Moscow, Russia – Marth 06, 2006 - CTC Media, Inc. (Delaware) today announced that it has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its shares of common stock in the United States and an offering of shares to institutional investors outside the United States.

CTC Media is the parent company of the Russian television group that owns and operates the CTC and Domashny (Home) networks.

The offering is expected to include newly issued shares by CTC Media, as well as shares held by certain existing shareholders, including Alfa Bank and funds managed by Baring Vostok Capital Partners. MTG Broadcasting AB has informed CTC Media that it does not intend to sell shares in the offering. Concurrently with the offering, CTC Media expects to apply to have its shares quoted on the Nasdaq National Market.

The offering is being made through an underwriting syndicate led by Morgan Stanley as sole global co-ordinator. Morgan Stanley and Deutsche Bank are acting as joint bookrunners.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.

This announcement is not a public offer or advertisement of securities in the Russian Federation, and is not an offer, or an invitation to make offers, to purchase any securities in the Russian Federation.

Members of the general public in the United Kingdom will not be eligible to take part in the proposed offering. This announcement is directed exclusively at (i) persons who are outside the United Kingdom, and (ii) only to persons in the United Kingdom who fall within the following categories: (a) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (financial promotion) order 2005 (the Order) or (b) high net worth entities, and other persons to whom it may lawfully be communicated, falling with Article 49(2) (a) to (d) of the Order (all such persons together being referred to as relevant persons). Shares being sold in the offering will only be available in the United Kingdom to, and any invitation, offer or agreement to subscribe, acquire or other purchase such shares will be engaged in only with, relevant persons. Any person in the United Kingdom who is not a relevant person should not act or rely on this announcement, the registration statement or any of their respective contents.

Any offer of securities to the public that may be deemed to be made pursuant to this announcement in any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the Prospectus Directive) is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive.