Closure of Finans Vision

January 21 2003

MTG has completed negotiations with the local journalists’ union regarding the closure of the Swedish daily business newspaper, Finans Vision. As a result, MTG is proceeding with the closure of Finans Vision.

As previously announced, the closure will result in a provision of in the region of SEK 85 million in the financial results for the fourth quarter of 2002, which includes the writing off of goodwill.

MTG announced on 15 January 2003 that it had contacted the union with regard to the proposed closure of Finans Vision.

Hans-Holger Albrecht, President and CEO of MTG, commented: “The negotiations have been constructive and we have reached a satisfactory agreement with the parties concerned. Wherever possible, we have offered new positions to the employees with other businesses in the group”.

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
Investor & Press Enquiries tel: +44 (0) 20 7321 5010

Modern Times Group is a leading vertically integrated media group with
broadcasting, production, publishing and media services businesses,
operating in more than 30 countries around the world. MTG is the largest
Free-TV operator in the Nordic & Baltic region, the 3rd largest DTH Pay-
TV operator in Europe, and has Free-TV operations in Russia and Hungary.
MTG is the largest commercial radio broadcaster in Northern Europe, the
global market leader in DVD subtitling and dubbing, and a leading
international Reality-TV production house.

MTG’s ‘A’ and ‘B’ shares are traded on the Stockholmsbörsen ‘O-list’ and
its ADRs are listed on Nasdaq.

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.


This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2003/01/21/20030121BIT00970/wkr0001.doc
http://www.waymaker.net/bitonline/2003/01/21/20030121BIT00970/wkr0002.pdf

We use cookies to analyse our traffic and render this website more user friendly.
×