According to PAP, ITI won exclusive rights to broadcast Champions league during 2006 and 2009 while only 13 games per season will be broadcasted on a free to air channel while the rest on a pay channel. TVN did not participate in the tender as it does not fit its model. As the Champions league was one of the key programs for Polsat’s Sport channel, we believe that a loss of the rights to broadcast it may hurt Polsat hence allow TVN to increase its audience even further. We reiterate out Buy recommendation.