CHANGED ACCOUNTING OF SHARE OF EARNINGS FROM ASSOCIATED COMPANY CTC MEDIA, INC.

April 7 2006

Modern Times Group MTG AB, the international entertainment-broadcasting group, today announced that with effect from 1 January 2006, MTG will be reporting the associated company income from its equity participation in CTC Media Inc. with one quarter time-lag. The financial information from CTC Media Inc. will not be available to MTG before publication of its quarterly results going forward. This accounting treatment is in line with how MTG already reports its earnings from its associated company P4 Radio Hele Norge ASA.

Therefore, MTG will in its financial report for the first quarter of 2006 report its 43.1% share of CTC’s fourth quarter 2005 earnings. As previously reported, MTG’s share of CTC’s earnings for the fourth quarter of 2005 was SEK 138 million. MTG will report CTC’s first quarter results 2006 in MTG’s second quarter results statement 2006.

As a result of this, MTG has restated its quarterly accounts for 2005 (see attached document), in order to provide comparable year on year numbers. This change has no impact on the Group’s cash flow for 2005.

MTG will report its first quarter financial results on 26 April 2006.

For further information, please visit www.mtg.se, email info@mtg.se, or contact:
Hans-Holger Albrecht, President and CEO
tel. +46 (0) 8 562 000 50

Matthew Hooper, Corporate Communications
tel: +44 (0) 20 7321 5010

Modern Times Group is an international entertainment-broadcasting group with operations in more than 30 countries around the world. MTG is the largest Free-to-air and Pay-TV operator in Scandinavia and the Baltics, the largest shareholder in Russia´s fourth largest television network, and the number one commercial radio operator in the Nordic region. The Viasat DTH satellite TV platform offers digital multi-channel TV packages of 50 own-produced and third party entertainment channels. Viasat TV channels now reach over 80 million people every day to viewers in 21 countries across Europe.

Modern Times Group MTG AB class A and B shares are listed on the Stockholmsbörsen O-list under the symbols ‘MTGA’ and ‘MTGB’.

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