Following on yesterday’s news in the press suggesting that some Media agencies, including the second largest Medea will not renew their contracts with TV Nova after the proposed 25% hike in prices on the average, we were told by the company at their yesterday’s roadshow in Prague that all major agencies have ordered an advertising air time for the 2Q06. Today’s press also quotes several media agencies saying that they are finding agreements with TV Nova as the price hike may be reduced for some advertisers and TV Nova will offer incentives for those signing agreements before end of March. We believe that TV Nova will be eventually successful in its new strategy given 7-years of TV ad price stagnation, its strong audience share of over 40%, reduction of TV advertising on state channels and still relatively low share of TV advertising spending on total spending of 48% against 60% in other emerging European countries. We believe that today’s news may have a positive impact on trading with CME’s shares and reiterate our Buy recommendation.