MTG: Radio P4 Hele Norge Awarded new Radio License in Norway

Stockholm, SWEDEN

STOCKHOLM, Sweden, June 27, 2003 (PRIMEZONE) -- Modern Times Group MTG AB (Nasdaq:MTGNY), the international media group, today announced that the Norwegian Ministry of Culture has decided to award Radio P4 Hele Norge the P5 license. The license agreement runs for 10 years and the concession fee is NOK 90m for the full period. The license guarantees a minimum penetration of 60% of the Norwegian population.

MTG owns 10,673,508 shares in Radio P4 Hele Norge, representing 33% of capital and votes in the company.

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).

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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