TVN/Cyfrowy Polsat: Audience data for 2Q11

According to Nielsen Audience Measurement, the main channels of TVN (16,55 PLN, -0,90%) and Polsat increased their all-day audience shares in the 16-49 years age group in 2Q11 versus 2Q10. The data provided by Nielsen show the gap between the audience shares of Polsat and TVN main channels is closing and decreased by 1.03pp in 2Q11 versus 2Q10. The audience share of the main Polsat channel rose from 15.53% in 2Q10 to 17.00% (up 1.47pp) in 2Q11. In the same period, the audience share of TVN’s main channel rose from 16.75% to 17.19% (up 0.44pp). The all-day audience share in the 16-49 years age group of the Polsat group including the main channel as well as thematic channels rose from 18.74% in 2Q10 to 21.15% (up 2.41pp) in 2Q11, while the audience share of TVN’s channels fell from 23.49% to 22.91% (down 0.58pp) in the same period.

Our view:
Both Polsat and TVN have shown strong audience data for 2Q11. Both TV stations are benefitting from declining audience shares at public TV channels. Moreover, in a year-on-year comparison Polsat increased its technical penetration after channels of the Polsat group were added to Cyfra+ and ‘n’ platform. Rising audience shares in 2Q11 could support ad revenues in the period. We view the news as supportive for the stock prices of TVN and Cyfrowy Polsat.