MTG: CDON COMPLETES OFFER FOR GYMGROSSISTEN NORDIC AB

MTG: CDON COMPLETES OFFER FOR GYMGROSSISTEN NORDIC AB

Modern Times Group MTG AB (publ.) (“MTG”), the international entertainment
broadcasting group, announced on 14 December 2007 that its wholly-owned CDON AB
(“CDON”) subsidiary had made a recommended offer for the entire issued share
capital of Gymgrossisten Nordic AB (publ) (“Gymgrossisten”) at a price of SEK
33.10 in cash per Gymgrossisten share (the “Offer”). 

The original acceptance period for the Offer expired on January 18, 2008. A
total of  5,817,535 shares, which represents 98.44 per cent of the total number
of shares and votes in Gymgrossisten, have been tendered in acceptance of the
Offer. CDON has now declared the Offer to be unconditional, and settlement is
expected to begin on, or around, 25 January 2008.

In order to provide those Gymgrossisten shareholders who have not yet tendered
their shares with the opportunity to accept the Offer, CDON has extended the
acceptance period until 1 February 2008. Settlement of shares tendered during
the extended acceptance period will begin on, or around, 8 February 2008.

CDON will initiate the mandatory acquisition of the remaining untendered
Gymgrossisten shares in the near term and, as a result, apply for the
Gymgrossisten share to cease trading on the First North market place of the
Nordic Stock Exchange. 


***


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

Matthew Hooper, Investor & Analyst Enquiries			
tel: +44 (0) 20 7321 5010

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


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 24 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 OMX Nordic
Exchange Large Cap market (‘MTGA' and ‘MTGB').

The information in this announcement is that which Modern Times Group MTG AB is
required to disclose under the Securities Market Act and/or the Financial
Instruments Trading Act. It was released for publication at 10.30 CET on 23
January, 2008.


The Offer is not being made, and this press announcement may not be distributed,
directly or indirectly, in or into, nor will any tender of shares be accepted
from or on behalf of holders in, United States of America, Australia, Canada,
South Africa or Japan or any jurisdiction in which the making of the Offer, the
distribution of this press announcement or the acceptance of any tender of
shares would contravene applicable laws or regulations or require further offer
documents, filings or other actions in addition to those required under Swedish
law. This press release is a translation of the Swedish original press release.
In case of any discrepancies between the Swedish version and the English
version, the Swedish shall take precedence.

The Offer, as well as the agreements entered into between CDON and the
shareholders of Gymgrossisten as a result of the Offer, shall be governed by and
construed in accordance with substantive Swedish law. Disputes relating to the
Offer shall be subject to the exclusive jurisdiction of the Swedish courts, of
which the Stockholm City Court shall be the court of first instance.

The release, publication or distribution of this press announcement in certain
jurisdictions may be restricted by law or regulation and therefore persons in
such jurisdiction into which this announcement is released, published or
distributed must inform themselves about and observe such restrictions.

The Offer is not being made, and this press announcement may not be distributed,
directly or indirectly, in or into, nor will any tender of shares be accepted
from or on behalf of holders in, any jurisdiction in which the making of the
Offer, the distribution of this press announcement or the acceptance of any
tender of shares would contravene applicable laws or regulations or require
further offer documents, filings or other actions in addition to those required
under Swedish law.

The Offer is not being made, directly or indirectly, in or into the United
States of America, Australia, Canada, Japan or South Africa, by use of mail or
any other means or instrumentality (including, without limitation, facsimile
transmission, electronic mail, telex, telephone and the internet) of interstate
or foreign commerce, or of any facility of national security exchange, of the
United States of America, Australia, Canada, Japan or South Africa, and the
Offer cannot be accepted by any such use, means, instrumentality or facility of,
or from within, the United States of America, Australia, Canada, Japan or South
Africa.