Sharewatch: Media Stocks Drop As Market Falters

Media stocks suffered a poor day’s trading across the board yesterday, with most companies dropping in share price. United Business Media saw a 0.56% rise, to close at 491žp. David Levin, chief executive of Symbian has recently been named as the new chief executive officer of publishing and media group United Business Media PLC. He will succeed Lord Clive Hollick in April of next year after Lord Hollick’s decision to step down from the group after 30 years.

Commercial television giants ITV saw a tumble in share price on yesterday’s market, dropping 0.71% to close at 104.25p. Culture secretary Tessa Jowell announced before Christmas that the Government looks likely to approve Ofcom’s proposals to ease ITVs public service obligations (see Government Set To Approve ITV’s PSB Reduction).

Elsewhere, news and information providers Reuters also saw a large decline in share price, losing 2.08% to close at 364źp yesterday. This comes after speculation that the group will issue a disappointing trading statement later in the week.

The FTSE 100 dropped by 41% to close at 4,806.0 while the FTSE 250 fell further, crashing 67.9% to 6,915.5.

The closing prices of media company shares on Wednesday were: