AxelSpringer has postponed plans to create ‘Dziennik’ regional offices, apparently on weak print advertising outlook, according to according to new edition of ‘Press’ monthly.
Our view: Regional presence would make the ‘Dziennik’ even more similar to ‘Gazeta’, which differentiates its content on regional basis, and could weaken one of ‘Agora’ key strategic advantages. We expect a positive market reaction to the news. We reiterate our Buy rating for Agora.