EXHIBIT 99.1
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STRICTLY PRIVATE & CONFIDENTIAL
SUBJECT TO CONTRACT
[ISTITHMAR LOGO]
24 October 2006
Metromedia International Group, Inc.
0000 Xxxxx Xxxxx Xxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
X.X.X.
Attn: Xxxx X. Xxxx
Chairman of the Board of Directors and Chief Executive Officer
Dear Xxxx,
LETTER OF INTENT DATED 28 SEPTEMBER 2006 BETWEEN ISTITHMAR PJSC (ISTITHMAR),
SALFORD GEORGIA (SALFORD), EMERGENT TELECOM VENTURES LIMITED (ETV, TOGETHER
WITH ISTITHMAR AND SALFORD, THE CONSORTIUM) AND METROMEDIA INTERNATIONAL GROUP,
INC. (THE LOI).
We refer to the LOI and write to advise you that our investment committee met
to consider the proposed acquisition of the outstanding capital stock of
Metromedia International Telecommunications, Inc. in MITI as more particularly
set out in the LOI (the Transaction).
After due and careful consideration of the Transaction and after thorough
discussions between ourselves and our Consortium Partners, Salford and ETV, it
was determined in accordance with the terms of the LOI that Istithmar should
not proceed with the Transaction. Accordingly, regrettably, Istithmar will not
be a member of the Consortium pursuing this Transaction.
We thank you for the assistance provided by you to us. We understand that
Salford and ETV are continuing to evaluate the Transaction and we hereby assign
our proposed stake in the Consortium to them on a pro rata basis. We wish you
success in your continued dealings with Salford and ETV.
Sincerely,
/s/ Xxxxx Xxxxxxx
Xxxxx Xxxxxxx
Managing Director
Istithmar
