Mr. Wrzodak, the MP representing a small National Folk Movement, which supports Law & Justice government, has filed a motion to the prosecutor’s office accusing TVN of not disclosing its debt, at time when TVN had been issuing its bonds 2 years ago.
Our view: We do not suspect Mr. Wrzodak of holding TVN bonds, therefore we view his action as a revenge for TVN24 role in revealing the recent attempt by Law & Justice to persuade SelfDefence MP Mrs. Beger into defection. Although we do not know, whether there is substance in Mr. Wrzodak accusations, we doubt it. In the past, media stocks had been rather resilient to politician accusations, and we expect a similar case this time. We reiterate our Hold rating for the stock.