Voting Agreement Regarding Extension of Business Combination Period – Media & Entertainment Holdings, Inc., Lazard Capital Markets LLC, Ladenburg Thalmann & Co. Inc., and Others

Summary

This agreement is between Media & Entertainment Holdings, Inc., Lazard Capital Markets LLC, Ladenburg Thalmann & Co. Inc., certain individual shareholders, Transmedia Corporation, and Hearst Corporation. The signatories agree not to propose or support any amendment to extend the time allowed for the company to complete a business combination before liquidation. If such a proposal is made by others, they agree to vote against it. The agreement cannot be modified or amended under any circumstances.

EX-10.32 24 c38990_ex10-32.txt EXHIBIT 10.32 August 3, 2006 Media & Entertainment Holdings, Inc. 4429 Edmondson Avenue Dallas, Texas 75205 Lazard Capital Markets LLC 30 Rockefeller Plaza New York, New York 10112 Ladenburg Thalmann & Co. Inc. 153 East 53rd Street New York, New York 10022 ------------------------------------ Re: Media & Entertainment Holdings, Inc. ("Company") ------------------------------------ Gentlemen: For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the undersigned hereby agrees with the Company, Lazard Capital Markets LLC and Ladenburg Thalmann & Co. Inc. to not propose, or vote in favor of, any amendment to the Company's Certificate of Incorporation to extend the period of time in which the Company must consummate a business combination (as is more fully described in the Company's Prospectus relating to the Company's initial public offering) prior to its liquidation. Should such a proposal be put before stockholders other than through actions by any of the undersigned, each of the undersigned hereby agrees to vote against such proposal. This agreement may not be modified or amended under any circumstances. Very truly yours, /s/ Herbert A. Granath ----------------------------- Herbert A. Granath /s/ Harvey M. Seslowsky ----------------------------- Harvey M. Seslowsky /s/ Robert C. Clauser, Jr. ----------------------------- Robert C. Clauser, Jr. /s/ Bruce Maggin ----------------------------- Bruce Maggin /s/ Richard M. Weden ----------------------------- Richard M. Weden /s/ Edward T. Reilly ----------------------------- Edward T. Reilly /s/ William A. Roskin ----------------------------- William A. Roskin TRANSMEDIA CORPORATION By: /s/ Harvey M. Seslowsky ------------------------- Name: Harvey M. Seslowsky HEARST CORPORATION By: /s/ Ronald J. Doerfler ------------------------- Name: Ronald J. Doerfler Title: Senior VP and CFO Agreed and Accepted: MEDIA & ENTERTAINMENT HOLDINGS, INC. By: /s/ Harvey M. Seslowsky --------------------------- Name: Harvey M. Seslowsky Title: President and Chief Operating Officer LAZARD CAPITAL MARKETS LLC By: /s/ David G. McMillan, Jr. --------------------------- Name: David G. McMillan, Jr. Title: Managing Director LADENBURG THALMANN & CO. INC. By: /s/ Steven Kaplan --------------------------- Name: Steven Kaplan Title: Managing Director