TVN internet arm Onet has acquired the third most popular Polish blog site ‘blog.pl’, (81k bloggers, 1.3 m person strong blogging community), for unspecified amount. Onet, which already owns the number one blogging site in Poland ‘onet.pl/blog’ (2.8m users), said it would operate the two sites separately. The second most popular blogging site in Poland belongs to Agora (blox.pl, gazeta.pl, 1.5m users.
Our view: Barring the fact that we do not know the price paid, we view positively the news on TVN group increasing its exposure to the fast growing internet segment. Nevertheless, we reiterate our Hold rating for the stock, considering a substantial premium in its valuation versus peers.