March 4 2003


Modern Times Group MTG AB, the international media group, today
announced that Viasat Broadcasting has signed an agreement with Bernie
Ecclestone’s Formula 1 Management to acquire exclusive rights to
broadcast coverage of the 16 Grand Prix that make up the 2003 Formula 1
Motor Racing World Championship. Each race will be broadcast live in
Denmark on the Viasat 3+ channel. In addition, live coverage of the
Friday and Saturday qualifying sessions will also be aired on ‘Viasat
Sport’ in Denmark.

The Australian Grand Prix is the first race of the new season and takes
place on Sunday 9 March in Melbourne. 3+ will not only broadcast race
coverage but also feature post race interviews with the winning drivers
of the 2003 drivers’ championship.

Hans-Holger Albrecht, President and CEO of MTG, commented: “Formula 1 is
the world’s premier motor racing franchise and one of the world’s most
popular and exciting sporting events. Viasat is the entertainment brand
for sport in Denmark with a line-up that includes the UEFA Champions
League football championship, Danish and Spanish League football, and
the US and European PGA golf tours.”

For further information, please visit,
email, or contact:
Hans-Holger Albrecht, President & CEO tel: +46 (0) 8 562 000 50
Matthew Hooper, 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-and Pay- TV operator in the Nordic & Baltic region, and also 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 ‘B’ share 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.

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