transmission  is not on a
business day or is after normal business hours, then such notice shall be deemed
given on the next business day.  Notice  otherwise sent as provided herein shall
be deemed  given on the next  business  day  following  timely  delivery of such
notice to a reputable air courier service with an order for next-day delivery.

                TO THE COMPANY:

                Media & Entertainment Holdings, Inc.
                4429 Edmondson Avenue
                Dallas, TX 75205
                Attn:  Herbert A. Granath, Chief Executive Officer

                with a copy to:

                Kirkpatrick and Lockhart Nicholson Graham LLP
                599 Lexington Avenue
                New York, New York 10022
                Attn:  Robert S. Matlin, Esq.

                and

                Greenberg Traurig LLP
                MetLife Building
                200 Park Avenue
                New York, New York 10166
                Attn:  Alan I. Annex, Esq.

                TO AN INVESTOR, TO:

                [To follow]

                with a copy to:

                Greenberg Traurig LLP
                MetLife Building
                200 Park Avenue
                New York, New York 10166
                Attn:  Alan I. Annex, Esq.

                5.4.    SEVERABILITY.  This Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or  enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision,  the parties  hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or  unenforceable
provision as may be possible that is valid and enforceable.
<PAGE>

                5.5.    COUNTERPARTS. This Agreement may be executed in multiple
counterparts,  each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument.

                5.6.    ENTIRE   AGREEMENT.   This   Agreement   (including  all
agreements  entered into pursuant  hereto and all  certificates  and instruments
delivered  pursuant hereto and thereto)  constitute the entire  agreement of the
parties with respect to the subject  matter  hereof and  supersede all prior and
contemporaneous agreements,  representations,  understandings,  negotiations and
discussions between the parties, whether oral or written.

                5.7.    MODIFICATIONS AND AMENDMENTS. No amendment, modification
or termination of this Agreement shall be binding upon any party unless executed
in writing by such party.  Notwithstanding  the  foregoing,  any and all parties
must obtain the  written  consent of  Ladenburg  Thalmann & Co. Inc. to amend or
modify this Agreement.

                5.8.    TITLES AND HEADINGS.  Titles and headings of sections of
this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement.

                5.9.    WAIVERS AND EXTENSIONS.  Any party to this Agreement may
waive any  right,  breach or  default  which  such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless
it is in  writing,  is signed by such  party,  and  specifically  refers to this
Agreement.  Waivers may be made in advance or after the right  waived has arisen
or the breach or default waived has occurred. Any waiver may be conditional.  No
waiver of any breach of any  agreement or provision  herein  contained  shall be
deemed a waiver of any preceding or succeeding  breach  thereof nor of any other
agreement  or  provision  herein  contained.  No waiver or extension of time for
performance of any  obligations or acts shall be deemed a waiver or extension of
the time for performance of any other obligations or acts.

                5.10.   REMEDIES CUMULATIVE. In the event that the Company fails
to observe or perform any  covenant  or  agreement  to be observed or  performed
under this Agreement, the Investor or any other holder of Registrable Securities
may  proceed to protect  and  enforce  its rights by suit in equity or action at
law, whether for specific performance of any term contained in this Agreement or
for an injunction  against the breach of any such term or in aid of the exercise
of any  power  granted  in this  Agreement  or to  enforce  any  other  legal or
equitable  right,  or to take  any one or more of such  actions,  without  being
required to post a bond. None of the rights,  powers or remedies conferred under
this Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether
conferred by this Agreement or now or hereafter  available at law, in equity, by
statute or otherwise.

                5.11.   GOVERNING  LAW.  This  Agreement  shall be governed  by,
interpreted  under,  and construed in  accordance  with the internal laws of the
State of New York applicable to agreements  made and to be performed  within the
State of New York, without giving effect to any choice-of-law provisions thereof
that  would  compel  the  application  of the  substantive  laws  of  any  other
jurisdiction.
<PAGE>

                5.12.   WAIVER OF TRIAL BY JURY.  Each party hereby  irrevocably
and  unconditionally  waives the right to a trial by jury in any  action,  suit,
counterclaim or other proceeding (whether based on contract,  tort or otherwise)
arising out of,  connected with or relating to this Agreement,  the transactions
contemplated  hereby,  or the  actions  of  the  Investor  in  the  negotiation,
administration, performance or enforcement hereof.

        IN WITNESS  WHEREOF,  the parties have caused this  Registration  Rights
Agreement to be executed and delivered by their duly authorized  representatives
as of the date first written above.

                             MEDIA & ENTERTAINMENT HOLDINGS, INC.

                             By:
                                   ---------------------------------------------
                                   Herbert A. Granath, Chief Executive Officer

                             INVESTORS:

                             ---------------------------------------------------
                             Herbert A. Granath

                             ---------------------------------------------------
                             Harvey M. Seslowsky

                             ---------------------------------------------------
                             Robert C. Clauser, Jr.

                             ---------------------------------------------------
                             Bruce Maggin

                             ---------------------------------------------------
                             Edward T. Reilly

                             ---------------------------------------------------
                             Richard Weden

                             ---------------------------------------------------
                             William A. Roskin

                             ---------------------------------------------------
                             Joseph Tirinato

                             ---------------------------------------------------
                             Benjamin H. Maggin

                             ---------------------------------------------------
                             Daniel M. MagginEXHIBIT 10.25

August 3, 2006

Media & Entertainment Holdings, Inc.
4429 Edmondson Avenue
Dallas, Texas 75205

Ladenburg Thalmann & Co. Inc.
590 Madison Avenue, 34th Floor
New York, New York 10022

               Re:     Initial Public Offering
                       -----------------------

Gentlemen:

               The undersigned  stockholder of Media &  Entertainment  Holdings,
Inc.   ("Company"),   in  consideration   of  Ladenburg   Thalmann  &  Co.  Inc.
("Ladenburg")   agreeing  to  underwrite  an  initial  public  offering  of  the
securities  of the Company  ("IPO") and  embarking  on the IPO  process,  hereby
agrees as  follows  (certain  capitalized  terms  used  herein  are  defined  in
paragraph 11 hereof):

               1.  If the  Company  solicits  approval of its stockholders  of a
Business  Combination,  the  undersigned  will vote all  Insider  Shares and IPO
Shares  owned by it in  accordance  with the  majority  of the votes cast by the
holders of the IPO Shares,  other than  Insiders,  officers and directors of the
Company.

               2. The undersigned  acknowledges and agrees that the Company will
not  consummate  any  Business  Combination  which  involves a company  which is
affiliated  with any of the Insiders  unless the Company obtains an opinion from
an independent  investment banking firm reasonably  acceptable to Ladenburg that
the business combination is fair to the Company's  stockholders from a financial
perspective.

               3.  Neither the undersigned  nor any Affiliate of the undersigned
will be entitled to receive and will not accept any  compensation  for  services
rendered to the Company prior to the consummation of the Business Combination.

               4.  Neither  the   undersigned   nor  or  any  Affiliate  of  the
undersigned  will be entitled  to receive or accept a finder's  fee or any other
compensation  in the event the  undersigned or any Affiliate of the  undersigned
originates a Business Combination.

<PAGE>

Media & Entertainment Holdings, Inc.
Ladenburg Thalmann & Co. Inc.
August 3, 2006
Page 2

               5.  The undersigned will escrow its Insider Shares for the period
commencing on the effective date of the registration  statement  relating to the
IPO and ending one year from the consummation of a business combination, subject
to the terms of a Stock Escrow  Agreement which the Company will enter into with
the undersigned and an escrow agent acceptable to the Company.

               6.  The undersigned represents and warrants that:

               (a) it is not subject to or a respondent in any legal action for,
any  injunction,  cease-and-desist  order or order or  stipulation  to desist or
refrain from any act or practice  relating to the offering of  securities in any
jurisdiction;

               (b) it has never been convicted of or pleaded guilty to any crime
(i)  involving  any  fraud or (ii)  relating  to any  financial  transaction  or
handling of funds of another person,  or (iii) pertaining to any dealings in any
securities and it is not currently a defendant in any such criminal  proceeding;
and

               (c) it has never been  suspended or expelled  from  membership in
any  securities or  commodities  exchange or  association or had a securities or
commodities license or registration denied, suspended or revoked.

               7.  The undersigned has full right and power,  without  violating
any agreement by which he is bound, to enter into this letter agreement.

               8.  As used  herein, (i) a "Business  Combination"  shall mean an
acquisition  by merger,  capital  stock  exchange,  asset or stock  acquisition,
reorganization or otherwise,  of an operating  business selected by the Company;
(ii)  "Insiders"  shall mean all officers and directors who are  stockholders of
the Company  immediately prior to the IPO; (iii) "Insider Shares" shall mean all
of the shares of Common  Stock of the Company  owned by an Insider  prior to the
IPO; and (iv) "IPO  Shares"  shall mean the shares of Common Stock issued in the
Company's IPO.

               9. The undersigned hereby waives its right to exercise conversion
rights  with  respect to any  Insider  Shares  and/or  IPO  Shares  owned by the
undersigned, directly or indirectly, and agrees that it will not seek conversion
with respect to such Insider  Shares  and/or IPO Shares in  connection  with any
vote to  approve a  Business  Combination  (as is more  fully  described  in the
Company's Prospectus relating to its IPO).

                                       2
<PAGE>

Media & Entertainment Holdings, Inc.
Ladenburg Thalmann & Co. Inc.
August 3, 2006
Page 3

                                               HEARST CORPORATION

                                               By:    /s/ Ronald J. Doerfler
                                                   -----------------------------
                                                      Ronald J. Doerfler
                                                      Senior Vice President and
                                                      Chief Financial Officer

                                       3

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