FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2008

FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2008 

22 April 2008 - Modern Times Group MTG AB (publ.) (“MTG” or “the Group”) (The
OMX Nordic Exchange Large Cap market: MTGA, MTGB) today announced its financial
results for the three months ended 31 March 2008.


FIRST QUARTER HIGHLIGHTS

• Group net sales up 16% year on year to SEK 3,042 million
• Group operating income (EBIT) up 27% year on year to SEK 596 million with
increased operating margin of 20%
• Viasat Broadcasting net sales up 20% year on year to SEK 2,402 million and
operating income up 24% to SEK 596 million, with increased operating margin of
25% 
• Net income up 26% year on year to SEK 397 million 
• Basic earnings per share up 29% year on year to SEK 5.85
• Completion of sale of DTV to CTC Media for a cash consideration of USD 395
million on a cash and debt free basis on 16 April
• Viasat Ukraine DTH satellite platform launched on 21 April

Hans-Holger Albrecht, President and Chief Executive Officer, commented: “We are
delighted to report another quarter of record results. The first quarter results
demonstrate continued healthy levels of growth across our core broadcasting
assets and increased group profitability levels, which are in line with our five
year strategic goals. The sale of DTV illustrates the substantial value that has
been created in our emerging market asset base, whilst our free-TV business in
Scandinavia has continued to outperform the market following penetration
increases, new channel launches and our overall multi-channel ‘media house'
approach.  

“We are the largest digital entertainment broadcaster in Scandinavia and the
Baltics, and the recent launch into Ukraine is further evidence of our desire to
extend our footprint into high growth emerging markets. We have invested in
adding new channels to our Nordic pay platform and launching HDTV services, in
order to enhance our offering to subscribers, and the ARPU growth indicates the
potential in the business.

“We have continued buying back shares, and the proposals to the AGM regarding
dividends and a new buy-back mandate emphasize our ongoing commitment to
optimizing our capital structure, whilst maintaining the flexibility to invest
in our existing and new operations as the engine of future growth.”
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, Investor & Analyst Enquiries		
tel: +44 (0) 7768 440 414

Bert Willborg, Press Enquiries			
tel: +44 (0) 791 2280 850


The information in this Interim Report is that which Modern Times Group MTG AB
is required to disclose under the Securities Markets Act. This information was
released for publication at 13.00 CET on 22 April 2008.

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-TV and satellite premium pay-TV operator in
Scandinavia and the Baltics, and also operates channels in the Czech Republic,
Hungary, Slovenia and the Balkans. MTG's TV assets are broadcast in a total of
24 countries and reach over 100 million people. MTG is also the major
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 OMX Nordic
Exchange Large Cap market (‘MTGA' and ‘MTGB').