Yesterday TVN has launched its 7th thematic channel called TVN Med. Unlike others, this medical channel would not be available for general public. It targets only qualified medical personnel, including 36 000 doctors in Poland. TVN expects TVN Med to break-even in 2 years.
Our view: TVN has been a little bit mysterious about TVN Med business model (we expect it to be based on drug producers advertising), and the channel’s content (surgery live?). Anyway, we leave unchanged earnings forecast unchanged until the new channel sales grows in mass. We reiterate our Hold rating for the stock.