Sharewatch: ITV Partners Rocked By Broker Comments

ITV partners, Carlton and Granada, were both seen under pressure yesterday after Morgan Stanley cut its price target for the duo. It is understood the broker estimated that BBC channels were taking 43% of viewers in homes connected to the Freeview service, substantially weakening ITV1’s likely growth revenues.

The market’s unease with the broadcasters was further illustrated on news that Schroders had off-loaded 7 million Carlton shares. Granada and Carlton stocks were seen down 4.83% and 3.67% respectively.

Cordiant continued to cast a shadow of gloom over the media sector, following reports that it is in talks with bankers about renegotiating loan agreements and is ready to write £155m off the value of companies bought at the height of the dotcom boom. The stock was seen stable at 27.5p (see Cordiant Revenues Dip 11% In 2002, Disposals Underway).

Elsewhere, WPP was seen up 1.42% ahead of its results next Monday.

The closing prices of media company shares on Thursday were: