Exhibit 99.1

Metromedia International Group Inc. Postpones Reporting of Preliminary Financial
Results for Magticom, Ltd.

     CHARLOTTE, N.C.--(BUSINESS WIRE)--Aug. 14, 2006--Metromedia International
Group, Inc. (the "Company" or "MIG") (OTCBB: MTRM) - Common Stock and (PINK
SHEETS: MTRMP) - Preferred Stock), the owner of interests in communications
businesses in the country of Georgia, announces that it has elected to postpone
issuance of preliminary financial results, through December 31, 2005, for its
Magticom business venture as previously proposed in its July 13, 2006 press
release. The Company remains committed to releasing preliminary prior period
Magticom financial results as soon as all related material information can be
disclosed in suitable detail and presently expects such information release will
be possible before the end of September 2006. Furthermore, the Company does not
intend making further public comment on these matters until a full and
comprehensive statement can be released.

     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 include Magticom, Ltd., the leading mobile telephony operator in
Tbilisi, Georgia, Telecom Georgia, a well-positioned Georgian long distance
telephony operator, and Telenet, a Georgian company providing internet access,
data communications, voice telephony and international access services.

     This news release contains certain forward-looking statements made as of
the date hereof based only on current information and expectations that are
inherently subject to change and involve a number of risks and uncertainties,
including in particular those regarding the Company's intention to release
preliminary financial results associated with its Magticom business venture,
through December 31, 2005. Actual events or results may differ materially from
those projected in any of such statements due to various factors, including, but
not limited to: the impact of the Company's current restatement process on its
results for prior and current periods; uncertainties surrounding the restatement
process, including the predictions for timing of filing and amount of the
restatements; the risk of possible changes in the scope and nature of, the time
required to complete, the issuance of audit opinions on the Company's prior year
financial statements and the audit of the Company's fiscal 2004 and 2005
financial statements; risks that the Company's independent auditors might have
audit adjustments that results in additional delay in the restatement process;
and risks that the Company's inability to complete the restatement of its
financial statements will impact operations. 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, September 19, 2005, January 31, 2006, March 8, 2006, March 15, 2006, March
17, 2006, May 11, 2006, May 18, 2006, June 26, 2006, July 14, 2006 and August 8,
2006). 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, Chief Financial Officer and Treasurer
              704-321-7380
              investorrelations@mmgroup.com