MTG’S SHAREHOLDERS' AGREEMENT WITH TELCREST AND CTC MEDIA COMES INTO FORCE

02.06.2011

Modern Times Group MTG AB (publ.) (‘MTG’ or ‘the Group’), the international entertainment broadcasting group, has today noted the Schedule 13D filing made by Alfa CTC Media Holdings (‘Alfa’), with the US Securities and Exchange Commission. The filing states that the sale of Alfa’s 39,548,896 shares in CTC Media, Inc. (‘CTC Media’), or 25.2% of the issued and outstanding shares in the company, to Telcrest Investments Limited (‘Telcrest’), has closed. The new shareholders’ agreement, which the Group signed with CTC Media and Telcrest on 20 May, 2011, has therefore come into force.



Modern Times Group MTG AB (publ.) (‘MTG’ or ‘the Group’), the international entertainment broadcasting group, has today noted the Schedule 13D filing made by Alfa CTC Media Holdings (‘Alfa’), with the US Securities and Exchange Commission. The filing states that the sale of Alfa’s 39,548,896 shares in CTC Media, Inc. (‘CTC Media’), or 25.2% of the issued and outstanding shares in the company, to Telcrest Investments Limited (‘Telcrest’), has closed. The new shareholders’ agreement, which the Group signed with CTC Media and Telcrest on 20 May, 2011, has therefore come into force.

MTG waived its right to purchase Alfa’s 25.2% stake in CTC Media on 20 May, 2011, and signed a new shareholders’ agreement with Telcrest and CTC Media to govern the relationship between the parties. The new agreement is valid until 6 June 2015 and is similar to the previous agreement between MTG Russia, Alfa and CTC Media.

The Schedule 13D filing can be found via the following link:

http://www.sec.gov/Archives/edgar/data/1354513/000119312511156277/dsc13da.htm