Following news from last week about media agencies negotiations with TV Nova, according to TV ad association, ad prices should not increase by 25% as it was initially proposed but only by 10% to 15%. TV Nova’s CEO commented the issue last week that they plan to finalize the long-term agreements by the end of March and therefore proposed special conditions and bonuses. We believe the news to be neutral or only slightly negative to today’s trading with CME and reiterate our Buy recommendation.