Sharewatch: Capital And GWR Strong After Merger Approval
Commerical radio groups Capital Radio and GWR saw their share prices rise by 5.70% and 4.96% respecitively on Wednesday, Capital closed at 431źp and GWR at 254p. This comes ahead after the proposed merger of the two companies was cleared yesterday by competition bodies, allowing the creation of the UK’s largest radio group (see Capital GWR Merger Escapes Competition Inquiry).
Magazine publisher Highbury House also saw a strong increase in share price on yesterdays market, gaining 7.69% to close at 7p. Yesterday the company won a High Court judgement clearing them of any wrongdoing against rival publisher IPC’s claims that its Home magazine was too similar to its Ideal Home title and infringed copyright laws (see Highbury Wins IPC Media Copyright Case).
Elsewhere, newspaper heavyweight Trinity Mirror saw a tumble in share price, losing 1.85% to close at 635˝p. The loss comes after the recent rumoured takeover bid for Trinity Mirror by private equity group CVC Capital Partners was thwarted by investers because of Trinity’s overall strong share price.
The FTSE 100 gained 44.4 points to close at 4,777.4 yesterday, while the FTSE 250 also rose, increasing by 32.6 points to close at 6,843.5.
The closing prices of media company shares on Wednesday were:
