ITI, the parent company of TVN announced that it will commercially launch its digital platform named ‘n’, the third in Poland, on October 12. The platform would broadcast several dozen channels, including all produced by TVN, three in high definition television standard and many others. The platform subscription costs from PLN 20, which is at the discount to competitor offerings of ‘Polat Cyfrowy’ and ‘Cyfra+’.
Our view: We view the news as positive. ITI digital platform could enhance the distribution of TVN channels and strengthen station’s negotiating power with cable network operators. Nonetheless, we reiterate our Hold rating for the stock.