Sharewatch: ITV Dips Following Post-Merger Results

The newly merged ITV company dipped by 1.10% yesterday to settle at 134žp following publication of its first financial results since the multi-billion pound merger was completed last month. The company announced a fall in advertising revenue for 2003, but revealed signs of improvement during the first quarter of this year (see ITV On Target To Save £100 Million From Merger).

Meanwhile, Pearson saw a good day of trading, making the highest climb of all the media stocks, inching up 0.98% to 619˝p. Earlier this week the Financial Times owner posted losses of £32 million for 2003 despite a raft of cost-cutting measures (see Losses Widen At FT And The Outlook Remains Uncertain).

Cable & Wireless saw the day’s biggest slip amongst media stocks, sliding 2.48% to close at 137žp.

The FTSE 100 finished 0.3% lower yesterday, resting at 4,525 ahead of today’s interest rate announcement by the Bank of England. The more cyclical FTSE 250 followed suit, closing down 0.6% at 6,317.9

The closing prices of media company shares on Wednesday were: