EXHIBIT 99.1

        Capital Media Group Limited Announces Completion of Acquisition
                  And Updates Market On Its Current Activities

         PARIS, Feb. 23 /PRNewswire/ -- Capital Media Group Limited (Nasdaq:
CPMG) ("CMG" or the "Company") today updated the market on its current
activities. CMG first reported that its 81.6% owned subsidiary, Unimedia, S.A.
("Unimedia") has recently completed two acquisitions. It further updated the
market on the status of its developments including its television operation in
Germany and on the current status of its efforts with respect to the funding of
the Company's operations.
         The Company reported that the two acquisitions completed by Unimedia
were firstly of a 90% interest in TopCard, S.A. ("TopCard"), a French company
engaged in the design and manufacture of infra-red contactless smart card
technology, in which Unimedia already owned 10% of the outstanding shares, and
secondly of a 100% interest in Pixel Ltd. ("Pixel"), an Israeli company
specializing in computer graphic and 3D animation for TV packaging, digital
broadcasting and special effects.
         The Company reported that the purchase price paid by Unimedia for the
90% interest in TopCard consisted of 456,000 shares of the Company's common
stock already owned by Unimedia and $150,000 in cash. The Company further
reported that TopCard's anticipated revenue and net profit for 1997 were
approximately $1.1 million and $50,000 respectively.
         The Company reported that the acquisition of TopCard will provide the
Company and Unimedia with the technology required to develop the secure access
technology which will be needed to process on-line transactions on the
entertainment and gaining platform which the Company and Unimedia intend to
develop.
         TopCard has recently signed two major contracts to export its front
edge software and hardware smartcard technology and turnkey solutions to use for
securing access to various mobile phone applications in Russia and to prepaid
transportation services in China. TopCard is now seeking to develop cost
effective turnkey solutions to secure access to prepaid internet services and to
design electronic purses of a new generation based on their existing devices.
         Pixel owns a 47.5% interest in Henry Communication Ltd., a service
company operated in a joint venture with Video Broadcast SB Ltd., an Israeli
broadcasting company. Pixel has, in addition, a contractual relationship with
Israel Cable Programming Company Ltd. (ICP), providing TV packaging and
animation programming for all the cable operators, in Israel, utilizing Pixel's
digital editing systems, lodated in ICP's studio facilities. The acquisition
also included the purchase of certain software previously developed for Unimedia
by Pixel Multimedia Ltd., ("Multimedia"), the previous owner of Pixel, for use
in connection with the development of the Company's and Unimedia's proposed
entertainment and gaming platform. The Company reported that Pixel's anticipated
1997 revenues and net profits were approximately $2.0 million and $300,000,
respectively.
         The purchase price paid by Unimedia to acquire Pixel consisted of: (i)
forgiveness of $1.75 million of the debt owed by Multimedia to Unimedia; and


(ii) the assumption by Pixel (guaranteed by Unimedia and the Company) of Pixel's
debt due to a financial institution. Additionally, Multimedia may receive up to
600,000 of the shares of the CMG common stock owned by Unimedia, if certain
future performance objectives are attained by Pixel. These shares are presently
being pledged to the financial institution to secure Pixel's debt due to the
financial institution. Finally, the remaining $1.0 million still owed by
Multimedia to Unimedia will be forgiven in the event that certain future
performance objectives are achieved by Pixel. Rami Weitz, the President of
Pixel, will continue to work with Pixel and Unimedia on a consulting basis.
         The Company also reported that its efforts to develop an on-line
entertainment and gaming platform is progressing and as previously reported that
Unimedia and CMG have entered into an exclusive consulting agreement with
Jacques Dubost, a renowned French gambling expert. It is planned that Jacques
Dubost will utilize his direct marketing strategy gained from some 35 years'
experience running several famous French casino operations, to promote and
further develop the new operation. It is planned to enter into a strategic
marketing alliance with a prestigious industry partner, who will in addition
provide the necessary private funding to accelerate the on-going developments.
         The Company also reported that it continues to operate its German ONYX
television station and that it expects to make announcements shortly regarding
the improvements made in the current operations and in regard to proposed
alliances in respect to its digital broadcasting strategy. As previously
reported, the Company conntinues to seek a strategic partner for its operation
and is presently in negotiation with several potential partners and expects to
complete a transaction in the near future, although there can be no assurance
that this will occur.
         The Company further reported on the status of its efforts to secure
continued funding for its operations. The Company reported that its short term
funding requirements have been met over the last several months through sales of
an aggregate of 733,335 shares of its authorised but unissued common stock and
through recent borrowings of $950,000. The Company continues to seek short term
and long term funding to satisfy the capital requirements of its various
activities.
         Capital Media is an independent holding company with interests in the
broadcasting, publishing, computer software and multimedia businesses. With
subsidiaries in the UK, France, Germany and Romania, Capital Media's businesses
include television and radio broadcasting, newpaper titles and print operations,
and lifestyle programme production. Unimedia, the Company's 81.6% owned
subsidiary, is engaged in research, development and marketing activities of
computer software for providing, via multimedia vehicles such as the Internet,
new on-line services to business users and leisure consumers.
         Except for the historical information contained herein, certain matters
discussed in this press release are forward-looking statements, and certain
important factors may affect the Company's actual results and could cause actual
results to differ materially from any forward-looking statements made in this
release, or which are otherwise made by or on behalf of the Company. Such
factors include, but are not limited to, the availability of sufficient capital
for the Company's ongoing operation, the successful integration of the Company's
businesses in the future, the level of revenues achieved by the Company's 1997
filings with the Securities and Exchange Commission.

SOURCE Capital Media Group Limited
     -0-                      2/23/98
     /CONTACT:  Gilles Assouline, Chiarman, President and CEO, 
011-33-1-43-6999, or Stephen Coleman, Chief Financial Officer, 
011-44-(0) 171-224-4141, both of Capital Media Group/
    (CPMG)