Sharewatch: BSkyB Outperforms Buoyant Media Market

BSkyB was the best performer in last week’s media market with shares rising by 4.69% after revealing plans to launch a free-to-air satellite package of more than 200 television and radio channels to compete with the BBC-backed Freeview service.

The City has responded positively to the broadcaster’s announcement and reports suggest that the BBC is in discussions with BSkyB about forming a consortium to get in on the act (see BSkyB To Launch Free-To-Air Satellite Package).

WPP was also in the spotlight last week with stock climbing by 1.18% after chief executive Sir Martin Sorrell revealed that revenues for March and April of this year have been stronger than anticipated (see WPP To Beat Forecasts As Recovery Gathers Pace).

Meanwhile, Cable & Wireless proved less fortunate with shares dipping by 2.16% in week on week analysis. The company announced on Friday that Eric Tveter had been appointed as president and chief operating officer just weeks before the expected completion of the company’s £3.9 million debt for equity swap (see Telewest Names New Chief Ahead Of Financial Restructuring).

Daily Mail & General Trust looks set to be in focus this week as it waits to hear whether its bid to take control of the Telegraph titles has proved successful. The company saw shares fall by 2.68% last week to close at 689p.

The closing prices of media company shares on Friday were: