Acquisition of remaining shares in SDI Media Hong Kong

June 18 2003

ACQUISITION OF REMAINING SHARES IN SDI MEDIA HONG KONG

Modern Times Group MTG AB, the international media group, today
announced that its SDI Media AB subsidiary has acquired the remaining 40
per cent of the SDI Media operation in Hong Kong. MTG owns 100 per cent
of the company, which is the leading subtitling and dubbing company in
Asia.

SDI Media is the largest Pan-Asian entertainment localization company,
with operations in Hong Kong, Korea, Singapore, Taiwan, Thailand and
Tokyo. Its clients in the region include Discovery Asia, Disney,
Hallmark, Sony, Star TV and Time Warner.

Hans-Holger Albrecht, President and CEO of MTG, commented: “We are
delighted to complete our acquisition of SDI Media Asia. The company has
an unparalleled reputation for delivering high quality, innovative
localization solutions to its many clients. It has been the unquestioned
leader in Asia in developments in these fields, including assisting with
the launch of DVD in Asia. This deal further strengthens our position in
an exciting region and we will continue to grow SDI’s market presence by
expanding its services into new markets around the world.”

SDI Media is the leading provider of language versioning and
localization services to the entertainment industry. SDI provides these
services throughout North and South America, Europe, the Middle East and
Asia. SDI has agreements with the majority of major Hollywood studios
and provides the subtitling for 60% of Hollywood’s DVD movie releases
worldwide. DVD subtitling now represents 44% of SDI’s revenues. DVD
sales in 2002 contributed to a 29% rise in operating profits to SEK 54
million on sales of SEK 379 million.

For further information, please visit www.mtg.se, email info@mtg.se, 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
Stockholmsbörsen 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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The following files are available for download:
http://www.waymaker.net/bitonline/2003/06/18/20030617BIT01040/wkr0001.doc
http://www.waymaker.net/bitonline/2003/06/18/20030617BIT01040/wkr0002.pdf

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