Sharewatch: BSkyB Falls Ahead Of Premiership Renegotiations
BSkyB was seen under pressure yesterday, down 2.24%, as analysts expect to see further volatile movements in the group’s share price ahead of the forthcoming renegotiations of the Premiership football contract.
Meanwhile, beleaguered advertising group, Cordiant, remained in the spotlight following reports that a leading investor is to call a shareholders’ meeting in order to replace the group’s management board to clear the way for a capital restructure to preserve its independence.
However, it has been claimed that the group’s senior management has already secretly negotiated deals to secure extensive bonuses regardless of the financial outlook at the group. The deals have faced anger from shareholders and once again put issues of corporate greed in the spotlight.
Illicit corporate behaviour also remained in focus and threatens to create more havoc with market sentiment, following the creative accounting scandals at Enron and round trip trading deals which devastated the market last year. It emerged yesterday that IBM is facing an investigation over its accounting practices by the US Securities and Exchange Commission.
The closing prices of media company shares on Wednesday were:
