Tuesday was yet another miserable day for the media sector as stocks continued to fall after the announcement of a record UK trade deficit for October and continued bearish sentiment on Wall Street
Cable & Wireless is unlikely to get any cheer this Christmas and continued to slide after it emerged that its Caribbean operation was under threat from tougher competition. It is expected that the FTSE review committee will eject the stock from the main FTSE 100 index at its meeting today, following news that a potential tax liability could indefinitely tie-up about 70% of the company’s net cash. The stock was seen down 14.14%.
Trinity Mirror was the centre of attention following news that IPC chief executive, Sly Bailey is to replace Philip Graf as chief executive of the group when he steps down early next year (see Bailey Leaves IPC To Replace Graf At Trinity Mirror). The stock was seen up 0.25%.
SMG was also seen in focus upon news that US publishing giant Gannett has requested regulatory permission to purchase the groups’ Herald and Sunday Herald titles (see Gannett Bid For SMG Titles Referred To Competition Authorities). The stock was seen down 4.02%.
The closing prices of media company shares on Tuesday were:
