Stockholm, 25 October 2006 – Modern Times Group MTG AB (“MTG” or “the Group”) (The Nordic Stock Exchange: MTGA, MTGB) today announced its financial results for the third quarter and nine months ended 30 September 2006. The Group’s consolidated accounts have been prepared according to International Financial Reporting Standards (IFRS) as adopted by the European Union. THIRD QUARTER HIGHLIGHTS • Group net sales up 24% to SEK 2,280 (1,836) million • Group operating income up 51% to SEK 404 (267) million • Viasat Broadcasting net sales up 26% to SEK 1,857 (1,474) million and operating income up 36% to SEK 415 (304) million • Net income more than doubled to SEK 529 (202) million, including a non-cash financial gain of SEK 241 million arising from CTC Media IPO new share issue • Basic earnings per share more than doubled to SEK 7.82 (3.05) • Acquisition of PRVA TV in Slovenia • Acquisition of P4 Radio in Norway • Completion of SEK 1.5 billion distribution of Metro International shares NINE MONTHS HIGHLIGHTS • Group net sales up 30% to SEK 7,219 (5,549) million • Group operating income up 71% to SEK 1,342 (786) million • Viasat Broadcasting net sales up 36% to SEK 5,982 (4,414) million and operating income up 56% to SEK 1,379 (885) million • Net income of SEK 1,183 (897) million (including a non-cash financial gain of SEK 241 million arising from CTC Media IPO new share issue in 2006, and a SEK 389 million net gain from the sale of TV4 shares in 2005) • Basic earnings per share up 26% to SEK 16.98 (13.49) Hans-Holger Albrecht, President and CEO, commented: “Record third quarter and year to date results again demonstrate the value in the integrated and geographically diversified structure of our operating businesses. Our satellite pay-TV business and Central and East European operations have continued to outperform, with increased market shares and healthy subscriber intake, whilst lower ratings have impacted on advertising sales in Sweden and Denmark. The ratings performance of free-to-air channel TV3 in Sweden and Denmark remains a key focus area for us. However, the anticipated cost increases in our Scandinavian free-to-air and Nordic pay-TV businesses were lower than expected. “The completion of the distribution of the majority of our holding in Metro International demonstrated our ongoing commitment to generating enhanced shareholder returns, whilst our investments in the consolidation of P4 Radio, and the acquisition of a new channel in Slovenia, illustrate our concentration on building market leading positions by identifying and executing on attractive opportunities to generate future growth. 30% year on year sales growth, a 71% increase in operating profits, and a 19% group operating margin demonstrate the momentum in the business, whilst a 28% return on average capital employed indicates the value generated for shareholders. Our strong and flexible financial structure positions us well to make further investments and targeted acquisitions as they arise.” For further information, please visit www.mtg.se, email investor.relations@mtg.se, or contact: Hans-Holger Albrecht, President & CEO tel: +46 (0) 8 562 000 50 Mathias Hermansson, Chief Financial Officer tel: +46 (0) 8 562 000 50 Matthew Hooper, Corporate Communications tel: +44 (0) 7768 440 414