Yesterday, the Polish media watchdog KRRiT has prolonged a broadcasting licence for TV4 free-to-air channel until February 2009. This cuts speculations regarding the new potential entrants to Polish TV market through acquisition of this licence.
Our view: This was the most probable scenario, which could have a slightly negative trading impact on Agora, which was publicly expressing interest in TV assets. In our opinion, it is slightly positive for TVN as it keeps the current competitive status of the market. This could change after prospective sale of Polsat to Axel Springer. It is a question mark if TV4, which is a channel affiliated to Polsat, would be a part of the transaction.