The media sector remained under pressure as a US led military attack against Iraq looks more and more likely. Volumes are expected to be thin as the market will close at 12pm today.
On the corporate news-front, SMG was in focus on news that it will not be selling its newspaper business to the Barclay Brothers and has instead agreed a £216 million sale to US media giant Gannett. The stock was seen up 3.24%.
Michael Bungey, the boss of Cordiant Communications, is quitting three months ahead of schedule as the advertising group speeds up restructuring efforts. The stock was stable at 31.5p.
Elsewhere, Granada was in focus on news that Steve Morrison, the former chief executive of the company, is in-line for a payoff of more than £1 million. The stock was seen down 3.70%.
The closing prices of media company shares on Monday were:
