Q1 2007 - Results for Period Ending 31 March 2007

Q1 2007 - Results for Period Ending 31 March 2007

FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2007

Stockholm, 24 April 2007 - Modern Times Group MTG AB (publ.) (“MTG” or “the
Group”) (The Nordic Stock Exchange: MTGA, MTGB) today announced its financial
results for the three months and first quarter ended 31 March 2007. The Group's
consolidated accounts have been prepared according to International Financial
Reporting Standards (IFRS) as adopted by the European Union.


FIRST QUARTER HIGHLIGHTS
•  Group net sales up 11% to SEK 2,629 (2,362) million
•  Group operating income up 4% to SEK 468 (453) million
•  Viasat Broadcasting net sales up 11% to SEK 2,003 (1,804) million and
operating income up 5% to SEK 481 (457) million 
•  Net income up 4% to SEK 316 (305) million
•  Basic earnings per share of SEK 4.55 (4.38)
•  Acquisition of 50% of Balkan Media Group Limited for EUR 11.6 million


Hans-Holger Albrecht, President and Chief Executive Officer, commented: “Another
quarter of double digit sales growth, increasing investments, and an operating
margin of 18%, demonstrate the Group's ability to balance healthy growth with
sustained profitability. This was the best first quarter result in the Group's
history. 2007 is a year of investment and these investments are being made in
order to enable us to continue to generate growth across the business in the
medium and longer terms.”  

“In line with our strategy, we have continued to build our position as
Scandinavia's leading media power house by increasing the combined commercial
share of viewing of our channels. We were however impacted by softer advertising
markets across the region in a seasonally weaker period of the year, as well as
adverse currency translation effects. There are, however, encouraging signs that
the measures that we are taking at TV3 Sweden are gradually having the desired
effect.” 

“The impact of the now imminent analogue terrestrial network switch-off in
Sweden is diminishing, with the result that, whilst we still see increasing
penetration levels for our free-to-air channels, subscriber acquisition levels
have substantially slowed. We are however investing in future growth by
exploiting new technologies, embracing new distribution platforms and adding new
channels, in order to drive ARPU and further strengthen our market leading
premium channel package offerings. At the same time, we are maintaining healthy
margins, and the volume sales impact of the digitalization of the terrestrial
networks in Norway and Denmark is yet to come.”

“The Eastern European operations delivered another quarter of combined strong
growth with Russia leading the way. The exponential growth we witnessed in the
Czech Republic in 2006 has slowed, as expected, and we are now focused on
delivering ratings growth to support further market share gains. Our return on
capital employed of 30% demonstrates the success of the investments that we have
made, and we retain the balance sheet flexibility to invest further in the
Group's expansion moving forward.” 




For further information, please visit www.mtg.se, email
investor.relations@mtg.se, or contact:
Hans-Holger Albrecht, President & CEO	tel: +46 (0) 8 562 000 50
Mathias Hermansson, Chief Financial Officer	tel: +46 (0) 8 562 000 50
Matthew Hooper, Corporate Communications	tel: +44 (0) 7768 440 414

Modern Times Group is a leading international entertainment broadcasting group
with the second largest geographical broadcast footprint in Europe. MTG's Viasat
Broadcasting is the largest free-to-air and satellite premium pay-TV operator in
Scandinavia and the Baltics, and also operates channels in the Czech Republic,
Russia, Hungary, Slovenia and the Balkans. Viasat channels are broadcast in a
total of 26 countries and reach 100 million people. MTG is also the biggest
shareholder in Russia's largest independent television network (CTC Media -
NASDAQ: CTCM), and the number one commercial radio operator in the Nordic and
Baltic regions 

Modern Times Group MTG AB class A and B shares are listed on the Nordic Stock
Exchange Large Cap market (‘MTGA' and ‘MTGB').