MTG: Financial Results for the Period January -- March

STOCKHOLM, Sweden, April 24, 2003 (PRIMEZONE) -- Modern Times Group MTG AB ("MTG") (Stockholm:MTGA) (Nasdaq:MTGNY) (Other OTC:MTGNF) today announced its preliminary financial results for the first three months of 2003.


 - MTG Reported Its Best Financial Performance In A First Quarter Ever
 - Group Net Sales Up 7% To SEK 1,513 (1,417) Million
 - Group Operating Income Increased To SEK 80 (20) Million
 - TV3 Scandinavia Net Sales Up 5% To SEK 442 (422) Million
 - Pay-TV Operating Income More Than Doubled To SEK 139 (60) Million,
   With Operating Margin Of 25%
 - Implementation Of New Conditional Access System In Viasat To
   Eliminate Piracy

Hans-Holger Albrecht, President and CEO of MTG, commented: "Our focus on solving the operational issues which we experienced last year is clearly starting to pay off. TV3 Scandinavia is showing sales growth again, on the back of sustained improvements in ratings. The eastern European operations have continued to outperform in growth markets, delivering increased penetration and share of viewing levels."

"Pay-TV continues to deliver increased profitability and strong margin development, and we expect the implementation of the NDS conditional access security system to substantially reduce subscriber churn levels and accelerate Viasat's subscriber acquisition. Our multi-channel package offering has been strengthened further with the inclusion of The Disney Channel and the five Swedish public service broadcast channels and we will launch aggressive new campaigns to further increase Viasat's penetration."

"The operating structure of the Group has been simplified, new management has been introduced and non-core loss-making operations have been closed, positioning the Group strongly for the rest of the year."


 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
 Mia Brunell, Chief Financial Officer         tel: +46 (0) 8 562 000 50
 Matthew  Hooper, Investor & Press Relations  tel: +44 (0) 20  7321 5010

Modern Times Group MTG AB has five business areas: Viasat Broadcasting (free-to-air and pay-TV broadcasting operations in nine countries and teletext operations in four countries), Radio (seven national networks or local stations in five countries), TV-Shop (home shopping and logistics), SDI Media (subtitling and dubbing services), and Modern Studios (content production and distribution).

Modern Times Group MTG AB 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).

MTG: Financial Results for the Period January -- March 2003

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