CTC MEDIA FILING

May 15 2006

NOT FOR DISTRIBUTION IN THE UNITED STATES, THE RUSSIAN FEDERATION, AUSTRALIA, CANADA OR JAPAN

Modern Times Group MTG AB, the international entertainment broadcasting group, notes that CTC Media, Inc. has filed an amendment to its S-1 registration statement with the U.S. Securities & Exchange Commission, which includes the proposed price range for the sale of CTC Media’s common stock in an initial public offering. This preliminary prospectus can be found via www.sec.gov. MTG owns 43.1% of CTC Media.

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