United News & Media fell 14˝p to 831p as Goldman Sachs reduced its earnings estimates and the Barclay Brothers pulled out of the bidding for the Express Newspaper group (see Bid Rumours Continue To Circulate For Express Group Takeover).
United’s former rivals Carlton Communications and Granada Media also suffered losses as ITV advertising growth expectations came under further pressure. ABN Amro adjusted their earnings forecast for the two, anticipating slow revenues during December and higher ONdigital losses during 2001. Carlton shed 36p to 534p and Granada Media fell 28p to 368p.
Remaining ITV company SMG was a high gainer, however, rising 21p to 291p after news of its TV advertising deal with Carlton pushed shares (see Carlton Sales Takes Over Scottish And Grampian Contracts).
The closing prices of media company shares yesterday were:
