The announcement from SMG that it has increased its stake in Scottish Radio Holdings to 20.8% came too late in the day to affect share prices, although SMG managed to increase by 3½p to £2.71. The rocky ride experienced of late at Scottish Radio continued yesterday, as shares dropped 22½p to end at £15.87½.
In general, media shares looked to be recovering yesterday after the slide in TMT confidence experienced at the end of last week (see Sharewatch). Emap rallied with a rise of 39p to end at £8.15, WPP gained 34p to £8.60, Granada Media 18p to £4.52 and Carlton Communications jumped 35p to £5.80.
The closing prices of media company shares yesterday were:
