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<p ALIGN="CENTER"><font face="Arial"><small>UNITED STATES</small><br>
<small>SECURITIES AND EXCHANGE COMMISSION</small><br>
<small>WASHINGTON, D.C. 20549</small><br>
<small>_________________</small></font></p>

<p ALIGN="CENTER"><font face="Arial"><small>FORM 8-K</small><br>
<small>CURRENT REPORT</small></font></p>

<p ALIGN="CENTER"><font face="Arial"><small>PURSUANT TO SECTION 13 OR 15(d) of the</small><br>
<small>SECURITIES EXCHANGE ACT OF 1934</small><br>
<small>__________________</small></font></p>
</b>

<p ALIGN="CENTER"><small><font face="Arial">August 7, 2008</font></small></p>
<u><b>

<p ALIGN="CENTER"><font face="Arial"><small>CHINA MEDIA GROUP CORPORATION</small><br>
</b></u><small>(Exact Name of Registrant as Specified in Charter)</small></font></p>
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    <td WIDTH="37%" VALIGN="BOTTOM" height="18"><p ALIGN="CENTER"><u><b><small><font
    face="Arial">Texas</font></small></b></u></td>
    <td WIDTH="32%" VALIGN="BOTTOM" height="18"><u><b><p ALIGN="CENTER"><small><font
    face="Arial">5813</font></small></b></u></td>
    <td WIDTH="32%" VALIGN="BOTTOM" height="18"><u><b><p ALIGN="CENTER"><small><font
    face="Arial">75-3016844</font></small></b></u></td>
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    <td WIDTH="37%" VALIGN="BOTTOM" height="2"><p ALIGN="CENTER"><small><font face="Arial">(State
    or other jurisdiction</font></small></td>
    <td WIDTH="32%" VALIGN="BOTTOM" height="2"><p ALIGN="CENTER"><small><font face="Arial">(Commission</font></small></td>
    <td WIDTH="32%" VALIGN="BOTTOM" height="2"><p ALIGN="CENTER"><small><font face="Arial">(IRS
    Employer</font></small></td>
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    <td WIDTH="37%" VALIGN="BOTTOM" height="18"><p ALIGN="CENTER"><small><font face="Arial">of
    incorporation)</font></small></td>
    <td WIDTH="32%" VALIGN="BOTTOM" height="18"><p ALIGN="CENTER"><small><font face="Arial">File
    Number)</font></small></td>
    <td WIDTH="32%" VALIGN="BOTTOM" height="18"><p ALIGN="CENTER"><small><font face="Arial">Identification
    No.)</font></small></td>
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    <td WIDTH="68%" VALIGN="MIDDLE" HEIGHT="40"><u><b><p ALIGN="CENTER"><small><font
    face="Arial">1403 Wan Chai Commercial Center, 194-204 Johnston Road, Wanchai, Hong Kong</font></small></b></u></td>
    <td WIDTH="32%" VALIGN="MIDDLE" HEIGHT="40"><u><b><p ALIGN="CENTER"><small><font
    face="Arial">N/a</font></small></b></u></td>
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    <td WIDTH="68%" VALIGN="BOTTOM"><p ALIGN="CENTER"><small><font face="Arial">(Address of
    principal executive offices)</font></small></td>
    <td WIDTH="32%" VALIGN="BOTTOM"><p ALIGN="CENTER"><small><font face="Arial">(Zip code)</font></small></td>
  </tr>
  <tr>
    <td WIDTH="68%" VALIGN="BOTTOM"></td>
    <td WIDTH="32%" VALIGN="BOTTOM"></td>
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    <td WIDTH="68%" VALIGN="BOTTOM"><p ALIGN="CENTER"><small><font face="Arial">Registrant's telephone number, including area code:</font></small></td>
    <td WIDTH="32%" VALIGN="BOTTOM"><b><p ALIGN="CENTER"><small><font face="Arial">+011 852
    3171 1208 (ext. 222)</font></small></b></td>
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</table>
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    <td VALIGN="TOP" HEIGHT="43"><p ALIGN="JUSTIFY"><small><font face="Arial">Check the
    appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
    filing obligation of the registrant under any of the following provisions:</font></small></td>
  </tr>
</table>
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    <td WIDTH="9%" VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">[&nbsp; ]</font></small></td>
    <td WIDTH="91%" VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></small></td>
  </tr>
</table>
</center></div><div align="center"><center>

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    <td WIDTH="9%" VALIGN="TOP"><small><font face="Arial">[&nbsp; ]</font></small></td>
    <td WIDTH="91%" VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></small></td>
  </tr>
</table>
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    <td WIDTH="9%" VALIGN="TOP"><small><font face="Arial">[&nbsp; ]</font></small></td>
    <td WIDTH="91%" VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act&nbsp;(17&nbsp;CFR&nbsp;240.14d-2(b))</font></small></td>
  </tr>
</table>
</center></div><div align="center"><center>

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    <td WIDTH="9%" VALIGN="TOP"><small><font face="Arial">[&nbsp; ]</font></small></td>
    <td WIDTH="91%" VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act&nbsp; (17&nbsp;CFR&nbsp;240.13e-4(c))</font></small></td>
  </tr>
</table>
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    <td WIDTH="17%" VALIGN="TOP"><b><p ALIGN="JUSTIFY"><small><font face="Arial">Item 1.02</font></small></b></td>
    <td WIDTH="83%" VALIGN="TOP"><u><b><p ALIGN="JUSTIFY"><small><font face="Arial">Termination
    of a Material Definitive Agreement</font></small></b></u></td>
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</table>
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    <td VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">On August 3, 2008, the
    Company entered into a Letter Agreement with Tailor-Made Capital Ltd. (the
    &quot;TMC&quot;) to terminate the Security Purchase Agreement entered into between the
    parties on December 12, 2007 (the &quot;Purchase Agreement&quot;) and such Purchase
    Agreement shall become void and of no further force and effect. The Common Stock Purchase
    Warrants Agreements (the &quot;Warrant Agreements&quot;) remains outstanding except for
    the warrant adjustment relating to i) conversion of convertible debentures into shares of
    Common Stock and ii) an issuance of shares not resulting from any conversion of options
    and warrants, all of the terms, provisions and conditions of the Warrants shall remain in
    full force and effect. In consideration for the termination noted above, the Company shall
    issue 10 million restricted common stock of the Company to TMC. </font></small></p>
    <p ALIGN="JUSTIFY"><small><font face="Arial">The Termination Agreement is filed as Exhibit
    10.2 hereto.</font></small></td>
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    <td WIDTH="17%" VALIGN="TOP"><b><p ALIGN="JUSTIFY"><small><font face="Arial">Item 3.02</font></small></b></td>
    <td WIDTH="83%" VALIGN="TOP"><u><b><p ALIGN="JUSTIFY"><small><font face="Arial">Unregistered
    Sales of Equity Securities</font></small></b></u></td>
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    <td VALIGN="TOP"><small><font face="Arial">See Item 1.02 above<i>.</i></font></small></td>
  </tr>
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    <td WIDTH="17%" VALIGN="TOP"><b><p ALIGN="JUSTIFY"><small><font face="Arial">Item 9.01</font></small></b></td>
    <td WIDTH="83%" VALIGN="TOP"><u><b><p ALIGN="JUSTIFY"><small><font face="Arial">Financial
    Statements And Exhibits</font></small></b></u></td>
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</table>
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    <td WIDTH="17%" VALIGN="TOP" HEIGHT="22"><b><p ALIGN="CENTER"><small><font face="Arial">(c)</font></small></b></td>
    <td WIDTH="83%" VALIGN="TOP" HEIGHT="22"><font face="Arial"><small>See table below</small></font></td>
  </tr>
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    <td WIDTH="17%" VALIGN="TOP" HEIGHT="22"><b><small><font face="Arial"></font></small></b></td>
    <td WIDTH="83%" VALIGN="TOP" HEIGHT="22"><font face="Arial"><small></small></font></td>
  </tr>
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    <td WIDTH="17%" VALIGN="TOP" HEIGHT="22"><b><small><font face="Arial"></font></small></b></td>
    <td WIDTH="83%" VALIGN="TOP" HEIGHT="22"><font face="Arial"><small></small></font></td>
  </tr>
</table>
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    <td WIDTH="14%" VALIGN="TOP" BGCOLOR="#c0c0c0"><b><small><font face="Arial">Exhibit</font></small></b></td>
    <td WIDTH="64%" VALIGN="TOP" BGCOLOR="#c0c0c0"><b><small><font face="Arial">Description</font></small></b></td>
    <td WIDTH="22%" VALIGN="TOP" BGCOLOR="#c0c0c0"><b><small><font face="Arial">Location</font></small></b></td>
  </tr>
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    <td WIDTH="14%" VALIGN="TOP"><p ALIGN="CENTER"><small><font face="Arial">Exhibit 10.1 </font></small></td>
    <td WIDTH="64%" VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">Termination of
    Securities Purchase Agreement</font></small></td>
    <td WIDTH="22%" VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">Provided here
    with</font></small></td>
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</table>
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</font><b>

<p ALIGN="CENTER"><small><font face="Arial">SIGNATURES</font></small></p>
</b><div align="center"><center>

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    <td VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">Pursuant to the requirements
    of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this
    Current Report to be signed on its behalf by the undersigned hereunto duly authorized.</font></small></td>
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</table>
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    <td WIDTH="53%" VALIGN="TOP"><font face="Arial"><br>
    <br>
    <br>
    <br>
    <small>Date: August 7, 2008</small></font></td>
    <td WIDTH="47%" VALIGN="TOP"><b><font face="Arial"><br>
    <br>
    <br>
    <br>
    <small>CHINA MEDIA GROUP CORPORATION</small></font></b></td>
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    <td WIDTH="53%" VALIGN="TOP"></td>
    <td WIDTH="47%" VALIGN="TOP"></td>
  </tr>
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    <td WIDTH="53%" VALIGN="TOP"></td>
    <td WIDTH="47%" VALIGN="TOP"></td>
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    <td WIDTH="53%" VALIGN="TOP"></td>
    <td WIDTH="47%" VALIGN="TOP"><small><font face="Arial">By: <i>/s/ Con Unerkov</i></font></small></td>
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    <td WIDTH="53%" VALIGN="TOP"></td>
    <td WIDTH="47%" VALIGN="TOP"><small><font face="Arial">Name: Con Unerkov</font></small></td>
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    <td WIDTH="53%" VALIGN="TOP"></td>
    <td WIDTH="47%" VALIGN="TOP"><small><font face="Arial">Title: President</font></small></td>
  </tr>
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    <td WIDTH="53%" VALIGN="TOP"></td>
    <td WIDTH="47%" VALIGN="TOP"></td>
  </tr>
</table>
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<p ALIGN="CENTER"><small><font face="Arial">EXHIBIT INDEX</font></small></p>
</b><div align="center"><center>

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    <td WIDTH="17%" VALIGN="TOP" BGCOLOR="#c0c0c0"><b><small><font face="Arial">Exhibit</font></small></b></td>
    <td WIDTH="83%" VALIGN="TOP" BGCOLOR="#c0c0c0"><b><small><font face="Arial">Description</font></small></b></td>
  </tr>
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    <td WIDTH="17%" VALIGN="TOP"><p ALIGN="CENTER"><small><font face="Arial">Exhibit 10.1 </font></small></td>
    <td WIDTH="83%" VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">Termination of
    Securities Purchase Agreement</font></small></td>
  </tr>
  <tr>
    <td WIDTH="17%" VALIGN="TOP"></td>
    <td WIDTH="83%" VALIGN="TOP"></td>
  </tr>
</table>
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    <td WIDTH="50%" VALIGN="TOP"><b><p ALIGN="JUSTIFY"><small><font face="Arial">Exhibit 10.1</font></small></b></td>
    <td WIDTH="50%" VALIGN="TOP"></td>
  </tr>
</table>
</center></div><div align="center"><center>

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    <td VALIGN="TOP"><b><p ALIGN="CENTER"><font face="Arial"><small>CHINA MEDIA GROUP
    CORPORATION</small><br>
    </b><small>1403 Wanchai Commercial Center</small><br>
    <small>194-204 Johnston Road</small><br>
    <font size="2">Wanchai, Hong Kong</font></font></td>
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</table>
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    <td WIDTH="50%" VALIGN="TOP"><small><font face="Arial">July 31, 2008</font></small></td>
    <td WIDTH="50%" VALIGN="TOP"></td>
  </tr>
</table>
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    <td VALIGN="TOP"><font face="Arial"><small>Tailor-Made Capital Ltd.</small><br>
    <small>Museum Tower, 14<sup>th</sup> Floor</small><br>
    <small>4 Berkowitz Street</small><br>
    <small>Tel Aviv, 61180 Israel</small><br>
    <small>Attention: Yonatan Malca</small></font></td>
  </tr>
</table>
</center></div><div align="center"><center>

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    <td VALIGN="TOP"><p ALIGN="CENTER"><small><font face="Arial">Re: <u>Termination of
    Securities Purchase Agreement, dated December 12, 2006</u></font></small></td>
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</table>
</center></div><div align="center"><center>

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    <td VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">Dear Mr. Malca:</font></small></td>
  </tr>
</table>
</center></div><div align="center"><center>

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    <td VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">This letter agreement (this
    &quot;<u>Agreement</u>&quot;) confirms our understanding and acknowledgement that the
    Securities Purchase Agreement, as amended, dated December 12, 2006 by and among China
    Media Group Corporation (the &quot;<u>Company</u>&quot;) and Tailor-Made Capital Ltd.
    (such purchaser, the &quot;<u>Purchaser</u>&quot; and such agreement, the &quot;<u>Purchase
    Agreement</u>&quot;), and the transactions contemplated thereunder, are hereby terminated,
    whereupon such Purchase Agreement shall become void and of no further force and effect
    (the &quot;<u>Termination</u>&quot;), except as provided herein, as a result of the mutual
    understanding and agreement of the Company and the Purchaser. The Common Stock Purchase
    Warrants (the &quot;<u>Warrants</u>&quot;) issued by the Company to the Purchaser pursuant
    to the Purchase Agreement remain outstanding and, as such, the Company covenants and
    agrees to timely honor its exercise and other obligations under the Warrants and the
    Purchase Agreement, with respect to such Warrants, in accordance with their respective
    terms. Except for the warrant adjustment relating to i) a conversion of convertible
    debentures into shares of Common Stock and ii) an issuance of shares not resulting from
    any conversion of options and warrants all of the terms, provisions and conditions of the
    Warrants shall remain in full force and effect.</font></small></td>
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</table>
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    <td VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">In consideration for the
    Termination, the Company shall issue to the Purchaser 10,000,000 shares of Common Stock
    (such shares, the &quot;<u>Shares</u>&quot;). On or prior to the execution of this
    Agreement, the Company shall deliver to the Holder, a copy of the irrevocable instructions
    to the Transfer Agent instructing the Transfer Agent to deliver, on an expedited basis, a
    certificate evidencing the Shares, registered in the name of such Holder (such issuance
    date, the &quot;<u>Issuance Date</u>&quot;). The Company shall cause its counsel to issue
    a legal opinion to the Company's transfer agent, if required
    by the Company's transfer agent to effect the removal of the
    legend hereunder, promptly after the earlier of (a) the effective date of a registration
    statement covering all of the Shares in accordance with the following paragraph and (b)
    the date such shares are eligible for resale pursuant to Rule 144 (as defined in the
    Purchase Agreement).</font></small></td>
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</table>
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    <td VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">If, at any time after the 6
    month anniversary of the Issuance Date, there is not an effective registration statement
    covering all of the Shares and the Company shall determine to prepare and file with the
    Commission (as defined in the Purchase Agreement) a registration statement relating to an
    offering for its own account or the account of others under the Securities Act (as defined
    in the Purchase Agreement) of any of its equity securities, other than on Form S-4 or Form
    S-8 (each as promulgated under the Securities Act) or their then equivalents relating to
    equity securities to be issued solely in connection with any acquisition of any entity or
    business or equity securities issuable in connection with the Company's stock option or other employee benefit plans, then the Company shall
    deliver to the Purchaser a written notice of such determination and, if within fifteen
    days after the date of the delivery of such notice, the Purchaser shall so request in
    writing, the Company shall include in such registration statement all or any part of the
    Shares that the Purchaser requests to be registered; <u>provided</u>, <u>however</u>, that
    the Company shall not be required to register any Shares pursuant to this paragraph that
    are eligible for resale pursuant to Rule 144 promulgated by the Commission pursuant to the
    Securities Act or that are the subject of a then effective registration statement.</font></small></td>
  </tr>
</table>
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    <td VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">In connection with the
    issuance of the Shares, the Company hereby represents and warrants to the Purchaser, as of
    the date hereof, that it has the requisite corporate power and authority to enter into and
    to consummate the transaction contemplated by this Agreement and otherwise to carry out
    its obligations hereunder and thereunder. The execution and delivery of this Agreement by
    the Company and the consummation by the Company of the transactions contemplated hereby
    have been duly authorized by all necessary action on the part of the Company and no
    further action is required by the Company, its board of directors or its stockholders in
    connection therewith other than in connection with the Required Approvals (as defined in
    the Purchase Agreement). This Agreement has been duly executed by the Company and, when
    delivered in accordance with the terms hereof, will constitute the valid and binding
    obligation of the Company enforceable against the Company in accordance with its terms
    except (i) as limited by general equitable principles and applicable bankruptcy,
    insolvency, reorganization, moratorium and other laws of general application affecting
    enforcement of creditors' rights generally, (ii) as limited by
    laws relating to the availability of specific performance, injunctive relief or other
    equitable remedies and (iii) insofar as indemnification and contribution provisions may be
    limited by applicable law. The Company hereby represents and warrants to the Purchaser as
    of the date hereof that it is a duly organized and validly existing corporation in good
    standing under the laws of the State of Texas. Immediately following the issuance of the
    Shares hereunder, there will be issued and outstanding 524,132,450 shares of Common Stock,
    all of which such issued and outstanding shares will be validly issued, fully paid and
    nonassessable. The Shares, when issued in accordance with the terms of this Agreement,
    will be duly authorized, validly issued, fully paid and nonassessable. Except as described
    in this Section or as set forth on the Disclosure Schedules to the Purchase Agreement or <u>in
    the 10K and 10Q filings to the SEC</u> , there are no issued or outstanding securities and
    no issued or outstanding options, warrants or other rights, or commitments or agreements
    of any kind, contingent or otherwise, to purchase or otherwise acquire shares of Common
    Stock or any issued or outstanding securities of any nature convertible into shares of
    Common Stock. There is no proxy or any other agreement, arrangement or understanding of
    any kind authorized, effective or outstanding which restricts, limits or otherwise affects
    the right to vote any shares of Common Stock. The Company hereby further represents and
    warrants to the Purchaser that the Company's representations
    and warranties listed in Section 3.1 of the Purchase Agreement are true and correct as of
    the date hereof.</font></small></td>
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</table>
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    <td VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">This Agreement may be
    executed in two or more counterparts, all of which when taken together shall be considered
    one and the same agreement and shall become effective when counterparts have been signed
    by each party and delivered to the other party, it being understood that both parties need
    not sign the same counterpart. In the event that any signature is delivered by facsimile
    transmission or by e-mail delivery of a &quot;.pdf&quot; format data file, such signature
    shall create a valid and binding obligation of the party executing (or on whose behalf
    such signature is executed) with the same force and effect as if such facsimile or
    &quot;.pdf&quot; signature page were an original thereof.</font></small></td>
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</table>
</center></div><div align="center"><center>

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  <tr>
    <td VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">Any and all notices or other
    communications or deliveries required or permitted to be provided hereunder shall be made
    in accordance with the provisions of the Purchase Agreement.</font></small></td>
  </tr>
</table>
</center></div><div align="center"><center>

<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638">
  <tr>
    <td VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">The Agreement, together with
    the exhibits and schedules thereto, contain the entire understanding of the parties with
    respect to the subject matter hereof and supersede all prior agreements and
    understandings, oral or written, with respect to such matters, which the parties
    acknowledge have been merged into such documents, exhibits and schedules.</font></small></td>
  </tr>
</table>
</center></div><div align="center"><center>

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  <tr>
    <td VALIGN="TOP"><p ALIGN="JUSTIFY"><small><font face="Arial">IN WITNESS WHEREOF, the
    parties hereto have executed this Agreement as of this 31<sup>st</sup> day of July, 2008.</font></small></td>
  </tr>
</table>
</center></div><div align="center"><center>

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  <tr>
    <td WIDTH="48%" VALIGN="TOP"></td>
    <td WIDTH="52%" VALIGN="TOP"><font face="Arial"><b><small>CHINA MEDIA GROUP CORPORATION</small></b><br>
    <small>By: <u>/s/ Con Unerkov </small><br>
    </u><small>Name: Con Unerkov</small><br>
    <small>Title: President</small></font></td>
  </tr>
</table>
</center></div><div align="center"><center>

<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="638">
  <tr>
    <td WIDTH="99%" VALIGN="TOP" colspan="3"><small><font face="Arial">Acknowledged: </font></small></td>
  </tr>
  <tr>
    <td WIDTH="99%" VALIGN="TOP" colspan="3"><b><small><font face="Arial">TAILOR-MADE CAPITAL
    LTD.</font></small></b></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font face="Arial"><small>By: <u>/s/ Yanatan Malca </small><br>
    </u><small>Name: Yanatan Malca</small><br>
    <small>Title: Managing Director</small><br>
    <small>[Signed on August 3, 2008]</small></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font face="Arial"><small>By: <u>/s/ Ayner Stepak </small><br>
    </u><small>Name: Ayner Stepak</small><br>
    <small>Title: CEO</small></font></td>
    <td WIDTH="33%" VALIGN="TOP"></td>
  </tr>
</table>
</center></div>
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[{"type": "8-K", "sequence": "1", "filename": "r8k-080708cmg.htm", "description": "TERMINATION LETTER AGREEMENT", "secsgml_size_bytes": 26573}]
{"company-data": {"conformed-name": "China Media Group CORP", "cik": "0001211211", "assigned-sic": "7310", "irs-number": "320034926", "state-of-incorporation": "TX", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50431", "film-number": "08997187"}, "business-address": {"street1": "9901 I.H. 10 WEST", "street2": "SUITE 800", "city": "SAN ANTONIO", "state": "TX", "zip": "78230", "phone": "01186755 61657704"}, "mail-address": {"street1": "9901 I.H. 10 WEST", "street2": "SUITE 800", "city": "SAN ANTONIO", "state": "TX", "zip": "78230"}, "former-company": {"former-conformed-name": "DELIGHTFULLY FROZEN CORP", "date-changed": "20021219"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
__________________
August 7, 2008
CHINA MEDIA GROUP CORPORATION
(Exact Name of Registrant as Specified in Charter)
Texas
5813
75-3016844
(State
    or other jurisdiction
(Commission
(IRS
    Employer
of
    incorporation)
File
    Number)
Identification
    No.)
1403 Wan Chai Commercial Center, 194-204 Johnston Road, Wanchai, Hong Kong
N/a
(Address of
    principal executive offices)
(Zip code)
Registrant's telephone number, including area code:
+011 852
    3171 1208 (ext. 222)
Check the
    appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
    filing obligation of the registrant under any of the following provisions:
[  ]
Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]
Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act  (17 CFR 240.13e-4(c))
Item 1.02
Termination
    of a Material Definitive Agreement
On August 3, 2008, the
    Company entered into a Letter Agreement with Tailor-Made Capital Ltd. (the
    "TMC") to terminate the Security Purchase Agreement entered into between the
    parties on December 12, 2007 (the "Purchase Agreement") and such Purchase
    Agreement shall become void and of no further force and effect. The Common Stock Purchase
    Warrants Agreements (the "Warrant Agreements") remains outstanding except for
    the warrant adjustment relating to i) conversion of convertible debentures into shares of
    Common Stock and ii) an issuance of shares not resulting from any conversion of options
    and warrants, all of the terms, provisions and conditions of the Warrants shall remain in
    full force and effect. In consideration for the termination noted above, the Company shall
    issue 10 million restricted common stock of the Company to TMC.
The Termination Agreement is filed as Exhibit
    10.2 hereto.
Item 3.02
Unregistered
    Sales of Equity Securities
See Item 1.02 above
.
Item 9.01
Financial
    Statements And Exhibits
(c)
See table below
Exhibit
Description
Location
Exhibit 10.1
Termination of
    Securities Purchase Agreement
Provided here
    with
SIGNATURES
Pursuant to the requirements
    of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this
    Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 7, 2008
CHINA MEDIA GROUP CORPORATION
By:
/s/ Con Unerkov
Name: Con Unerkov
Title: President
EXHIBIT INDEX
Exhibit
Description
Exhibit 10.1
Termination of
    Securities Purchase Agreement
Exhibit 10.1
CHINA MEDIA GROUP
    CORPORATION
1403 Wanchai Commercial Center
194-204 Johnston Road
Wanchai, Hong Kong
July 31, 2008
Tailor-Made Capital Ltd.
Museum Tower, 14
th
Floor
4 Berkowitz Street
Tel Aviv, 61180 Israel
Attention: Yonatan Malca
Re:
Termination of
    Securities Purchase Agreement, dated December 12, 2006
Dear Mr. Malca:
This letter agreement (this
    "
Agreement
") confirms our understanding and acknowledgement that the
    Securities Purchase Agreement, as amended, dated December 12, 2006 by and among China
    Media Group Corporation (the "
Company
") and Tailor-Made Capital Ltd.
    (such purchaser, the "
Purchaser
" and such agreement, the "
Purchase
    Agreement
"), and the transactions contemplated thereunder, are hereby terminated,
    whereupon such Purchase Agreement shall become void and of no further force and effect
    (the "
Termination
"), except as provided herein, as a result of the mutual
    understanding and agreement of the Company and the Purchaser. The Common Stock Purchase
    Warrants (the "
Warrants
") issued by the Company to the Purchaser pursuant
    to the Purchase Agreement remain outstanding and, as such, the Company covenants and
    agrees to timely honor its exercise and other obligations under the Warrants and the
    Purchase Agreement, with respect to such Warrants, in accordance with their respective
    terms. Except for the warrant adjustment relating to i) a conversion of convertible
    debentures into shares of Common Stock and ii) an issuance of shares not resulting from
    any conversion of options and warrants all of the terms, provisions and conditions of the
    Warrants shall remain in full force and effect.
In consideration for the
    Termination, the Company shall issue to the Purchaser 10,000,000 shares of Common Stock
    (such shares, the "
Shares
"). On or prior to the execution of this
    Agreement, the Company shall deliver to the Holder, a copy of the irrevocable instructions
    to the Transfer Agent instructing the Transfer Agent to deliver, on an expedited basis, a
    certificate evidencing the Shares, registered in the name of such Holder (such issuance
    date, the "
Issuance Date
"). The Company shall cause its counsel to issue
    a legal opinion to the Company's transfer agent, if required
    by the Company's transfer agent to effect the removal of the
    legend hereunder, promptly after the earlier of (a) the effective date of a registration
    statement covering all of the Shares in accordance with the following paragraph and (b)
    the date such shares are eligible for resale pursuant to Rule 144 (as defined in the
    Purchase Agreement).
If, at any time after the 6
    month anniversary of the Issuance Date, there is not an effective registration statement
    covering all of the Shares and the Company shall determine to prepare and file with the
    Commission (as defined in the Purchase Agreement) a registration statement relating to an
    offering for its own account or the account of others under the Securities Act (as defined
    in the Purchase Agreement) of any of its equity securities, other than on Form S-4 or Form
    S-8 (each as promulgated under the Securities Act) or their then equivalents relating to
    equity securities to be issued solely in connection with any acquisition of any entity or
    business or equity securities issuable in connection with the Company's stock option or other employee benefit plans, then the Company shall
    deliver to the Purchaser a written notice of such determination and, if within fifteen
    days after the date of the delivery of such notice, the Purchaser shall so request in
    writing, the Company shall include in such registration statement all or any part of the
    Shares that the Purchaser requests to be registered;
provided
,
however
, that
    the Company shall not be required to register any Shares pursuant to this paragraph that
    are eligible for resale pursuant to Rule 144 promulgated by the Commission pursuant to the
    Securities Act or that are the subject of a then effective registration statement.
In connection with the
    issuance of the Shares, the Company hereby represents and warrants to the Purchaser, as of
    the date hereof, that it has the requisite corporate power and authority to enter into and
    to consummate the transaction contemplated by this Agreement and otherwise to carry out
    its obligations hereunder and thereunder. The execution and delivery of this Agreement by
    the Company and the consummation by the Company of the transactions contemplated hereby
    have been duly authorized by all necessary action on the part of the Company and no
    further action is required by the Company, its board of directors or its stockholders in
    connection therewith other than in connection with the Required Approvals (as defined in
    the Purchase Agreement). This Agreement has been duly executed by the Company and, when
    delivered in accordance with the terms hereof, will constitute the valid and binding
    obligation of the Company enforceable against the Company in accordance with its terms
    except (i) as limited by general equitable principles and applicable bankruptcy,
    insolvency, reorganization, moratorium and other laws of general application affecting
    enforcement of creditors' rights generally, (ii) as limited by
    laws relating to the availability of specific performance, injunctive relief or other
    equitable remedies and (iii) insofar as indemnification and contribution provisions may be
    limited by applicable law. The Company hereby represents and warrants to the Purchaser as
    of the date hereof that it is a duly organized and validly existing corporation in good
    standing under the laws of the State of Texas. Immediately following the issuance of the
    Shares hereunder, there will be issued and outstanding 524,132,450 shares of Common Stock,
    all of which such issued and outstanding shares will be validly issued, fully paid and
    nonassessable. The Shares, when issued in accordance with the terms of this Agreement,
    will be duly authorized, validly issued, fully paid and nonassessable. Except as described
    in this Section or as set forth on the Disclosure Schedules to the Purchase Agreement or
in
    the 10K and 10Q filings to the SEC
, there are no issued or outstanding securities and
    no issued or outstanding options, warrants or other rights, or commitments or agreements
    of any kind, contingent or otherwise, to purchase or otherwise acquire shares of Common
    Stock or any issued or outstanding securities of any nature convertible into shares of
    Common Stock. There is no proxy or any other agreement, arrangement or understanding of
    any kind authorized, effective or outstanding which restricts, limits or otherwise affects
    the right to vote any shares of Common Stock. The Company hereby further represents and
    warrants to the Purchaser that the Company's representations
    and warranties listed in Section 3.1 of the Purchase Agreement are true and correct as of
    the date hereof.
This Agreement may be
    executed in two or more counterparts, all of which when taken together shall be considered
    one and the same agreement and shall become effective when counterparts have been signed
    by each party and delivered to the other party, it being understood that both parties need
    not sign the same counterpart. In the event that any signature is delivered by facsimile
    transmission or by e-mail delivery of a ".pdf" format data file, such signature
    shall create a valid and binding obligation of the party executing (or on whose behalf
    such signature is executed) with the same force and effect as if such facsimile or
    ".pdf" signature page were an original thereof.
Any and all notices or other
    communications or deliveries required or permitted to be provided hereunder shall be made
    in accordance with the provisions of the Purchase Agreement.
The Agreement, together with
    the exhibits and schedules thereto, contain the entire understanding of the parties with
    respect to the subject matter hereof and supersede all prior agreements and
    understandings, oral or written, with respect to such matters, which the parties
    acknowledge have been merged into such documents, exhibits and schedules.
IN WITNESS WHEREOF, the
    parties hereto have executed this Agreement as of this 31
st
day of July, 2008.
CHINA MEDIA GROUP CORPORATION
By:
/s/ Con Unerkov
Name: Con Unerkov
Title: President
Acknowledged:
TAILOR-MADE CAPITAL
    LTD.
By:
/s/ Yanatan Malca
Name: Yanatan Malca
Title: Managing Director
[Signed on August 3, 2008]
By:
/s/ Ayner Stepak
Name: Ayner Stepak
Title: CEO