An enciphering key distribution system comprises a transmitter having an address generator for generating the addresses of those subscribers to which a first enciphered TV signal is to be distributed. An enciphering generator generates a second enciphering, in response to the individual addresses, on a one-to-one correspondence with the individual subscribers. A multiplier produces a product which is associated with all the subscribers. An adder adds the first enciphered signal to the product. The system also comprises a receiver having a divider for dividing the signal transmitted from the transmitter by one of the second encipherings on a basis which is assigned to the particular subscriber or receiver.