Sharewatch: BSkyB In Focus As Interim Net Profits Rise

BSkyB was seen in focus last week with shares dipping 2.58% to close at 745p. However, investors welcomed a significant rise in interim net profits and plans to resume dividend payments for the first time in five years (see BSkyB’s Good Run Continues With First Half Results).

ITV was also in the spotlight with shares climbing 2.75% after former chief executive of Vodafone, Sir Christopher Gent, declared his interest in becoming the next chairman of the newly merged broadcaster (see Gent Declares Interest In Becoming ITV Chairman).

Gent, who spent almost twenty years turning Vodafone into a global giant, said: “It’s something where I would have been able to make a contribution. I have some experience of making mergers work, which did not necessarily start from a promising position.”

Meanwhile, Daily Mail & General Trust was lifted 0.58% higher following confirmation that it has teamed up with private equity firm Cinven, to bid in excess of £550 million for the Telegraph titles as Hollinger International seeks to break itself up.

However, investors fear Lord Rothermere’s newspaper group could become involved in a costly bidding war with Richard Desmond’s Express Newspapers, which has also tabled an indicative bid for the titles (see Desmond Mounts Two Pronged Attack On Telegraph Titles).

The closing prices of media company shares on Friday were: