EXHIBIT 99.1
                                                                    ------------


FOR IMMEDIATE RELEASE

                         METROMEDIA INTERNATIONAL GROUP
    ANNOUNCES AGREEMENT IN PRINCIPLE TO EXCHANGE CERTAIN BUSINESS ASSETS FOR
     $58.6 MILLION OF ITS 10 1/2% SENIOR DISCOUNT NOTES AND $5 MILLION CASH

 ANNOUNCES DELAY IN THE PAYMENT OF INTEREST ON ITS 10 1/2% SENIOR DISCOUNT NOTES

           ANNOUNCES THAT IT DOES NOT DECLARE PREFERRED STOCK DIVIDEND

                      ANNOUNCES INABILITY TO FILE FORM 10-K


NEW YORK, MARCH 31, 2003 -- Metromedia International Group, Inc. (the "Company")
(OTCBB:MTRM), the owner of interests in various communications and media
businesses in Eastern Europe, the Commonwealth of Independent States and other
emerging markets, today announced that it executed a non-binding letter of
intent with Adamant Advisory Services, a British Virgin Islands company
("Adamant"), to exchange the Company's ownership interest in certain of its
business units in Russia for approximately $58.6 million, face value, of the
Company's 10 1/2 % Senior Discount Notes (the "Senior Notes"). Currently, $210.6
million in face value, excluding accrued interest, is outstanding on the Senior
Notes (inclusive of the Senior Notes associated with the Adamant transaction).
As part of the transaction, the Company will convey to Adamant its ownership
interests in Comstar (a Moscow based fixed-line telephony operator), Kosmos TV
(a Moscow based cable television operator), and the Company's Russian radio
assets. In addition to conveying the Senior Notes to the Company, Adamant will
pay US$5 million in cash and also release the Company of its obligation to pay
interest accrued on the Senior Notes (the current obligation is $3 million).
Final closure of the exchange is conditioned on execution of definitive
agreements and receipt of certain third party approvals, including those by
Russian regulatory authorities, all of which are expected within weeks.

In making this announcement, Mark Hauf, Chairman, President and Chief Executive
Officer of the Company, commented, "This transaction relieves a significant
amount of financial pressure that the Company faces. It is a major step towards
our goal of placing the Company on a sound and stable financial footing." With
the conclusion of this transaction, approximately $152 million, face value, of
the Company's Senior Notes will remain outstanding.

The Company also announced today that it did not pay the $11.1 million interest
due on March 31, 2003 for the Senior Notes that currently remain outstanding
(inclusive of the Senior Notes associated with the Adamant transaction). The
Company has a 30-day grace period for making the interest payment under the
indenture governing the Senior Notes. Further, the Company announced that it
will not declare a dividend on its 7 1/4% cumulative convertible preferred stock
for the quarterly dividend period ending on March 15, 2003. With respect to
these decisions, Mr. Hauf commented, "The Company faces liquidity problems that
would only be aggravated by these interest and dividend payments. We continue
active engagement with our key financial stakeholders on debt restructuring
measures in an effort to resolve our liquidity issues in a fashion that best
preserves value for all interested parties."





To date, the Company and representatives of holders of the remaining Senior
Notes have not reached agreement on terms of a restructuring of their Senior
Notes. The Company cannot make any assurance that it will close the transaction
with Adamant or be successful in raising sufficient additional cash through
asset sales or through cash repatriations from its business ventures to meet its
remaining debt and operating obligations. Nor can it make any assurance
regarding the successful restructuring of its indebtedness. If the Company is
not able to reach agreements that favorably resolve the issues described here,
the Company may have to resort to certain other measures, including ultimately
seeking the protection afforded under the United States Bankruptcy Code.
Furthermore, any negotiated restructuring of the Company's indebtedness may
require that the Company seek the protection afforded under the reorganization
provisions of the United States Bankruptcy Code in order to successfully
effectuate a restructuring. Since the Company cannot assure you that it will be
successful in meeting or restructuring its obligations, there remains reasonable
doubt about the Company's ability to continue as a going concern.

The Company also announced today that it has not completed its Annual Report on
Form 10-K for the fiscal year ended December 31, 2002 (the "Form 10-K"),
including the finalization of its annual audited financial statements. The
Company will, therefore, not file its Form 10-K with the United States
Securities and Exchange Commission ("SEC") at this time. The Company continues
to devote substantial time and effort to reorganization of its finances, while
reducing overhead related expenditures in response to current liquidity
pressures. These measures sharply limit the resources that can be allocated to
compile information necessary to complete the Form 10-K and also the annual
audited financial statements. Management cannot at this time provide any further
guidance as to when or if the Form 10-K will be filed with the SEC nor when or
if the annual audited financial statements will be completed.


ABOUT METROMEDIA INTERNATIONAL GROUP
------------------------------------

Metromedia International Group, Inc. is a global communications and media
company. Through its wholly owned subsidiaries and its business ventures, the
Company owns and operates communications and media businesses in Eastern Europe,
the Commonwealth of Independent States and other emerging markets. These include
a variety of telephony businesses including cellular operators, providers of
local, long distance and international services over fiber-optic and
satellite-based networks, international toll calling, fixed wireless local loop,
wireless and wired cable television networks and broadband networks and FM radio
stations.

This news release contains certain forward-looking statements that involve risks
and uncertainties. Factors that could cause or contribute to such risks and
uncertainties include, but are not limited to, general economic and business
conditions, competition, changes in technology and methods of marketing, and
various other factors beyond the Company's control. This also includes such
factors as are described from time to time in the SEC reports filed by
Metromedia International Group, Inc., including its most recently filed
quarterly report on Form 10-Q and the Company's annual report on Form 10-K for
the year ended December 31, 2001. The Company is not under, and expressly
disclaims any, obligation to update the information in this news release for any
future events, including changes in its cash balances or other events affecting
liquidity.

Please visit our website at WWW.METROMEDIA-GROUP.COM.
CONTACTS:
METROMEDIA INTERNATIONAL GROUP, INC.
Ernie Pyle
Senior Vice President Finance,
Chief Financial Officer and Treasurer
(212) 527-3800