A system and method for encrypting and recording content to removable storage media for use by multiple set-tops. When content is recorded to the storage media, the content is encrypted with a content instance key. This content instance key is encrypted with the public key of one set-top box and a duplicate of the content instance key is encrypted with the public key of another set-top box. Either set-top box may decrypt the content instance key with the private key that corresponds with its public key so that the encrypted content from the removable storage media may be made available in the clear.