MTG Financial Results for the Second Quarter And Six Months ended 30 June 2007

SECOND QUARTER HIGHLIGHTS

“¢ Group net sales up 11% year on year to SEK 5,471 million
“¢ Group operating income up 7% year on year to SEK 1,001 million
“¢ Viasat Broadcasting net sales up 10% year on year to SEK 4,250 million and operating income of SEK 1,016 million
“¢ Net income up 4% year on year to SEK 678 million
“¢ Basic earnings per share up 4% year on year to SEK 9.50

Stockholm — Modern Times Group MTG AB (publ.) (“MTG” or “the Group”) (The OMX Nordic Exchange Large Cap market: MTGA, MTGB) today announced its financial results for the second quarter and six months ended 30 June 2007.

Hans-Holger Albrecht, President and Chief Executive Officer, commented: “The Group has delivered another quarter of double digit sales growth and a stable margin of 19%, at the same time as we are investing in new channels, technologies and products in order to generate sustained organic growth in the future. We have also acquired a number of new businesses, which are impacting on our results for the first time. The Scandinavian free-to-air business has returned to growth and with a higher margin, following a strong performance by our Swedish operations, whilst our Nordic pay platform reported healthy growth and stable margins, and our East European businesses continued to demonstrate overall sales momentum and margins above 20%.”

“We have now either delivered, or are well on track to deliver, the strategic objectives that we set three years ago in June 2004. We therefore set a new set of operational and structural objectives at our recent Capital Markets Day, which demonstrate the Group’s significant growth and profitability potential over the coming years. The operational objectives to be achieved by the end of 2011 are for the Group to achieve net sales of SEK 20 billion and generate more than 10% organic annual sales growth; for the current Viasat Broadcasting Central & East European operations to generate net sales of SEK 5 billion; for the consolidated Viasat Broadcasting businesses to achieve an operating margin of over 20%; and for the current Viasat Broadcasting Central and East European operations, including CTC Media Inc., to generate higher combined operating profits than the rest of Viasat Broadcasting.”

“The media landscape is evolving rapidly. Our ‘media house’ approach, with an increasing channel presence across a wide range of distribution platforms and markets, positions us well to benefit from this change moving forward. We are also committed to further acquisition-led expansion of our footprint and integrated market presence. The objectives that we have set indicate MTG’s realistic ambition as one of Europe’s fastest growing and most profitable entertainment broadcasters.”

More: Financial Results Second Quarter And Six Months ended 30 June 2007 (.pdf)