Sharewatch: ITV Rises Amid Board Reshuffle Rumours

The UK’s largest commercial broadcaster, ITV, saw shares climb by 1.44% yesterday to close at 105˝p after one of its most senior non-executive directors, as Etienne de Villiers stepped down from his position after less than a year. The move sparked rumours of further management reshuffles at the company ahead of interim results later this week (see Senior ITV Director Etienne de Villiers Steps Down).

ITV is also expected to increase its annual cost savings target from £100 million to £120 million when it publishes its results on Thursday as chief executive Charles Allen struggles to return the promised reduction in outgoings made at the merger of Carlton and Granada.

Radio giant Emap also increased its share price, adding 1.48% to close at 756˝ yesterday as the company announced the appointment of Beverley Entwistle as its new head of inventory. Entwistle is charged with ensuring advertising campaigns across Emap’s portfolio of radio stations are delivered in the most efficient way for advertisers (see Emap Advertising To Improve Efficiency With Inventory Boss).

Meanwhile, magazine publisher Highbury House Communications remained unchanged at 12˝p as the company announced the return of Mike Frey to the UK to succeed Mark Simpson as managing director of Highbury Entertainment following a three-year stint heading the company’s Australian division (see Highbury Entertainment Welcomes New Managing Director).

The FTSE 100 remained at its best level since early May, climbing by 0.3% to 4,563.8, while the FTSE 250 added 0.7% to rise to 6,891.2 amid a quiet day due to US markets being closed for the Labour Day holiday.

The closing prices of media company shares on Monday were: