Sharewatch: BSkyB Falls As Football Rights Battle Begins

BSkyB was in focus yesterday, falling 1.27% to close at £6.97, following reports it may lose its monopoly on live top-level English football after a decision by the Premier League to split its main media rights package to reflect the competition concerns of the European Commission.

Cordiant Communications also remained in the spotlight, slipping 36.84% after WPP won the battle to take control over the beleaguered advertising group, with a recommended offer valuing the company’s debt and equity at £266 million (see WPP Seals £266m Cordiant Takeover). WPP fell by 4.79% to finish at £4.67˝.

Broader market sentiment was dented yesterday following a strong day of trading on Wednesday. The FTSE 100 closed 1.8% weaker. Financial stocks, whose fortunes are tied to the performance of the underlying market, were particularly affected.

The closing prices of media company shares on Thursday were: