TVN held a conference call to its 4Q05 and FY2005 results yesterday. The company did not provide any significant news. Nevertheless its worth mentioning that the company is planning to launch a new thematic channel towards the end of 2006. Going forward TVN plans to continue increasing its audience share, which would in turn allow it to sell more GRP’s and increase the GRP price. Increasing subscription charges should be another source of incremental revenue while the number of subscribers should not increase substantially expect for newly launched channels. TVN’s CAPEX are expected to double in 2006 and 2007 due to its plan to build its own production studios. We highlight the company’s continued focus on growing the top line while increasing its efficiency seen in the expanding EBITDA margin, nevertheless, we believe that TVN’s share price reflects most the good news already.