Sharewatch: ITV Up After Hollick Takeover Rumours
Commercial broadcaster ITV plc enjoyed the strongest performance in last week’s stock market, gaining 7.98% to close last Friday at 115p. This comes ahead of Sir Clive Hollick, outgoing chief executive of United Business Media, being hired by Kohlberg Kravis Roberts.
Industry reports stated that he would consider making a bid for ITV, claiming the purchase of the television network had a “nice ring to it”. Last week also saw ITV being rumoured to have avoided the possible loss of £120 million in advertising revenue, predicted last summer due to a decline in audience share over 2004.
Sir Martin Sorrell’s global advertising company WPP also saw an increase in share price, gaining 1.16% to close at the end of the week at 568p. Last week it was reported that WPP had rebranded its search engine marketing firm AdvancePositions.com, to mSearch, offering clients pay-per-click management and bid management, natural search optimisation and a consultant service
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Elsewhere, Newspaper publishers Daily Mail & General Trust saw a dramatic drop in share price, in a week on week analysis, losing 2.83% to close at 720˝p. Last week London Mayor Ken Livingston announced plans to end the publisher’s exclusive deal for distributing the Metro newspaper on the Underground.
The closing prices of media company shares on Friday were:
