Exhibit 99.1


Metromedia International Group Inc. Announces Update on the Fuqua Industries,
Inc. Shareholder Litigation

    CHARLOTTE, N.C.--(BUSINESS WIRE)--Jan. 31, 2006--Metromedia
International Group, Inc. (the "Company") currently traded as: (PINK
SHEETS: MTRM) - Common Stock and (PINK SHEETS: MTRMP) - Preferred
Stock, the owner of interests in communications businesses in the
country of Georgia, announced today that terms of a settlement have
been agreed among parties to the derivative legal action In Re Fuqua
Industries which would, upon review and approval by the Court of
Chancery of the State of Delaware, bring this long-standing legal
action to a final close. In the event that the Court approves the
proposed settlement, the Company reported that it expects to receive
in excess of $4 million from the $7 million settlement amount agreed
on by the defendants in the action and will no longer bear obligation
to fund the legal expenses of these defendants. The Company sent to
its common shareholders of record as of January 5, 2006 ("the
Shareholders") a Notice of Pendency of Derivative Action, Proposed
Settlement of Derivative Action, Settlement Hearing, and Right to
Appeal in the matter of In Re Fuqua Industries, Inc. Shareholders
Litigation (the "Notice"). The Notice informs the Shareholders that a
settlement hearing ("the Settlement Hearing") in the In Re Fuqua
Industries action is scheduled for March 6, 2006 in the Court of
Chancery of the State of Delaware ("the Court") and of Shareholder's
rights to participate in the Settlement Hearing.
    In Re Fuqua Industries was initiated by a stockholder on behalf of
the Company as a derivative action in the early 1990's when the
Company operated under the name Fuqua Industries, Inc. Since the
action was brought on behalf of the Company, any funds received in
settlement of the action, net of plaintiffs' counsel fees and
expenses, will go to the Company and not to individual stockholders.
Pursuant to the terms and conditions of the proposed settlement, the
defendants would pay an aggregate amount of $7 million (the
"Settlement Amount") to be paid by the defendants; and each of the
individual defendants has deposited his share of this aggregate amount
into an escrow account maintained for the benefit of the Company. The
Company has agreed that, should the Settlement be approved at the
Settlement Hearing, it will not oppose plaintiffs' counsel application
for an award of attorneys' fees not to exceed $2.1 million and a
reimbursement of expenses not to exceed $0.325 million

    At the Settlement Hearing, the Court will:

    --  Determine whether a Stipulation of Settlement, dated as of
        December 31, 2005 (the "Stipulation"), and the terms and
        conditions of the settlement proposed in the Stipulation (the
        "Settlement"), are fair, reasonable and adequate;

    --  Determine whether the interests of the stockholders of the
        Company have been adequately represented at all times by
        counsel to plaintiffs in connection with the prosecution and
        settlement of the action;

    --  Determine whether a final order and judgment should be entered
        by the Court dismissing the action with prejudice and on the
        merits as to all parties; and

    --  Determine, in the event that the Court approves the
        Stipulation and the Settlement and enters its final judgment,
        whether it should award attorneys' fees and expenses to
        plaintiffs' counsel.

    Commenting on these developments, Ernie Pyle, the Company's Chief
Financial Officer, stated: "The proposed Settlement of this
long-standing litigation matter is quite favorable to the Company. In
addition to receiving cash proceeds from the settlement, which can
reasonably be expected to exceed $4 million, the Company will no
longer be responsible for reimbursement of the defendants' legal
expenses. Although, the Company is not a defendant in this derivative
case, it has been obligated under its organizational documents and
Delaware Law to fund the defendants' legal expenses for the past
several years, an amount estimated around $5.0 million. This funding
obligation arose when the Company's Directors and Officers liability
insurance carrier for the litigation matter, Reliance Insurance
Company ("Reliance"), encountered financial difficulties. In 2001,
Reliance became subject to an order of rehabilitation with the State
of Pennsylvania. Should the Court not approve the Stipulation and
Settlement, the Company anticipates that the Court will schedule a
trial in this action and thus the Company's obligation to fund the
defendants' legal costs would continue until the action is ultimately
resolved, including any possible appeals."

    About Metromedia International Group

    Through its wholly owned subsidiaries, the Company owns interests
in communications businesses in the country of Georgia. The Company's
core businesses includes Magticom, Ltd., the leading mobile telephony
operator in Tbilisi, Georgia, and Telecom Georgia, a well-positioned
Georgian long distance telephony operator.
    This news release contains certain forward-looking statements that
involve risks and uncertainties, including in particular those
regarding the timing of completing its ongoing restatement activities
and filing with the SEC its 2004 Form 10-K and first, second and third
quarter 2005 Form 10-Q's. 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, December 9, 2004, January 6, 2005, February 9,
2005, February 17, 2005, March 9, 2005, March 23, 2005, April 19,
2005, April 20, 2005, June 7, 2005, June 17, 2005, July 12, 2005, July
18, 2005, July 25, 2005, July 28, 2005, August 3, 2005, August 10,
2005, September 8, 2005 and September 19, 2005). The Company is not
under, and expressly disclaims any, obligation to update the
information in this news release for any future events.

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