MTG: CDON COMPLETES OFFER FOR GYMGROSSISTEN NORDIC AB

January 23 2008

Modern Times Group MTG AB (publ.) (“MTG”), the international entertainment broadcasting group, announced on 14 December 2007 that its wholly-owned CDON AB (“CDON”) subsidiary had made a recommended offer for the entire issued share capital of Gymgrossisten Nordic AB (publ) (“Gymgrossisten”) at a price of SEK 33.10 in cash per Gymgrossisten share (the “Offer”).

The original acceptance period for the Offer expired on January 18, 2008. A total of 5,817,535 shares, which represents 98.44 per cent of the total number of shares and votes in Gymgrossisten, have been tendered in acceptance of the Offer. CDON has now declared the Offer to be unconditional, and settlement is expected to begin on, or around, 25 January 2008.

In order to provide those Gymgrossisten shareholders who have not yet tendered their shares with the opportunity to accept the Offer, CDON has extended the acceptance period until 1 February 2008. Settlement of shares tendered during the extended acceptance period will begin on, or around, 8 February 2008.

CDON will initiate the mandatory acquisition of the remaining untendered Gymgrossisten shares in the near term and, as a result, apply for the Gymgrossisten share to cease trading on the First North market place of the Nordic Stock Exchange.


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

Matthew Hooper, Investor & Analyst Enquiries
tel: +44 (0) 20 7321 5010

Bert Willborg, Press Enquiries
tel: +44 (0) 791 2280 850

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