Sharewatch: ITV Partners Lifted As Merger Rubber-Stamped

ITV partners, Carlton and Granada, were among the best performers in last week’s media market following news that their multibillion pound merger would go ahead unchallenged after shareholders gave the deal their unanimous support. The former was seen up 13.35% and the later climbed 10.44% (see ITV Merger Receives Final Green Light From Shareholders).

However, Reuters led the charge with shares rising by an impressive 24.03% in week on week analysis. The group recently announced that revenue declines have slowed and management is satisfied that the period of contraction is over (see Reuters Sees Light At The End Of The Tunnel).

WPP was also seen in the spotlight rising 9.73% following renewed talk of an economic recovery on both sides of the Atlantic. Both ZenithOptimedia and Universal McCann have recently upgraded their global advertising forecasts for 2004.

At the other end of the scale Maiden saw shares dip by 3.11% to close at 265p in what was the worst performance in last week’s media market. However, the company recently retained the lucrative three-year rail advertising contract for South East Trains (see Maiden Secures South East Trains Sales Contract).

The closing prices of media company shares on Friday were: