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 exis