Week on week analysis revealed another gloomy week for media companies as the outlook continued to worsen for the UK stock market in the wake of the US economic downturn.
ITV companies Carlton and Granada continued to feel the pinch as analysts downgraded their forecasts yet again. Shares in Carlton were down 27.44% week on week to finish at £1.56, a loss of 59p on the previous week, while Granada fared better, managing a modest rise of 0.49p to close at £1.02, an increase of ˝p on the previous week.
United Business Media saw shares fall 17.36%, week on week, to finish at £4, 84p worse off than the week before.
SMG, which announced a 33.7% drop in pre-tax profits in its interim results (see SMG Profits Stung By Ad Slowdown), saw shares fall 24.38% to close at £1.07, a loss of 34˝p on the week before.
The closing prices of media company shares on Friday were:
