Gross expenditures (without discounts and bonuses) increased in November by CZK 167m to CZK 2.74bn (7% y/y), according to the TNS agency’s report. TV channels broadcasted more than 44 hours more in the comparison with the same month of the last year. The share of CME’s TV Nova increased and reached the highest number in 2006 of 56.7% while the second biggest private channel TV Prima declined by 2.6% to 33.6%.
Our view:
Share of TV Nova increased for the fourth month in row and almost reached same level as last year and strengthened dominance ahead of its biggest rival TV Prima. The gap widened to more than 23pp. Note that the in April the difference was only 1.9pp. This just confirm our opinion we were presenting in past couple month that TV Nova is well placed to benefit the situation on Czech TV ad market, thus we reiterate our Buy recommendation.