Sharewatch: Daily Mail Rises As Telegraph Bid Sidelined
Daily Mail & General Trust was seen in focus last week, announcing the withdrawal of its bid for Hollinger International’s Telegraph newspaper titles. The media group admitted that the price for the titles had risen too high for it and bidding partner, CVC Capital Partners (see Daily Mail Pulls Out Of Race For Telegraph Titles).
A decision on the winning bidder for the titles is due this week, with the Barclay brothers expected to clinch the deal. DMGT’s withdrawal from the race was welcomed by shareholders with stock rising by 2.83% week on week to close at 708˝p on Friday.
Elsewhere, BSkyB saw a rise of 0.56% in week on week analysis to finish at 629p.The company’s plans to launch a free-to-air satellite service will have been boosted by news that the BBC’s rival operation has hit a brick wall due to licensing difficulties with Channel 4 and ITV (see BBC’s Free-To-Air Satellite Proposal Hits Brick Wall).
Magazine giant Future Publishing suffered a dip in week on week comparison, falling by 237% to 61žp. Last week saw the company appointed two new directors oversee its Digital and Games divisions, two of its most profitable areas.
The closing prices of media company shares on Friday were:
