Exhibit 99.1

Metromedia International Group, Inc. Announces Delay In Filing Its 2004 Annual
Report on Form 10-K

    CHARLOTTE, N.C.--(BUSINESS WIRE)--March 23, 2005--Metromedia
International Group, Inc. (the "Company" or "MIG") (OTCBB: MTRM) (PINK
SHEETS: MTRMP), the owner of interests in various communications and
media businesses in the countries of Russia and Georgia, today
announced that the Company has not fully completed the preparation of
its consolidated financial statements and footnote disclosures for the
annual audit of the Company, as required for filing of its Annual
Report on Form 10-K for the fiscal year ended December 31, 2004 (the
"Form 10-K"), and therefore does not expect that it will file its Form
10-K with the United States Securities and Exchange Commission ("SEC")
by March 31, 2005, the required date in order for the Form 10-K to be
timely filed.
    In making this announcement, Ernie Pyle, Chief Financial Officer
of MIG, commented: "The finance teams of the Company's PeterStar and
Magticom business ventures have required additional time to prepare
and finalize their final US GAAP financial results, which in turn has
significantly delayed the completion of audit procedures by the
Company's outside independent accountants for these business ventures.
At present, I anticipate that the final US GAAP financial results
reports for PeterStar and Magticom will be finalized and delivered to
MIG shortly, and upon their receipt, the Company will finalize its
consolidated financial statements and management's discussion and
analysis of the Company's financial condition and results of
operation."
    Mr. Pyle commented further: "Upon the determination that the
Company's 2004 financial results are not subject to substantial
change, the Company plans to issue a press release containing its 2004
financial results to provide further insight on its 2004 business
performance. In closing, we are fully committed to filing the 2004
Form 10-K as promptly as possible and apologize for any difficulties
this delay might cause our investors."
    Shortly following the Company's filing of the Form 10-K, the
Company expects to file with the SEC a preliminary proxy statement on
Schedule 14A and schedule a meeting of the Company's stockholders for
consideration of the previously announced proposed sale of the
Company's interest in PeterStar and for the election of directors by
our common and preferred stockholders. Assuming approval of the sale
of the Company's interest in PeterStar by a majority of the holders of
the Company's common stock at such stockholder meeting, the Company
presently expects to consummate the sale of PeterStar during the third
quarter of this year.
    The Company cannot at this time provide any further guidance as to
when the Form 10-K will be filed with the SEC or when the annual
audited financial statements will be completed.

    About Metromedia International Group

    Through its wholly owned subsidiaries, the Company owns interests
in communications businesses in the countries of Russia and Georgia.
Since the first quarter of 2003, the Company has focused its principal
attentions on the continued development of its core telephony
businesses, and has substantially completed a program of gradual
divestiture of its non-core cable television and radio broadcast
businesses. The Company's core telephony businesses include PeterStar,
the leading competitive local exchange carrier in St. Petersburg,
Russia, and Magticom, Ltd., the leading mobile telephony operator in
Tbilisi, Georgia.
    This news release contains certain forward-looking statements that
involve risks and uncertainties, including in particular those
regarding the likelihood that the pending sale of the Company's
interest in PeterStar will be consummated and the timing of the
closing of such transaction, the Company's ability to complete its
2004 annual audit, file with the SEC its 2004 Form 10-K and Schedule
14A relating to the sale of the Company's interest in PeterStar and
the election of directors and meet its future SEC public filing and
reporting requirements. Various other factors beyond the Company's
control could cause or contribute to such risks and uncertainties.
This also includes such factors as are described from time to time in
the SEC reports filed by the Company, including the Current Annual
Report on Form 10-K for the year ended December 31, 2003, the
Company's Form 10-Q for the fiscal quarters ended March 31, 2004, June
30, 2004 and September 30, 2004 and its most recently filed Form 8-K
reports (dated October 19, 2004, November 4, 2004, November 16, 2004,
November 22, 2004 and December 9, 2004, January 6, 2005, February 9,
2005, February 17, 2005 and March 9, 2005). The Company is not under,
and expressly disclaims any, obligation to update the information in
this news release for any future events.

    Additional Information and Where to Find It

    The Company intends to file with the SEC a proxy statement and
other relevant documents in connection with the proposed sale of the
Company's interest in PeterStar. Investors and security holders of the
Company are urged to read the proxy statement and other relevant
documents when they become available because they will contain
important information about the Company and the proposed sale.
Investors and security holders of the Company may obtain free copies
of the proxy statement and other relevant documents filed with the SEC
(when they become available) at the SEC's website at www.sec.gov, and
at the Company's website at www.metromedia-group.com. In addition,
investors and security holders of the Company may obtain free copies
of the proxy statement (when it becomes available) by writing to 8000
Tower Point Drive, Charlotte, NC 28227, Attention: Investor Relations,
or by emailing to investorrelations@mmgroup.com.
    The Company and its directors, executive officers, certain members
of management and certain employees may be deemed to be participants
in the solicitation of proxies in respect of the proposed sale. A
description of the interests in the Company of its directors and
executive officers is set forth in the Company's annual report on Form
10-K for the fiscal year ended December 31, 2003 filed with the SEC on
May 26, 2004 and in the Company's proxy statement for its 2003 annual
meeting of stockholders filed with the SEC on October 20, 2003.
Additional information regarding the persons who may, under the rules
of the SEC, be deemed participants in the solicitation of proxies in
connection with the proposed sale, and a description of their direct
and indirect interests in the proposed sale, will be set forth in the
proxy statement when it is filed with the SEC.

    CONTACT: Metromedia International Group, Inc.
             Ernie Pyle, 704-321-7380; investorrelations@mmgroup.com