The Ukrainian media council issued the license certificate, extending it by another 10 years. The extension was subject to the payment of a fee of about USD1.2 m and a requirement that CME's Studio 1+1 LLC unit brings its corporate documents into conformity with recent amendments to the Ukrainian broadcasting act.
Our view: The news has been expected, as the decision on the extending the broadcasting license in Ukraine has been announced in November 2006. We do not expect any major price impact today. We reiterate our Buy rating for the stock.