Trading Statement

Catalyst Media Group PLC
29 October 2004


29 October 2004


                    Catalyst Media Group plc (the 'Company')

                               Trading Statement

The Company today announces a trading statement ahead of its results for the
financial year ending 31 October 2004.

At the time of the interim results announcement by the Company on 1 July 2004
it was reported that the Company expected to make a profit for the current
financial year ending 31 October 2004.

Since that date it has become apparent that, whilst revenue for the current
financial year remains in line with the Board's expectations, there will be a
significant shortfall in the Company's financial performance in the second half.
This shortfall is wholly attributable to cost overruns on a contract to produce
the ChampCar World Race Series by the Company's New York based television
production subsidiary, Betelgeuse Productions Inc.  As a result, it is
anticipated that  the Company will record a loss for the second half of the
financial year resulting in a loss after tax for the year as a whole of around
£2 million.

The ChampCar contract terminates on 31 December 2004 and is not therefore
expected to have any material negative impact in the financial year ending 31
October 2005. Excluding this contract, Betelgeuse Productions Inc. has traded
profitably during the current financial year as has Global Media Services, Inc.,
the New York based media services business. All other companies within the Group
have traded in line with the Board's expectations.

Enquiries:

Catalyst Media Group plc

Paul Duffen, CEO
Tel: [phone]

Steve Smtih, Finance Director
Tel: [phone]



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