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Culture Secretary Tessa Jowell has strongly defended the proposed liberalisation of the UK media regulations, which will allow the foreign ownership of UK media assets. Speaking at yesterday’s Westminster Media Forum, Jowell pledged her commitment to proposals put forward in the Communications Bill, saying: “Our policy is simple, we will remove ownership rules where possible… Continue reading Jowell Moves To Defend Foreign Ownership Deregulation

Losses at UK cable operator, Telewest Communications, rose by 13% to £187 million in the first quarter of the year, whilst turnover was flat year on year at £335 million. Despite the increase in losses, the group did managed to become cash-flow positive in the quarter and also achieved record earnings of £105 million, up… Continue reading Telewest Losses Rise 13% In Q1

US business to consumer commerce spending will top $90 billion this year, due to some extent to the surging popularity of broadband, according to a new study from eMarketer. In its new report, North America E-Commerce: B2C & B2B, the research firm claims that spending on B2C products and services will increase by more than… Continue reading B2C Ecommerce Growth Maintained

International media group Clear Channel Communications yesterday reported a fall in profits for the first quarter despite a small increase in revenues Net earnings in the three months to March 31 2003 totalled $71 million, down from $90.3 million in the same period last year. Revenues crept up from $1.70 billion to $1.78 billion. Clear… Continue reading Clear Channel Issues First Quarter Results

Shares in troubled advertising and public relations group, Cordiant Communications, shot up by 53% this morning as the company announced that it has secured an emergency financing package which will provide funds until 15 July 2003. Earlier in the week Cordiant was hit by news of the impending loss of one its major clients, drinks… Continue reading Cordiant Shares Bounce Back As Short-Term Funding Is Agreed

The Competition Commission has sent letters to Carlton and Granada indicating that they may have to sell their advertising sales houses if their proposed £2.6 billion merger is to go ahead. The letters, which are part of the Commission’s enquiry into the creation of a single ITV, contain a number of “hypothetical” remedies that could… Continue reading Carlton And Granada May Have To Sell Sales Houses

First quarter revenues at global outdoor advertising group JCDecaux declined by 1.6% to €352.9 million, driven down by currency movements, according to the company. After adjusting for foreign exchange, organic revenues increased by 2.6%, it said. The company’s strongest sector was billboards, which saw a 3.8% rise in revenue to €96.7 million. Markets in the… Continue reading JCDecaux Sees Challenging Ad Conditions As Q1 Revenues Dip 1.6%

The Competition Commission today outlined a number of potentially key sticking points in the proposed merger of Carlton Communications and Granada into a single ITV company (see Carlton And Granada May Have To Sell Sales Houses). In letters to the two companies, the regulator laid down a number of hypothetical remedies which may open the… Continue reading ITV Merger ‘May Not Go Ahead’ Finds Morgan Stanley

Omnicom Group, which owns the BBDO and TBWA advertising agencies, withstood uncertain advertising conditions to post a 12% increase in revenues for the first quarter of 2003. Net income remained flat at $128.6 million after severance costs related to layoffs in Omnicom’s European divisions were taken into account. However, this represented something of an achievement… Continue reading Omnicom Weathers The Storm In Q1

Vivendi Universal, the indebted media giant, has confirmed that it is to sell its US entertainment assets in a bid to achieve financial stability. The French-based corporation posted losses of €23.3 billion in 2002 (see Vivendi Left Reeling By Staggering Losses), paying the penalty for the costly acquisition policy pursued by former chief executive, Jean… Continue reading Party Is Over For Vivendi