Sharewatch: Carlton Slips On War Fears
Carlton was seen under pressure yesterday, slipping 7.78% following continued competition concerns on its proposed merger with Granada (see ITV Merger Set For Competition Commission Referral) and fears of the potential threat of a US-led military attack against Iraq on ad revenues.
Investors have mostly taken a ‘wait and see’ policy with regard to the possible effects of war, but the past week has seen something of a sell-off amongst key media stocks. The continued economic uncertainty and the threat of war with Iraq has caused confidence among senior UK marketers to hit rock bottom, according to research from the Chartered Institute of Marketers (see Threat Of War Knocks UK Marketers’ Confidence).
Meanwhile, WPP was seen under pressure on market rumours that a senior executive is set to resign, the stock was seen down 3.72%.
Elsewhere, investors digested news that Viacom has emerged as a potential bidder for parts of the American entertainment assets of Vivendi Universal.
The closing prices of media company shares on Wednesday were:
