According to the local press some of the advertisers plan to reduce their ad spending in TV Nova since April. The reason is that no long term ad contracts have been signed yet. Note that TV ad association is not satisfied price hike that could reach up to 25 %, however should be less severe for most advertisers. TV Nova’s CEO commented that they plan to finalize the agreements with all important advertisers by end March. As a motivation to reach the deadline they proposed special conditions and bonuses. This is in contrary to recently proclaimed effort to remove loyalty bonuses. We see the news as slightly negative, however we believe the potential increase in ad prices will be benefiting for CME business. We reiterate our Buy recommendation.