MTG: ISSUE AND REPURCHASE OF CLASS C SHARES

MTG: ISSUE AND REPURCHASE OF CLASS C SHARES

Modern Times Group MTG AB (publ.) (‘MTG' or the ‘Group'), the international
entertainment broadcasting group, today announced that it has issued and
immediately repurchased 480,000 new Class C shares.  The shares have been issued
and repurchased in accordance with the Group's performance-based incentive
programme, which was approved by the Group's Annual General Meeting of
shareholders held on 14 May 2008. 

Nordea Bank AB subscribed for the entire issue of new Class C shares at a
subscription price of SEK 5.00 per share.  The entire issue of Class C shares
has then been repurchased by MTG for SEK 5.00 per share. 

The purpose of the share issue is to enable the future delivery of Class B
shares to senior executives participating in the Group's incentive programme.
The Class C shares will be converted into Class B shares prior to delivery to
qualifying participants. Class C shareholders are not entitled to dividend
payments.

***

For further information, please visit www.mtg.se  or contact:

Hans-Holger Albrecht, President & CEO 
Tel: +46 (0) 8 562 000 50 

Investor & Analyst Enquiries
Matthew Hooper / Oscar Hyléen
Tel:       +44 (0) 7768 440 414 / +46 (0) 707 620 024
Email:   investor.relations@mtg.se 
Press Enquiries
Bert Willborg                                                  
Tel:       +44 (0) 791 2280 850
Email:   bert.willborg@mtg.se   	


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 broadcaster (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 08.00 CET on 28
August, 2008.