Official press statistics have confirmed preliminary reports on ‘Gazeta’ and ‘Dziennik' circulation in April. Agora’s ‘Gazeta Wyborcza’ newspaper copy sales fell in April, with average daily copy sales dropping by 9.6%, compared with the same month in the previous year. Other national newspapers also reported weaker copy sales in April, due to comparison against a high base last year, with ‘SuperExpress’ tabloid down 13.8%, ‘Fakt’ tabloid down by 2.9% and ‘Rzeczpospolita’ broadsheet down by 0.8%. However, national newspaper circulation increased by 9.8% following the launch of ‘Dziennik’, whose copy sales reached 256 000 copies, higher than the minimum threshold set by its publisher, Axel Springer, at 200.000 copies. The picture is more favorable for Agora on a January-April comparison basis, where ‘Gazeta’ demonstrated a steady growth in circulation from 385 000 copies to 510 000 in the second half of April. As this latest news is just a confirmation of preliminary reports, we view the news as neutral and continue rating Agora as a Buy with a fair value estimate of PLN 51.1 per share.