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Metromedia International Group Completes the Sale of Landmark Theatre to Silver Cinemas.

EAST RUTHERFORD, N.J.--(BUSINESS WIRE)--April 27, 1998--

Sale Furthers Company's Focus on Its International

Communications Opportunity

Metromedia International Group, Inc. (MMG:Amex) today announced the consummation of the sale of its Landmark Theatre Group to Silver Cinemas, Inc. The gross cash consideration received by MMG was $68 million.

Stuart Subotnick, President and Chief Executive Officer of Metromedia International Group, said "Metromedia International Group has identified a market of 250 million people lacking adequate communications capabilities and is concentrating its efforts on seizing this extraordinary opportunity. The consummation of the Landmark sale marks the final step in the Company's divestment of its Entertainment Group, enabling the Company to more sharply focus on the growth of its international communications business."

Metromedia International Group is primarily a provider of communications services in emerging markets. Through its Communications Group, the Company is the owner of various interests in joint ventures that are currently in operation or planning to commence operations in Eastern Europe, the republics of the former Soviet Union, China, and other selected emerging markets. The communications services are Cable Television; Paging; AM/FM Radio; and Telephony, which includes Cellular Telecommunications, International Toll Calling, Fixed Telephony, and Trunked Mobile Radio.

CONTACT: G. A. Kraut Company, New York

Eric M. Leeds, 212/696-5600
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Publication:Business Wire
Date:Apr 27, 1998
Words:211
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