Sharewatch: ITV Partners Rise Despite Merger Delay
ITV partners Carlton and Granada remained in focus yesterday, up 3.25% and 1.47% respectively as analysts considered the Competition Commission’s decision to extend its investigation into their proposed merger by two months (see Competition Commission Delays Verdict On ITV Merger).
Meanwhile, Cordiant was in the spotlight on news that WPP is now in exclusive and advanced negotiations to purchase troubled advertising group (see WPP In Exclusive Negotiations To Buy Cordiant). WPP was seen up 2.58%, although some analysts remain sceptical claiming Sorrell may pay too much for the group.
Elsewhere, GWR was seen in focus, down 2.77% after announcing that its chief executive, Patrick Taylor, is to step down as part of a major overhaul of the radio group’s board (see GWR Loses Chief Executive In Board Reshuffle).
Broader market sentiment was bullish as investors remain optimistic that the economy may finally be turning a corner. However, many analysts remain convinced that current market valuations of prime media assets are a work of fiction.
The closing prices of media company shares on Tuesday were:
