Sharewatch: ITV Falls Despite Optimistic Results
ITV fell by 1.99% in week on week analysis to close at 135žp following the publication of the company’s first post-merger results. The company saw a downturn in advertising revenue for 2003, but signs of improvement in the first quarter of 2004 (see ITV On Target To Save £100 Million From Merger).
Meanwhile, Financial Times owner Pearson fell by 1.21% week on week after announcing a loss of £32 million during 2003 despite a wide ranging cost-cutting programme across the flagship business daily newspaper (see Losses Widen At FT And The Outlook Remains Uncertain).
Elsewhere, Kelvin MacKenzie’s Wireless Group made its second consecutive week on week rise, climbing 4.09% to close at 114˝p. Last week the radio group secured car manufacturer Seat UK as the six-figure sponsor of talkSPORT’s new Sports Performance of the Month awards (see TalkSPORT In Pole Position With New Sponsor).
UBC Media made the biggest week on week rise, climbing 11.11% to rest at 40p. The company today announced two significant deals to provide software to digital radio broadcasters in Canada and South Korea.
The closing prices of media company shares on Friday were:
