Yesterday the Polish media watchdog KRRiT has postponed the debate on whether to cancel, on formal grounds, the broadcasting license of TV4, a small TV channel affiliated to Polsat. However, KRRiT has ruled in a similar case, relating the prolonging of the broadcasting license for one of Agora’s radio stations, stating that the license should be prolonged. Meanwhile, Agora CEO Mrs. Rapaczynska has reiterated that the company is still interested in investing in TV assets.
Our view: We view the news on lowering the chances for Agora to take over TV4 frequencies, giving it a 20% nationwide TV broadcasting reach, as a slightly negative trigger for the trading today.