Metromedia International's 10½% notes would be retired under sale agreement

New York, Nov. 4 - Metromedia International Group Inc. said that its 10½% senior discount notes due 2007 would be retired under a proposed sale of the company to a group of investors.

The Charlotte, N.C., operator of communications businesses in Russia and the Republic of Georgia said it has entered into exclusive negotiations with the group, which is made up of Emergent Telecom Ventures, First National Holding, Capital International Private Equity Fund IV LP and Baring Vostok Capital Partners (Cyprus) Ltd.

Under the proposal made by the investors, Metromedia International would have an enterprise value of $300 million of which $152 million would be used to retire the notes and the remainder allocated to Metromedia International's preferred and common shareholders.

Metromedia International said it has given the investors exclusivity until Jan. 17, 2005.

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