P4 radio Norway’s licence to expire at end of 2003

December 23 2002

P4 RADIO NORWAY’S LICENCE TO EXPIRE AT END OF 2003

The Norwegian government has announced that it has decided not to renew
the national radio broadcasting license of P4 Radio Hele Norge. Modern
Times Group MTG AB owns 33% of P4 Radio alongside a group of other
international investors, and the Company’s shares are quoted on The Oslo
Stock Exchange. Norway’s Ministry of Church and Culture announced late
on Friday that Norway’s only national commercial radio broadcasting
licence, which expires at the end of 2003, is to be awarded by the
Norwegian government to a rival bidder.

Hans Holger Albrecht, President & CEO of MTG, commented: “We share P4’s
view that this is an absurd decision. We fully support P4’s insistence
on obtaining a full explanation from both the Ministry and the Norwegian
government, as well as P4’s decision to challenge this judgement in the
courts”.

“P4 has been broadcasting successful radio programmes for nearly ten
years now and has proven its popularity with both listeners and
advertisers, which suggests that this decision has not been taken in the
public interest.”

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
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including our most recent annual report on Form 20-F, for a discussion
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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.


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The following files are available for download:
http://www.waymaker.net/bitonline/2002/12/23/20021223BIT00020/wkr0001.doc
http://www.waymaker.net/bitonline/2002/12/23/20021223BIT00020/wkr0002.pdf

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