Sharewatch: Independent Down Ahead Of Marketing Plans

Independent News & Media saw its share price falter yesterday, losing 0.17% to close at 150p ahead of news that its is considering a 30% sell-off to raise funds for a major marketing push for the flagship broadsheet title, the Independent. The move is believed to be the brainchild of INM chief executive, Ivan Fallon, who has been pushing the scheme as a way to overtake rival newspaper the Guardian and pave the way for further expansion of The Independent.

Elsewhere, radio giant Emap saw a 0.44% downturn in its share price, closing at 787p. Yesterday the broadcaster announced an extension of its fledgling Kerrang! 105.2 with a new online radio service based on its existing Legends show. The West Midlands-based rock music station, launched in June, is rolling-out Kerrang! Radio Legends this week as an online spin-off dedicated to playing round-the-clock classic tracks from the last few decades (see Kerrang! Rolls-Out New Online Radio Service).

ITV remained steady yesterday, sticking at 109p ahead of rumours today that former BBC director general Greg Dyke is preparing a move to the company in a senior position. Dyke has joined Apax partners, the private equity group that specialises in media deals, sparking rumours that he may move to ITV as its new chief executive (see Dyke Joins Apax Amid Rumours Of Potential ITV Bid).

The FTSE 100 performed poorly yesterday amid hectic trading in telephone and communications stocks. The market closed down 0.3% at 4,685.5 while the FTSE 250 lost 0.1% to close at 6,372.

The closing prices of media company shares on Monday were: