MTG INCREASES SHAREHOLDING IN BET24 HOLDING COMPANY TO 90%

December 5 2005

Modern Times Group MTG AB, the international entertainment-broadcasting group, today announced that it has signed an option agreement to acquire a further 39% of Nordic Betting Limited for a cash consideration of Euros 8 million. If the option is exercised, MTG will thereby own a 90% equity stake in the Company that operates the BET24 online betting and gaming businesses. The intention is to exercise the option and finalize the transaction during the first quarter of 2006.

Net sales for Nordic Betting Limited more than doubled to SEK 162 million for the nine months ended 30 September 2005. The Company reported a more than tripling of gross profits (before overhead costs) from betting and gaming activities to SEK 39 (11) million, and a SEK 7 million operating profit for the nine month period.

Hans-Holger Albrecht, President and CEO of MTG, commented: “BET24 is the fastest growing company in MTG’s history and is operating in a dynamically changing market place. There are clear synergies and cross promotional opportunities between our sports channels and programming and BET24’s activities, so we will continue to invest in this area in order to increase BET24’s market share, enhance its product offering and extend its range of services. The company has a strong and entrepreneurial management team, and we look forward to continuing the rapid and successful development of this exciting business.”

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

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 to viewers in 19 countries across Europe and Viasat TV channels now reach over 60 million people every day.

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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