Sharewatch: Hollinger Fiasco Weighs On Sentiment
The media sector was dominated by speculation of acquisition activity in the newspaper market following a wave of management departures at Hollinger International.
Hollinger, which publishes the Daily and Sunday Telegraph, announced the departures yesterday in the wake of a investigation by US regulators over its recent admission that it filed false statements to the Securities & Exchange Commission about executive pay (see Black To Step Down As Chief Executive Of Hollinger).
Muted bidders for the titles were seen in the spotlight and the Daily Mail group fell 0.13% (see Hollinger Appoints Colson As Chief Operating Officer).
Broader market sentiment was weakened by claims that al-Qaeda was behind this weekend’s bombing in Turkey, ensuring that the threat of terrorist attack cast its shadow over the market once again.
The closing prices of media company shares on Monday were:
