TVN24, the news channel, launched its new news website yesterday, in an attempt to leverage the existing video news content in internet. The management expects ‘TVN24.pl’ to break-even in two years.
Our view: We view the news as slightly positive. TVN expands its internet presence and still offers the best exposure to the fast growing internet advertising market (via Onet) among CEE media stocks. We reiterate our Hold rating for the stock.