EXHIBIT 99.5

   ALASKA COMMUNICATIONS SYSTEMS ANNOUNCES SUCCESSFUL IPO OF ITS DIRECTORIES
 BUSINESS; ACS RECEIVES INITIAL GROSS PROCEEDS OF APPROXIMATELY US$160 MILLION

       OFFERING TO HELP DE-LEVERAGE ACS' BALANCE SHEET AND FUND OPERATIONS

ANCHORAGE, Alaska, May 8, 2003 (BUSINESS WIRE) -

Alaska Communications Systems Group, Inc. ("ACS") (Nasdaq:ALSK) announced today
the completion of the initial public offering of its directories business
through a Canadian income trust fund. The offering, which consists of 17,500,000
units of the ACS Media Income Fund priced at Cdn$10.00 per unit, raised gross
proceeds of Cdn$175 million, or approximately US$125 million. ACS Media Income
Fund started trading today, Thursday, May 8, 2003, on the Toronto Stock Exchange
under the symbol AYP.UN.

The offering is being underwritten by a syndicate led by CIBC World Markets Inc.
The Underwriters have been granted an over-allotment option, or "green shoe," to
purchase up to an additional 1,500,000 Units at the issue price of Cdn$10.00 per
unit, exercisable within 30 days of closing. If the "green shoe" is exercised,
the proceeds will be used to purchase additional membership interests in the
newly formed ACS Media LLC, the directory operating subsidiary acquired by the
ACS Media Income Fund from ACS.

ACS also announced today that ACS Media LLC, completed a third party lending
agreement prior to closing of US$40 million, including an undrawn line of credit
of US$5 million. Prior to the over-allotment, ACS will receive initial gross
proceeds of approximately US$160 million for 87.4% of ACS Media LLC, reflecting
both the offering proceeds and the funds drawn from ACS Media's new credit
facility.

"We will use the net proceeds from this transaction to significantly de-leverage
our balance sheet and to fund our operations," commented Kevin P. Hemenway,
Chief Financial Officer of ACS. "We believe the execution of this transaction is
a testament to the success of our strategy in building the leading directories
provider in the market and also validates our decision to spin off this business
unit. We look forward to having a close working relationship with ACS Media,
which will continue to be managed in Alaska by the team that has made it the
largest publisher of directories in the State."

Wesley E. Carson and Wayne P. Graham will assume positions with the newly formed
ACS Media, LLC as President and Chief Executive Officer and Executive Vice
President and Chief Financial Officer, respectively, as part of the transaction.

The units offered have not been registered under the United States Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements.
This press release does not constitute an offer to sell or a solicitation of an
offer to buy the units in any state of the United States or province or
territory of Canada.

ABOUT ALASKA COMMUNICATIONS SYSTEMS - ACS is the leading integrated
communications provider in Alaska, offering local telephone service, wireless,
long distance, data, and Internet services to business and residential customers
throughout Alaska. ACS currently serves approximately 336,000 access lines,
82,000 cellular customers, 70,000 long distance customers and 46,000 Internet
customers throughout the State. More information can be found on the company's
website at http://www.alsk.com.

In addition to historical information, this release includes forward-looking
statements, estimates and projections that are based on current expectations
only, and are subject to a number of risks, uncertainties and assumptions, many
of which are beyond the control of Alaska Communications. Actual events and
results may differ materially from those anticipated, estimated or projected if
one or more of these risks or uncertainties materialize, or if underlying
assumptions prove incorrect. Factors that could affect actual results include
but are not limited to: rapid technological developments and changes in the
telecommunications industries; ongoing deregulation in the telecommunications
industry as a result of the Telecommunications Act of 1996 and other similar
federal and state

legislation and the federal and state rules and regulations enacted pursuant to
that legislation; regulatory limitations on the Company's ability to change its
pricing for communications services; the possible future unavailability of SFAS
No. 71 to the Company's wireline subsidiaries; and possible changes in the
demand for the Company's products and services. In addition to these factors,
actual future performance, outcomes and results may differ materially because of
other, more general, factors including (without limitation) changes in general
industry and market conditions and growth rates; changes in interest rates or
other general national, regional or local economic conditions; governmental and
public policy changes; changes in accounting policies or practices adopted
voluntarily or as required by accounting principles generally accepted in the
United States of America; and the continued availability of financing in the
amounts, at the terms and on the conditions necessary to support the Company's
future business. These and other uncertainties related to the Company's business
are described in greater detail in the Company's Annual Report on Form 10-K for
the year ended December 31, 2002. The information contained in this release is
as of May 8, 2003. The Company undertakes no obligation to update or revise any
of this information whether as a result of new information, future events or
developments, or otherwise.