Sharewatch: Growth Forecasts Fail To Lift BSkyB

BSkyB was seen in focus yesterday, falling 2.05%, despite forecasts from the Lehman Brothers that it will announce a further 128,000 customers to its digital satellite service when its releases its full-year financial results next month (see Forecasts Suggest BSkyB Results Will Beat Consensus).

Emap was also in the spotlight, with shares falling by 1.81% to close at £8.66. The group’s chairman, Adam Broadbent, recently announced that Emap is on track to meet end of year targets, with healthy revenues flowing into the company (see Emap In Line To Meet Full-Year Expectations).

Meanwhile, Active Value has refused to accept defeat in its attempt to scupper WPP‘s bid for Cordiant despite the decision of two prominent executives to withdraw their candidacy for places on the board (see Active Value Running Out Of Options In Cordiant Saga). The Takeover Panel has also publicly rebuked Najed Ojjeh, the chess-loving investor, who has built a 10.95% stake in Cordiant, for breaches of the City Code. WPP saw stock slip by 2.29% to finish at £5.12.

Thursday was a day of mixed fortunes for the media sector despite news that the Government’s long awaited Communications Bill has finally become law, signalling what could be the biggest shake-up of the industry for decades (see Parliament Finally Green Lights Communications Act).

Wider sentiment was dented yesterday as downbeat outlook statements from European technology stocks weighed on the market. The FTSE 1oo closed 0.5% lower at 4,056.6.

The closing prices of media company shares on Thursday were: