According to TNS survey, gross expenditures on TV ads increased by CZK 303m in April (+16% y/y), to total CZK 2.18bn. In April, TV stations broadcasted 44 more hours of advertisements compared to the same period last year. TV Nova’s ad hours decreased ad time by 29 hours, while its biggest rival, TV Prima’s ad time increased by 73 hours. TV stations’ share on TV ads (indicated by GRP points) has changed significantly during the year, with adverse development for TV Nova. It’s dominance over TV Prima has shrunk to only 1.9pp over the year from 51.2pp lead last April. TV Nova’s share stands at 45.8%, same as in March, while TV Prima’s slightly increased to 43.9%. Although development of TV Nova’s share on GRP has not been positive lately, we see some stabilization going forward with positive effects on financials of CME. We reiterate our Buy recommendation with fair value USD 78.