In February 2007 TVN channels (TVN, TVN 24, TVN Siedem, etc.) improved further their prime time, all-viewers audience share to 24.1%, up 1.5p.p. y/y and 0.8 p.p. m/m, coming ahead of Polsat, at 18.14%, up 1.3 p.p. y/y and 1.3 p.p. m/m, according to AGB Nilesen. TVN did much better than public television channels: TVP1, at 23.2% down 3.4p.p. y/y, and TVP2, at 18.6% up 0.1p.p. y/y. The strong TVN audience share came on the back of the station continuing with its successful Autumn/Winter programming schedule, while rival stations have been launching new programming formats.
Our view: We might see some positive trading impact on the back of the news. The February data indicate the improving programming at rival stations failed to steal audience from TVN, moreover, the positive trend in TVN audience share continues. We reiterate our Hold rating for the stock.