Media shares suffered significantly in week on week analysis after Tuesday’s devastating attacks on US wiped billions of pounds off the UK stock market and brought the FTSE 100 to its lowest point for over a decade.
SMG , which became the latest broadcaster to be affected by the advertising downturn announcing a 33.7% loss in pre-tax profits (see SMG Profits Stung By Ad Slowdown), saw shares fall 12.11% last week to finish at £1.41˝, a loss of 19˝p on the previous week.
ITV partners, Carlton and Granada continued to be hit by the gloom hanging over the market. Carlton, which could face relegation from the FTSE 100 if changes to the index take place, saw shares fall 15.6% to close at £2.15, 39žp worse off than the week before, while Granada saw stock slip 22.22% to finish at £1.01˝, a loss of 29p on the previous week.
BSkyB, which was rumoured to be in talks with Channel 5 over acquiring a possible stake in the company (see BSkyB To Buy Into Channel 5?) also suffered, with stock dropping 9.21% to close at £6.31, down 64p on the week before.
The closing prices of media company shares on Friday were:
