TERMINATION AGEEMENT
                               September 28, 1999


1.      SBS and CME have mutually agreed to terminate the Reorganization
        Agreement dated March 29, 1999 and to unconditionally release one
        another from all rights, claims and obligations thereunder on the
        condition that SBS will immediately pay CME a break-up fee of USD 8.25
        million. Each party will bear its own expenses.

2.     In recognition of the fact that each party has been provided with
       confidential information regarding the businesses operated by the other,
       SBS agrees, until March 28, 2000, that neither SBS or affiliated
       companies will compete with CME owned or operated television stations, in
       the advertiser supported, free-to-air television broadcasting business in
       the Czech Republic, Slovakia and the Ukraine, and CME agrees, until March
       28, 2000, not to compete with SBS in SBS' existing markets, other than
       Slovenia. These agreements not to compete shall be non-transferrable, but
       shall survive any "change of control".

3.     SBS and CME will complete the transactions in Hungary contemplated by the
       draft of the Heads of Agreement dated September 14, 1999, provided,
       however, that the value of the programming inventory to be transferred to
       SBS shall be reduced from USD 17.2 million to USD 14.7 million and SBS
       shall bear the risk of securing the assignments of the Warner Brothers
       and Fox contracts and shall pay CME the assigned value of such contracts
       at closing. The aforesaid USD 2.5 million reduction in value shall be
       applied pro rata to the programming contracts other than Columbia.

4.     CME and SBS will immediately cease all litigation in Slovenia and
       elsewhere, and relinquish all claims, against each other and their
       associates and affiliates pertaining to Kanal A ownership, and management
       and operation of Kanal A and will cease and desist from any efforts to
       contest or interfere in the corporate governance of Kanal A. In addition,
       CME will assign to SBS all claims, including related liens and
       encumbrances, against Vladimir Polic and members of the Polic family.

5.     In consideration  for CME's  obligations in Section 4, SBS will grant CME
       an option to purchase an unencumbered 80% economic and voting interest in
       Kanal A for USD 12.25 million.  The option will be exerciseable until the
       earlier of (i) June 30, 2001, or (ii) six months from the date upon which
       SBS  delivers  to CME a  notice,  which  shall be in form  and  substance
       reasonably  satisfactory  to CME, that SBS has the ability to transfer to
       CME an  unencumbered  80%  economic  and voting  interest in Kanal A. SBS
       shall use its best efforts to obtain and deliver such interest as soon as
       practical  but,  in any  event,  the  option  shall  only  extend to such
       interest as SBS is capable of  delivering  on or before its  expiry.  The
       foregoing option shall be  non-transferrable by CME except to an existing
       subsidiary  or  affiliate,  but shall  survive any "change of control" of
       CME.

6.     CME and SBS agree to use their  best  efforts  to close the  transactions
       contemplated herein by October 15, 1999.

7.     In an announcing the termination of the Reorganization Agreement, SBS
       will include a statement substantially as follows:



                  For several months, SBS has watched with increasing concern as
                  CME's substantial investment in TV Nova in the Czech Republic
                  has materially diminished in value. It would appear that CME
                  and its shareholders have not been accorded the same level of
                  protection of their television investment that foreign
                  investors expect and are entitled to rely upon. Under the
                  circumstances, we have reluctantly concluded that it would be
                  imprudent for SBS to expose its shareholders to this level of
                  on-going risk and uncertainty.

      For SBS                                                 For CME

      /s/ Howard A. Knight                           /s/ Fred T. Klinkhammer
      Howard A. Knight                               Frederic T. Klinkhammer
      Authorized Representative                      Authorized Representative
      September 28, 1999                             September 28, 1999