Operational update

Parallel Media Group PLC                            

                           ("PMG" or the "Company")                            

                              Operational update                               

PMG, the leading sports media and promotion company, is pleased to announce an
operational update in relation to the successful staging of its Ballantine's
Championship.

The Ballantine's Championship, held in Seoul, is the largest men's golf event
in Korea and is regarded as one of Asia's leading men's tour events, sanctioned
by both the PGA European Tour and Asian Tour. The Championship attracted a
strong field of international golfers and was won by the world's No 1 Lee
Westwood.

The tournament's lead sponsor is Pernod Ricard with their leading premium
whisky brand Ballantine's. Other major sponsors include Hyundai, Bank of
America, Emirates, Omega and KT (Korea Telecom). Given the success of the
event, which included extensive media coverage domestically on KBS and JGolf
and reached over 400 million homes internationally, these sponsors have
committed to this event on a multi year basis.

PMG generates revenue from sponsorship, television and ticket sales and the
strong financial performance was in line with the Company's expectations, with
profits from the event significantly ahead of last year.

In addition, PMG is actively developing additional events in the fast growing
Asian golf market and has already signed a contract with the PGA European Tour
for a new tournament date in 2012. Discussions about staging this event in
China are already at an advanced stage and a number of sponsors have already
shown significant interest.

Commenting today, David Ciclitira, Executive Chairman, said "we are extremely
pleased at how well Ballantine's has gone this year, and this is very much
underlined by the continued commitment from the tournament's major
international sponsors. We are also very excited about a new tournament in
China and are in detailed discussions regarding further events in the region."

For further information, please contact:

Stewart Mison, Charlie Wale Parallel Media Group PLC            020 7225 2000  
                                                                               
Luke Cairns, Edward Hutton  Northland Capital Partners Limited  020 7796 8800  
                                                                               
Charles Goodfellow          Novus Capital Markets Limited       020 7107 1850