According to today’s ‘Gazeta Wyborcza’ Mr. Solorz plans listing of the Polsat Cyfrowy, TV digital platform with an IPO of minority stake of 25-30% valued at PLN 2.0 bn taking place in 2H07. Mr. Solorz sticks to the plan of listing Polsat TV station shares next year.
Our view: We might see some negative trading impact on TVN, on the back of the outlook for increasing supply of media companies shares in 2007 and 2008, as we believe that not only Polsat, but TVN’s ‘n’ TV digital platform would also enter capital markets. We reiterate our Sell rating for the stock.