The fate of Cordiant Communications has been all but sealed this afternoon, as shareholders voted overwhelmingly in favour of the proposed takeover of the group by WPP. At an extraordinary general meeting today, shareholders representing 99.2% of the company’s stock voted to proceed with WPP’s £266 million takeover bid (see WPP Closes In On Cordiant,… Continue reading WPP Triumphs In Cordiant Battle

After approving the takeover by WPP earlier today (see WPP Triumphs In Cordiant Battle), Cordiant Communications’ shareholders have also voted in favour of removing the company’s chief executive, finance director and chairman from its board of directors, according to a report from Reuters. Cordiant’s largest shareholder, Active Value, had called for the directors to be… Continue reading Directors Go In Cordiant Shareholder Vote

The Guardian Media Group (GMG), publisher of the Guardian and Observer newspapers, has posted strong financial results for the twelve months to March 2003, despite the difficult trading conditions that have typified the period. The group said that advertising revenues were up by 4.1% to £254.9 million, whilst circulation revenues rose by 6.2% to £81.7… Continue reading Guardian Media Group Posts Good Figures In Weak Markets

Sunrise Radio’s bid to acquire Mean Country 1035 AM has been given preliminary approval by the Radio Authority, following the passing of the Government’s Communications Act last week (see Parliament Finally Green Lights Communications Act). Sunrise, which operates radio stations for Asian listeners in London and across the UK, is planning to takeover Mean Radio… Continue reading Watchdog Shines On Sunrise Radio’s Mean Country Bid

Trinity Mirror is to close the Daily Mirror’s two Saturday magazines M and Look, as part of a wider cost cutting strategy being launched by the publisher. The company told staff yesterday that the flagship weekly magazine, M, and the listings title, Look, are to close with the loss of almost 30 jobs. The move… Continue reading Trinity Mirror Closes Saturday Magazines To Cut Costs

The US hi-tech publishing sector saw its advertising page volumes decline by 15.4% year on year during June, according to the latest figures from United Business Media (UBM). The group’s own CMP Media business saw volumes drop by just 4.7% during the month. In the calendar year to June, the technology publishing market saw volumes… Continue reading UBM Reports Continued Hi-Tech Ad Decline In June

Following a less than impressive second quarter, analysts have revised their outlook for US radio advertising and growth in this sector is predicted to be less than originally envisaged. Radio revenues were flat during May (see US Radio Revenue Flat In May, Q3 Growth Predicted) and Merrill Lynch is sticking to its Q2 growth forecast… Continue reading US Radio Update From Merrill Lynch

Growth in the number of European mobile subscribers is set to slump over the next couple of years, forcing operators to take a new look at their markets, according to an assessment by Forrester Research. Forrester’s analysts predict that new customer growth will drop from 2000’s 60% rise to a mere 3% in 2005. In… Continue reading European Mobile Subscriber Growth To Slump, Says Forrester

Culture secretary, Tessa Jowell, has admitted that Lord Puttnam’s last minute plurality test amendment to the Communications Bill was an improvement to the recently passed legislation (see Parliament Finally Green Lights Communications Act). The Government was forced to accept the eleventh hour proposal after a group of rebel peers threatened to vote down the Bill… Continue reading Jowell Admits Plurality Test Improved Communications Act

Global information group, Reuters, has this morning unveiled a first half pre-tax profit of £87 million, following a loss of £10 million for the same period in 2002. This figure is substantially ahead of a £57 million forecast from Merrill Lynch. However, despite the strong pre-tax profit figure, Reuters’ overall revenues were down by 12%… Continue reading Reuters Moves Into Profit As Savings Plan Pays Dividends