In November TVN gross advertising revenues, before discounts and rebates, were PLN 267m, up 50% y/y, coming above Polsat (PLN 205m, up 0.5% y/y), TVP1 (PLN 154m, up 9% y/y), and TVP2 (PLN 129m, up 15% y/y), according to TNS OBOP statistics.
Our view: We view the news as slightly positive, as the strong growth in TVN gross revenues seems to reflect the station’s policy of rising its list prices on the back of rising audience share, however we believe that the actual ad revenues growth rate, after discounts and rebates, is closer to 20-30%. We reiterate our Hold rating for the stock.