Re: Fee for Successful License Tenders

                                                                   Exhibit 10.26

                 [LETTERHEAD OF STORYFIRST COMMUNICATIONS, INC.]

                                 January 1, 2003

Petr O. Aven

Alfa Bank

9, ul. Mashi Poryvaevoi

Moscow

Russian Federation

      Re:   Fee for Successful License Tenders

Dear Petr:

      I am writing to confirm our understanding with respect to the payment of

fees to Alfa Bank for successful license tenders. In the event that StoryFirst

and Alfa, working together, are successful in winning, in an open frequency

tender, a VHF license to broadcast terrestrial television in a city listed on

Exhibit A hereto for a company or other legal entity in which StoryFirst and/or

one of its subsidiaries owns at least a 51% interest, StoryFirst shall pay to

Alfa, or its designated affiliate, the sum set forth opposite such city's name

on Exhibit A.

      If StoryFirst or one if its subsidiaries acquires a company or business

with an existing broadcast license (in a city listed on Exhibit A or otherwise),

no success fee will be payable to Alfa unless such a success fee has been agreed

in writing before such acquisition.

      Moreover, StoryFirst reserves the right to remove any city from Exhibit A

at any time by written notice to Alfa so long as no application has been made to

secure a license in such city by or on behalf of StoryFirst as of the date of

such notice.