Sharewatch: BSkyB Faces Shareholder Unrest
BSkyB was the media sector’s big story last week following the controversial appointment of James Murdoch as chief executive (see Murdoch’s Son Lands Top Job At BSkyB). However, the move was expected by the market and weakness already priced in and the stock rose 3.83% week on week.
Reports this weekend suggest that BSkyB’s senior non-executive director Lord St John of Fawsley is prepared to step down if shareholders vote against his re-election.
Elsewhere, Telewest was seen in the spotlight after reporting a 25% in the third quarter of 2003 (see Telewest Losses Narrow In Third Quarter). The stock was seen stable at 2p.
Broader market sentiment was mixed as investors considered news that the cost of borrowing is set to rise after the Bank of England increased interest rates by 25 basis points.
The closing prices of media company shares on Friday were:
