STOCKHOLM, Sweden, Oct. 23, 2002 (PRIMEZONE) -- Modern Times Group MTG AB (Nasdaq:MTGNY), the international media group, today announced that it is restructuring its publishing business area by closing down the monthly current affairs magazine `Moderna Tider' and the monthly business magazine `Kapital.' The operations have been closed down because they are not expected to reach profitability in the foreseeable future. The reorganization reinforces MTG's focus on Finans Vision, which is Stockholm's largest 'pink' daily business newspaper.
More than 100,000 copies of Finans Vision are distributed at the largest commuter stations and to 560 companies in Sweden's three largest cities -- Stockholm, Gothenburg and Malmo. The newspapers are distributed by hand together with Metro, Sweden's largest daily morning newspaper. The cooperation with Metro is being extended in terms of both distribution and advertising sales.
Hans-Holger Albrecht, President and CEO of MTG, commented: "Finans Vision is now established as Stockholm's leading daily business newspaper. MTG is committed to the significant potential of this ground-breaking newspaper, which is based on the successful Metro concept. We are also committed to closing down operations that do not reach profitability within the target timeframes that we set, and to developing scalable rather than niche media products.
"Today's decision reflects our intention to focus the division's resources on fully exploiting the potential of Finans Vision."
For further information, please visit www.mtg.se, email info@mtg.se, or contact:
Hans-Holger Albrecht, President & CEO tel: +46 (0) 8 562 000 50
Investor & Press Relations tel: +44 (0) 20 7321 5010
Modern Times Group, MTG AB has six business areas: Viasat Broadcasting (Free-to-air and pay-TV channels in nine countries, and the new media businesses -- teletext operations and the Everyday interactive TV, internet and mobile portals), Radio (local and national networks in five countries), Publishing (financial news and information services), Modern Interactive (home shopping, e-commerce and logistics), SDI Media (subtitling and dubbing services), and Modern Studios (content production and rights library).
Modern Times Group MTG AB's class A and B shares are listed on the Stockholmsborsen O-list (symbols: MTGA and MTGB) and ADRs are listed on the NASDAQ National Market (symbol: MTGNY).
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2002/10/23/20021023BIT01450/wkr0001.doc http://www.waymaker.net/bitonline/2002/10/23/20021023BIT01450/wkr0002.pdf