MTG Acquires Remaining Shares in TV3 Lithuania

Stockholm, SWEDEN

STOCKHOLM, Sweden, June 3, 2003 (PRIMEZONE) -- Modern Times Group MTG AB (Nasdaq:MTGNY), the international media group, today announced that it has acquired the remaining 16 per cent of the shares in TV3 Lithuania, increasing its ownership to 100 percent. MTG owns 100% of TV3 in the other Baltic States of Estonia and Latvia.

Hans-Holger Albrecht, President and CEO of MTG, commented: "There is significant growth potential in Lithuania and TV3 is the principal challenger in the market. The TV advertising market grew by 15% in 2002 and TV3 Lithuania has a penetration of 97% with a 29% commercial share of viewing."

MTG's TV3 channels in Estonia, Latvia and Lithuania had a 33% pan-Baltic commercial share of viewing and a penetration of 95% in 2002.

MTG's operations in Lithuania also include Viasat's digital DTH- platform, the TV1000 'Pay TV' channel Tango TV, Power Hit Radio and SDI Media, the leading worldwide market provider of translation, subtitling and dubbing services for the television, video, film and DVD industries.

For further information, please visit, email, or contact:

 Hans-Holger Albrecht, President & CEO       tel: +46 (0) 8 562 000 50
 Matthew Hooper, Investor & Press Enquiries  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 (Nasdaq:MTGNY).

This press release contains certain "forward-looking statements" with respect to our expectations and plans, strategy, management's objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that our actual results in the future could differ materially from those anticipated in forward- looking statements depending on various important factors. Please refer to the documents we have filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including our most recent annual report on Form 20-F, for a discussion of certain of these factors.

All forward-looking statements in this press release are based on information available to us on the date hereof. All written or oral forward-looking statements attributable to Modern Times Group, any Modern Times Group members or persons acting on our behalf are expressly qualified in their entirety by the factors referred to above. We do not intend to update these forward-looking statements.

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