Ukrainian court will decide next week who will gain control over TV station Studio 1+1. CME holds 18% share on voting rights, but has 60% share on earnings. This is due to the current law in Ukraine, which doesn’t allow foreign investors to directly own license for TV broadcasting. New medial law, which will be effective from late March, allows foreign investors to control TV station through domestic branch. Recent announcement about share increase should lead to raise a capital which will be used also for acquisitions of additional shareholdings in CME’s current operations. In addition Czech Security Commission approved the prospectus for new share issue to be introduced also to Prague Stock Exchange. We believe that news might have slightly negative effect for today’s trading. Nonetheless, we reiterate our Buy recommendation for CME.