STOCKHOLM, Sweden, Jan. 10, 2002 (PRIMEZONE) -- Modern Times Group MTG AB (Nasdaq:MTGNY), the international media group, today announced that Modern Entertainment, its Los Angeles-based film rights distribution business, has signed its first U.S. network series agreement. Modern Entertainment, which owns the movie and TV rights to Stephen King's best-selling book 'The Dead Zone,' sold an option to TV producer Lion's Gate Entertainment to produce a pilot for a TV series. As a result, a full season 22 part dramatic series of 1 hour episodes has been ordered by USA Network, which broadcasts through its cable network to 85 million homes or 80% of homes in the U.S.
The pilot of 'Stephen King's The Dead Zone' was written and developed by Michael and Shawn Piller, who were responsible for the enormously successful Star Trek sequels ('The Next Generation,' 'Deep Space Nine,' and 'Voyager').
Modern Entertainment will receive a fee per episode, a screen credit, and a percentage of any 'back-end' profits. Paramount International Television owns the international distribution rights to the production. Modern Entertainment is also the U.S. distributor of Lion's Gate Entertainments's weekly one hour series 'Tracker,' which has been running since October 2001.
Hans-Holger Albrecht, President and CEO of MTG, commented, "This is a landmark deal for MTG. Modern Entertainment owns a leading content library with over 500 feature film titles. We intend to exploit the commercial potential of this library fully by developing further innovative means of securing new revenue streams from existing rights."
Modern Entertainment is part of MTG's Modern Studios business area, which includes all MTG's content production and rights distribution companies, including Strix Television and Sonet Film. Modern Entertainment is the first new U.S. domestic syndicator to have been launched in years.
Modern Times Group MTG AB has seven business areas: Viasat Broadcasting (Free-to-air and Pay-TV channels in nine countries), Radio (seven networks in five countries), New Media (the Everyday interactive TV portal, Internet portal, Mobile portal, and teletext services), Publishing (financial news and information services), Modern Interactive (home shopping, e-commerce, and logistics), SDI Media (subtitling and dubbing services), and Modern Studios (content production and library).
Modern Times Group MTG AB's class A and B shares are listed on the Stockholmsborsen O-list (symbols: MTGA and MTGB) and ADRs are listed on the Nasdaq National Market in New York (symbol: MTGNY).
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