May 15 2003


Modern Times Group MTG AB, the international media group, today
announced that the company’s Annual General Meeting (AGM) of
shareholders held today in Stockholm re-elected Asger Aamund, David
Chance, Lars-Johan Jarnheimer, Stig Nordin and Pelle Törnberg as Board
members. Cristina Stenbeck was elected as a new member of the Board of
Directors. Lars Träff was re-elected as auditor and Erik Åström was re-
elected as deputy auditor.

The AGM approved the proposal from the Board of Directors not to
distribute a dividend to shareholders for 2002.

The AGM resolved to approve the existing procedure for the nomination of
Board Directors. A Chairman of the group of major shareholders
responsible for nominating Board members will be announced before the
year end.

At a statutory Board meeting following the AGM, David Chance was elected
as Chairman of the Board of Directors. David Chance has been a member
of the Board of Directors of MTG since 1998. He is a Non-Executive Board
Director of Granada Media Group plc and InterTrust Inc. and previously
served as head of business operations for UK satellite TV operator
BSkyB. Cristina Stenbeck is Vice Chairman of the Board of Directors of
Metro International.

For further information, please visit, email, or

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).

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