A method and apparatus for storing and retrieving program material for subsequent replay is disclosed. The method comprises the steps of receiving a data stream comprising the program material encrypted according to a first (CW) encryption key, decrypting the program material; re-encrypting the program material according to a second encryption key, and storing the re-encrypted material in a media storage device. The program material is played back by retrieving the re-encrypted material from the media storage device and decrypting the re-encrypted program material. In one embodiment, the media storage device also stores the second encryption key which has been further encrypted by a key that is unique to the device used to receive the program material.