Statement re. Suspension

Parallel Media Group PLC
23 July 2003

23 July 2003

                           Parallel Media Group Plc

                       Suspension of the Company's Shares


The Board of Directors of Parallel Media Group Plc ('PMG') regrets to announce
that it has been unable to produce its annual audited accounts for the period
ended 22 January 2003 in time.  This has resulted, in accordance with AIM rules,
in the  suspension of the Company's shares pending the results being published

Reason for the delay

Shareholders will recall that PMG was demerged from World Sport Group Plc 
('World Sport Group') in January 2003.  In order for PMG to produce the accounts
for the period to 22 January 2003, accounting information is needed on the
demerged businesses and this has been difficult to obtain for a number of
reasons, not least of which is that the businesses are no longer part of PMG.

Shareholders may also remember that the shares of World Sport Group were
suspended from AIM in 2002 because of its inability to file accounts.  This non
availability of accounting information from companies no longer owned by PMG has
been a continual problem and is the sole reason for us not publishing the
results in time and in our not including  the Report and Accounts with the
Notice convening the Annual General Meeting to be held on 30 July 2003.

Publication date

Every effort is being made, with the assistance of BDO Stoy Hayward, to resolve
the position.  A further announcement will be made at or before the Annual
General Meeting on 30 July 2003 with regard to the proposed publication date.

At  the Annual General Meeting convened to take place on 30th July 2003 a
request for adjournment will be made in respect of the resolution to approve the
accounts. A further meeting of shareholders will be convened for a later date at
which the Annual Report and Accounts can be laid before the Company's
shareholders for approval.

PMG

It is important to note that these accounts complete the reporting affairs of
the former World Sport Group.  They bear little relationship to the current PMG
and its performance.  The release date of the interim accounts for PMG is
unaffected.

Enquiries:

Gerald Andrews
Finance Director       020 7225 2000



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