Acquisition

Milestone Group PLC
29 September 2003


For Immediate Release                                          29 September 2003






                                MILESTONE GROUP

                PROPOSED CONSOLIDATION OF MINORITY SHAREHOLDINGS

                                   IN SIX TV



Milestone Group PLC ('Milestone' or 'the Company'), the cross-media group
focussed on local markets, today announced the terms of its offer to acquire the
whole of the issued share capital which it does not already own of Oxford
Broadcasting Limited, trading as SIX TV The Oxford Channel ('SIX TV'). Milestone
currently has a 90.74% shareholding in SIX TV.



SIX TV provides a local terrestrial television service for Oxfordshire using
spare analogue spectrum licensed by the Independent Television Commission.
Milestone intends to seek further opportunities to develop SIX TV alongside
Milestone's wholly-owned publishing and radio subsidiaries in Oxfordshire
acquired in July 2003. These businesses include the well-established Oxford
Journal newspaper title and Oxford's commercial radio station Passion 107.9
which is now based at the same premises as SIX TV.



Milestone is proposing an entirely paper transaction which, assuming 100%
acceptance, would result in 255,119 new ordinary shares of 10p each in Milestone
being issued (at a deemed value of £1.00) in exchange for all the remaining
shares in SIX TV not already held by Milestone. This would represent
approximately 1.167 per cent. of the then enlarged issued ordinary share capital
of Milestone. The closing-date for the offer will be 31st October 2003 (unless
extended). Subject to the level of acceptances under the offer, Milestone may
subsequently invoke the compulsory acquisition provisions in the articles of
association of SIX TV to acquire any outstanding shares in SIX TV.



The offer is subject to the London Stock Exchange admitting to trading on AIM
the Milestone Consideration Shares to be issued pursuant to the Offer. The
Milestone Consideration Shares issued pursuant to the Offer will be issued
credited as fully paid and will rank pari passu in all respects with the
existing Milestone Shares. By accepting the Offer, each SIX TV Shareholder is
undertaking (subject to limited exceptions) not to dispose of any Milestone
Consideration Shares allotted to him/her pursuant to the Offer until 1 July
2004. This mirrors the lock-in arrangements that the Milestone Directors and
certain other Milestone shareholders agreed to at the time of Milestone's
flotation on AIM.



Milestone Group Chief Executive, Andy Craig, said:


'The board of Milestone believes that 100% ownership of SIX TV would simplify
the group's ownership structure and allow the Company to continue to develop its
tri-media model, alongside our other interests in local publishing and local
radio in the Thames Valley region and further a field. Our strategy of
addressing the needs of local advertisers through our media offerings continues
to show good progress.'



For further information please contact:


Milestone Group PLC                                  Tel: [phone]
Daniel Cass

Buchanan Communications                              Tel: [phone]
Bobby Morse / James Strong




ENDS


                      This information is provided by RNS
            The company news service from the London Stock Exchange