Sharewatch: BSkyB Falls On New Chief Executive Concerns

BSkyB remained in focus yesterday, down 0.55% as investors voiced concerns over plans to replace the satellite broadcaster’s outgoing chief executive, Tony Ball, with Rupert Murdoch’s 30 year-old son, James (see BSkyB Confirms Ball To Step Down As Chief Executive).

However, reports suggest Murdoch’s planned succession may not go smoothly. Investors representing Britain’s largest company pension funds are understood to have demanded a meeting with BSkyB to voice their concerns over the plans.

Broader market sentiment remained weak yesterday following an unexpected decision from Opec to cut output. The media sector was also hot by comments from Morgan Stanley, which saw limited opportunities for earnings upgrades in the sector.

The closing prices of media company shares on Wednesday were: