Finanstidningen is latest acquisition in MTG's expanding operations

FINANSTIDNINGEN IS LATEST ACQUISITION IN MTG'S EXPANDING OPERATIONS Modern Times Group MTG AB will acquire Mats Arnhög´s holding in the Swedish financial daily FinansTidningen. The agreement was closed Wednesday in Stockholm. Following the acquisition, MTG controls 96.7% of FinansTidningen. MTG, an international media group, has thus broken into the expanding market for business news. "FinansTidningen is active in a market we believe will enjoy excellent growth. We anticipate strong demand for advertising," says Pelle Törnberg, president of MTG. For several years, MTG has operated successful newspapers, among which the metropolitan daily Metro has attracted much attention. The acquisition of FinansTidningen signifies MTG´s goal of not only starting media properties but also acquiring and developing existing ones. "It seems natural for MTG to expand its newspaper operations. In terms of quality, we believe FinansTidningen is Sweden´s best business daily, with its explicit goal of providing qualified financial information. It is pleasing to note that FinansTidningen has also invested in excellent coverage of the information technology industry and legal issues as well as providing superb coverage of the cultural scene," Törnberg comments. "This agreement closes an era in the history of FinansTidningen. I am convinced that it also marks the dawn of a new phase of the newspaper´s development. What FinansTidningen needs most today is an owner who can provide it with competitive advantage in the long run and opportunities for development of the paper and its staff. FinansTidningen has built up the expertise, a subscriber base, and a brand that can be of great value and will be nurtured in a completely different way in a major media group. I am convinced that MTG will be an excellent owner for FinansTidningen," says Mats Arnhög. The acquisition was executed through payment in kind of series B shares in Modern Times Group MTG AB from Invik & Co. AB, which in turn received part of the option that MTG holds to acquire shares in Millicom International Cellular SA from Kinnevik. The transaction should have but a marginal effect on MTG´s earnings in the short run. MTG has entered a phase of consolidation and showed signs of excellent financial performance in its interim report for January­March 1998. For the first quarter, MTG reported sales up 25%, year-on-year, and a loss before depreciation and amortization of SEK 8 million, SEK 80 million better than one year previous. For further information, please visit www.mtg.se, or email info@mtg.se or contact: Hans-Holger Albrecht, President & CEO tel: +46 8 562 000 50 Matthew Hooper, Investor & Press Relations tel: +44 20 7321 5010 Modern Times Group MTG AB has seven business areas: Viasat Broadcasting (free-to-air and pay TV channels in nine countries), Radio (seven networks in five countries), New Media (the Everyday interactive TV portal, Internet portal, Mobile portal, and teletext services), Publishing (financial news and information services), Modern Interactive (home shopping, e-commerce, and logistics), SDI Media (subtitling and dubbing services), and Modern Studios (content production and library). Modern Times Group MTG AB's class A and B shares are listed on the Stockholmsbörsen O-list (symbols: MTGA and MTGB) and on the Nasdaq National Market in New York (symbol: MTGNY). MODERN TIMES GROUP MTG AB Skeppsbron 18, Box 2094, SE-103 13 Stockholm, Sweden Tel. +46 8 562 000 50 Fax. +46 8 20 50 74 (Publ) Registration No. 556309- 9158 www.mtg.se ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/01/05/20040105BIT00360/wkr0001.doc http://www.waymaker.net/bitonline/2004/01/05/20040105BIT00360/wkr0002.pdf

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MTG (Modern Times Group MTG AB (publ.)) is a leading international digital entertainment group and we are shaping the future of entertainment by connecting consumers with the content that they love in as many ways as possible. Our popular entertainment brands span Content Production, TV, Radio and eSports, and are available around the world. Born in Sweden, our shares are listed on Nasdaq Stockholm (‘MTGA’ and ‘MTGB’).

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