At the close of business on the Nasdaq stock exchange, News Corporation shares closed at $US 24.495, its highest for five years.
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WPP has reported a 7% increase in pre-tax profits to £385 million in the first half and a 3.6% increase in like-for-like revenue to £4.97 billion.
News Corporation made a loss of $1.6 billion (£1.2 billion) in the last quarter, compared with a net income of $163 million in the same period last year.
BSkyB has released its results for the 12 months to the end of June, with 631,000 additions to reach a total of 28.4 million. The broadcaster added 57,000 new Sky households, including 37,000 standalone home communications customers and 20,000 TV customers.
ITV has announced its interim results for the half year ending 30 June, with external revenues up 10% to £1,130 million (2011: £1,027 million), and growth in all areas of the business.
BT has announced its results for the first quarter to 30 June 2012, with revenue down 6% to £4.48 million.
Investec predicts a tough summer for ITV with negative ad revenue forecasts for July and August.
News Corporation has issued a statement confirming that is is “considering a restructuring to separate its business into two distinct publicly traded companies”.
WPP has acquired the assets of AKQA Holdings, subject to regulatory approval.
Reports suggest that 95.8 Capital Radio owner Global Radio has submitted a £50 million bid for the Guardian Media Group’s radio business, which includes Real Radio and Smooth Radio.