Placing

28 July 2011

                           Parallel Media Group plc                            

                           ("PMG" or the "Company")                            

                     Equity placing and Director dealings                      

PMG, the sports media and digital agency, announces that it has raised £1.2
million before expenses, by way of a placing of 3,428,568 new ordinary shares
in the Company (the "Placing Shares") at a price of 35 pence per share (the
"Placing Price") with both existing shareholders and new investors (the
"Placing"). The Placing Price represents a premium of 55.5 per cent to the
closing mid market share price on 27 July 2011.

The proceeds of the placing will be used to provide working capital to develop
the Company's existing business and support the roll out of its new smart media
platform, Parallel Smart Media ("PSM") following the announcement on 30 June
2011 of the acquisition of Parallel Media Korea (Smart Media) Limited (the
"Acquisition"). As part of the consideration for the Acquisition the Company is
allotting 1,153,746 new ordinary shares (the "Consideration Shares") to Luna
Trading Limited (a company controlled by David Ciclitira).

The Placing and Acquisition are conditional on Admission and the passing of
certain resolutions at the Company's upcoming annual general meeting being held
at 9.00 a.m. on 29 July 2011.

Application has been made for admission of the Consideration Shares and Placing
Shares to trading on AIM which is expected to occur on 1 August 2011 and 3
August 2011 respectively ("Admission"). The Placing Shares and Consideration
Shares will rank pari passu with the existing ordinary shares.

Following Admission, there will be 20,019,752 ordinary shares in issue. This
number may be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of the
Company.

Directors Dealings

As part of the Placing David Ciclitira and Ranjit Murugason, both directors of
the Company, purchased 250,000 and 142,857 Placing Shares respectively.

Following the issue and allotment of the Placing Shares and Consideration
Shares and Admission the interests of Mr Ciclitira and Mr Murugason in the
issued share capital of the Company will be as follows:

David Ciclitira* 39.66%

Ranjit Murugason 4.8%

* David Ciclitira's interest includes his direct interest, that of Luna Trading
Limited and that of the other members of the Concert Party as defined in the
circular published by the Company dated 9 August 2010.

Following the issue and allotment of the Placing Shares and Consideration
Shares and Admission the following shareholders (in addition to the directors
named above) will, where known, be interested in 3% or more in the issued share
capital of the Company will be as follows:

Chris Salter 8.28%

Herald Investment Management Limited 11.77%

Pierce Casey 3.57%

Smith & Williamson Nominees Limited 3.34%

Chinui Kim 4.28%

Following the issue and allotment of the Placing Shares and Consideration
Shares and Admission Patrick Delaney no longer has a notifiable interest in the
Company.

Commenting today, David Ciclitira, Chairman of PMG, said:

"We are extremely pleased at the level of support from both existing
shareholders and new investors who clearly recognize the potential for the
Company to grow both its core business and its exciting new digital viewing
platform offered by PSM. We are in detailed discussions with a number of
parties regarding PSM and expect to make further announcements shortly"

                                     -End-                                     

For further information, please contact:

Parallel Media Group 020 7225 2000
David Ciclitira 0776 605 8566
Charles Wale 0792 001 7360

Northland Capital Partners (Nomad) 020 7796 8800
Luke Cairns, Edward Hutton

Novus Capital Markets Limited 020 7107 1881
Nicholas Lee/Charles Goodfellow

Bishopsgate Communications 020 7562 3350
Deepali Schneider, Natalie Quinn
[e-mail]