Gross advertisement revenue of TV Nova fell by 48.7% in the first eight months, to 3.15 bln. CZK, producing a H1 loss at CET 21 (which also includes Slovakia) of 1 bln. CZK During the eight-month period, TV Prima’s gross ad revenue rose by 10.0%, to 8.71 bln. CZK, and Barrandov’s rose 11.4%, to 1.76 bln. CZK. Media agencies at a recent meeting informed that Nova is changing course in terms of its pricing policy and will now try to sell as much ad space as possible, instead of maintaining a high price. TV Nova did not comment the information. / We did not see any improvement in ad sales so far contrary to CETV’s expectations as ad sales fell so far in similar pace as in 1H13. Could be NEGATIVE for (103 CZK, -5,07%) as we see the company overvalued with respect to prevailing weak results.