Telecoms companies were among the poorer performers in media shares yesterday. Telewest ended down 4p at £1.79½, while Cable and Wireless dropped 64p to £12.25.
Granada Media announced the expansion of its interest in football clubs with the acquisition of a stake in Arsenal FC (see Granada Takes Stake In Arsenal). The move did not provoke great support from the market, however, as shares in the media group ended the day down 20p at £6.25.
On a more positive note, SMG rose 10½p to end the day’s trading at £3.24, while Cordiant rose 9p to £3.63½.
The closing prices of media company shares yesterday were:
