Newspaper group shares have continued to drop sharply this morning, as the price war continued. The Times has today dropped a further 10 pence off its cover price to 20 pence. The Saturday Times will remain at 30p.
The Independent claims that yesterday’s price cut to 20p added about 68,000 copies, taking sales to 331,000.
Telegraph shares fell a further 40 pence this morning to 309p; Mirror Group’s shares fell 9p to 125p, United Newspapers lost 35p to 475p and News International fell just 1p to 234p. The London Stock Exchange has launched an investigation into the circumstances surrounding the Telegraph’s price cut and subsequent share price crash, following the recent share sale by owner Conrad Black. It is also investigating share sales by two Telegraph employees on Wednesday.
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