Sharewatch: ITV Partners Dip On Merger Referral
Carlton and Granada were the media sector’s big story on Tuesday, after their proposed merger was referred to the Competition Commission as expected. Nonetheless the stocks fell heavily on the decision, down 6.02% and 3.92% respectively.
Elsewhere, BSkyB was also seen under pressure, down 2.76% after Morgan Stanley reduced its price target for the group, citing the impact of Freeview, the new digital television service.
WPP also suffered after Ford announced it is investigating whether Sir Nick Scheele, its chief operating officer, infringed company purchasing policies by ordering all of Ford’s marketing and advertising to be directed to the agency, which is run by his friend Sir Martin Sorrell. The stock was seen down 3.29%.
The closing prices of media company shares on Tuesday were:
