Agreement

Agreement # 93227 on opening the credit line in the foreign currency           1

                                                                   EXHIBIT 10.32

       CONTRACT # 93227 ON OPENING THE CREDIT LINE IN THE FOREIGN CURRENCY

Moscow                                                        September 03, 2004

     OPEN JOINT-STOCK COMPANY "ALPHA-BANK", hereinafter referred to as the

"Creditor", in the person of Director on crediting corporate clients Mr.

Silvestrov A.K., acting the basis of the Power of attorney # 01/1489 D dated

August 23, 2004, on the one hand, and CLOSED JOINT-STOCK COMPANY ((NETWORK OF

TELEVISION STATIONS)), hereinafter referred to as the "Borrower", in the person

of General director Rodnyansky A.E., acting on the basis of the Charter, on the

other hand, hereinafter jointly referred to as the "Parties" have concluded the

present Contract as follows:

                         1. THE SUBJECT OF THE CONTRACT

     1.1. The Creditor shall grant to the Borrower the credit line, hereinafter

referred to as the "Credit line" within which the Borrower shall be entitled to

obtain credits pursuant to the definition in para 1.4. of the present Contract

under the procedure and on the conditions stipulated by the present Contract for

the amount of not more 40,000,000.00 (forty million 00/100) US Dollars (further

- the "Withdrawal limit") with the following scheme of decreasing the limit sum.

          o    40,000,000.00 (forty million 00/100) US Dollars from the first up

               to twelfth month of the Credit line valid term;

          o    20,000,000.00 (twenty million 00/100) US Dollars from the

               thirteenth up to termination of the Credit line valid term.

     Date of the Credit line opening: September 03, 2004.

     Date of the Credit line closing: March 03, 2006.

     The purpose of granting Credit line: replenishing of current assets.

     1.2. Crediting of the Borrower shall be exercised through granting to them

Credits on the basis of Additional agreements concluded between the Creditor and

the Borrower under the procedure established by the present Contract and the

mentioned Additional agreements.

     1.3. To take into account the accrued expenditure on the Credit line the

Creditor shall open for the Borrower loan accounts, one account for each Credit.

     1.4. Within the limits of the present Contract the Credits shall be

understood as the sum of money resources received by the Borrower within the

frames of the Credit line under the procedure and on the conditions stipulated

by the present Contract and Additional agreements hereto.

     1.5. The date of write-off of the resources from the corresponding loan

account of the Borrower shall be the date of granting the Credit to the

Borrower.

     1.6. The date of repayment of arrears by the Borrower under each Credit

granted within the frames of the Credit line will be the date of actual transfer

of the sum of accrued expenditure upon each Credit, including the sum of the

principal debt, the sum of the interest calculated for the Credit, penal

sanctions and other payments stipulated by the present Contract to the

Creditor's account. Herewith the "principal debt" shall be understood as the sum

of the received, but not returned Credit.

     1.7. The Borrower shall pay to the Creditor interest for using Credits

(further the "Interest") under the rate established by the corresponding

Additional agreements for the period from the date of granting each Credit and

up to the date of debt repayment on each Credit in full, but not later than each

Credit repayment date specified in para 1 of the corresponding Additional

Contract.

     1.8. Calculation of the interest shall be executed starting from the date

following the date of granting each Credit.

     1.9. The interest shall be paid by the Borrower on a monthly basis, on the

twenty fifth of each month

________________________________________________________________________________

Creditor                                           Borrower

_____________________                              ____________________

Agreement # 93227 on opening the credit line in the foreign currency           2

for the actual amount of days of using the Credits, herewith a year shall be

assumed to be equal to 365 or 366 days in conformity with the real number of

calendar days in a year. The last interest payment shall be exercised at the day

of the Credit line closing.

     Interest payment date shall be understood as the date of transfer of the

     interest sum to the Creditor's account.

     1.10. The commission for maintenance of the Credit line shall not be taken.

     1.11. The Borrower's security of performance of the obligations under the

present Contract shall be the following:

     o    Mortgage of the block of ordinary registered stocks of Joint-Stock

          Company ((Network of television stations)) executed in the Contract on

          mortgage of shares dated September 03, 2004 # 93227/3 concluded with

          StoryFirst Communications, Inc.;

     o    StoryFirst Communications, Inc. guarantee executed in the Contract on

          guarantee dated September 03, 2004 # 93227/X.

                    2. RIGHTS AND OBLIGATIONS OF THE PARTIES

     2.1. The Borrower shall undertake to settle arrears under the Credits not

later than the Credits repayment terms specified in the corresponding Additional

agreements, as well as in due time, in accordance with para 1.7. and 1.9. of the

present Contract to make payments on interest.

     2.2. The Borrower shall undertake to use Credits exclusively for the

purposes stipulated by the present Contract observing conditions of a

recoverability, term structure, interest payment for the Credits.

     2.3. The Borrower shall undertake to present to the Creditor all documents

necessary for the control by the latter or a person authorized by the Creditor

over the target use of the Credits and financial status of the Borrower upon

demand of the Creditor.

     2.3.1. The Borrower shall undertake to present the current quarter and

annual accounting reporting (forms #1, #2, #4) within 10 (Ten) business days

from the date of the tax inspection mark on receipt of such reporting, as well

as certificates on the current debt certified by the Borrower, and certificates

on turnover as per the accounts certified by the banks where the specified

accounts are opened, - on a quarterly basis.

     Should the accounting reporting contain the data constituting the official

secret, the Borrower shall undertake to present to the Creditor an extract from

the list of the data constituting the official secret on the basis of which

these data are subject to securing.

     The Creditor shall have the license for work using the data constituting

the official secret and shall undertake to provide protection of the data,

concerning which the above-mentioned extract is presented to the Creditor.

     2.3.2. The Borrower shall undertake to notify the Creditor in writing

within the valid term of the present Contract not later than 10 (ten) business

days from the date of coming into force of the respective alterations, on all

changes in the management bodies (attaching the certified copies of documents on

election (appointment) of the Borrower's management bodies (according to the

legislation and constituent documents of the Borrower)), as well as on

amendments to the Borrower's constituent documents.

     2.4. While signing the present Contract the Borrower shall undertake to

present to the Creditor simultaneously the following information:

     o    the documents necessary for opening to the Borrower of loan accounts

          in accordance with the legislation requirements;

     o    the list of all settlement, current, depositary and other accounts

          opened to the Borrower;

     o    the list of all legal actions in common courts, arbitration courts,

          arbitral tribunals where the Borrower is a party, price of the claim

          for which makes not less than 1 % (one percent) of the balance cost of

          the assets/property of the Borrower notifying on the name of court,

          the dispute essence, the sum of the claim and any other data);

     o    the data on issue of court enforcement orders on collecting money

          resources from the Borrower, as well as on institution of enforcement

          proceedings concerning the Borrower, if the sum of money resources

          subject to collecting or that can be collected within the enforcement

          proceeding, makes not less than 1 % (one

________________________________________________________________________________

Creditor                                           Borrower

_____________________                              ____________________

Agreement # 93227 on opening the credit line in the foreign currency           3

percent) of the balance cost of the assets/property of the Borrower;

     o    the data on attachment, mortgage, lease and other encumbrances of the

          Borrower's property, the cost of which makes not less than 1 (one)

          percent of the balance cost of the assets/property of the Borrower.

     2.4.1. Should the information presented according to para 2.4. of the

present Contract be modified, the Borrower shall undertake to notify the

Creditor in writing on the specified changes within 10 (Ten) days from the date

of introducing the alterations.

     2.4.2. The Creditor shall have the right to not grant Credits in case of

non-presenting or untimely presenting by the Borrower of the documents specified

in para 2.4. of the present Contract and other documents according to the

current legislation, as well as in case of presenting the incorrect or

incomplete information specified in para 2.4. of the present Contract.

     2.5. The Borrower shall undertake not to consider the matter on the

reorganization (in any form) or liquidation, as well as on the change of the

main type of the commercial activity carried out by them for the date of signing

of the present Contract without preliminary written notice to the Creditor (for

not fewer than 10 (ten) business days) within the valid term of the present

Contract, and not to take any other actions which can complicate execution of

the conditions of the present Contract.

                                   3. PAYMENTS

     3.1. All payments in favour of the Creditor under the present Contract and

Additional agreements hereto shall be executed by the Borrower in US Dollars to

the account of the Creditor specified in Section 7 of the present Contract.

     3.1.1. All payments in favour of the Creditor under the present Contract

should be carried out by the Borrower completely so that the Creditor shall

receive the sum due to them in full under the present Contract and Additional

agreements hereto.

     3.2. The fact of transfer of the resources in favour of any Party under the

present Contract should be confirmed by the Party-transferor by presenting to

other Party of the copy of payment document certifying the fact of such transfer

(payment order, payment telex, etc.).

     3.3. Should any payment under the present Contract fall on the day that is

not a business day in Moscow or New York, such payment shall be executed

directly on the following business day. Such time displacement of payment shall

be taken into account when calculating interest, i.e. the interest shall be

calculated under the rate stipulated by the present Contract prior to the date

of the actual remittance of the funds to the account of the Creditor.

     3.4. Repayment of debt to the Creditor under the present Contract and the

Additional Contracts hereto shall be executed under the following procedure:

     o    first turn - penalty for delay of payment of the calculated interest;

     o    second turn - penalty for delay of repayment of the principal debt;

     o    third turn - calculated interest;

     o    fourth turn - principal debt;

     The specified sequence can be changed by the Creditor unilaterally.

     3.5. The Borrower shall have the right to cancel pre-time the Credits

granted according to the Additional Contracts to the present Contract without

payment of any additional commission fee, interest, penalties, etc. in favour of

the Creditor. The Borrower shall direct to the Creditor the notice in writing on

the pre-schedule repayment 10 (ten) business days prior to date of the

prospective pre-schedule repayment.

     3.6. The Borrower shall grant the Creditor the right to debit without

further authorization on the basis of payment requests of the Creditor from the

current currency account of the Borrower # 40702840800000003159 in OJSC

"ALPHA-BANK" the sum of any debt and any payment of the Borrower under the

present Contract and Additional agreements hereto on the date when such debt

should be cancelled or on the date when such payment should be executed.

     3.7. The Borrower shall also grant the Creditor the right to debit without

further authorization on the basis of payment requests of the Creditor from the

account specified in para 3.6. of the present Contract:

     o    sum of arrears of the Borrower under the Credit and/or calculated

          interest, and in case of delay by the Borrower of arrears repayment of

          the Credit and/or delay of payment by the Borrower of the calculated

________________________________________________________________________________

Creditor                                           Borrower

_____________________                              ____________________

Agreement # 93227 on opening the credit line in the foreign currency           4

interest, as well as in case of pre-schedule debt collecting of the Credit and

the calculated interest in case of pre-schedule debt collecting on the bases

specified in para 5.2. of the present Contract, on the date when such debt

should be cancelled by the Borrower;

     o    sum of penal provisions (penalty) stipulated by the present Contract

          in case of non-execution or inadequate performance by the Borrower of

          the obligations under the present Contract.

     3.8. In case of absence (insufficiency) of money resources on the current

currency account of the Borrower specified in para 3.6. of the present Contract

for debiting without further authorization the sums of debt, payments, penal

sanctions stipulated by para 3.6. and 3.7. of the present Contract, the Borrower

shall grant the Creditor the right to debit without further authorization the

sums of debt, payments, penal sanctions stipulated by para 3.6. and 3.7. of the

present Contract, on the basis of the Creditor's payment requests from the

settlement account of the Borrower # 40702810100000006624 opened with the

Creditor.

     Sums subject to writing off shall be re-calculated into an equivalent of US

Dollars at the rate of the Creditor for date of realization of the write-off.

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