Following to recent announcements of changes in the management of TV Nova by the appointment of Mr. Adrian Sarbu; who was previously successful in running the Romanian operations only, TV Nova already started adopting the Romanian model, which led to several departures from the company. Mr. Sarbu is now also responsible for running the Slovak operations due to synergies between the Czech TV Nova and Slovakia’s Markiza, i.e. in terms of joint programming. We see the news as neutral and reiterate our Buy recommendation