Sharewatch: Reed Falls On Executive Pay Concerns
Reed was seen in focus yesterday, down 2.75% as shareholders threatened action over the levels of executive pay, which many believe to be excessive.
Elsewhere, the media sector digested news from across the Atlantic where Rupert Murdoch’s News Corporation agreed a £4.1 billion deal to take control of US pay per view TV platform group, Hughes Electronics, which owns DirectTV.
Wednesday witnessed another choppy day of trading in the media sector, as traders watched scenes of US marines and Iraqi civilians pull down a statue of Saddam Hussein in the Iraqi capital. The scenes overshadowed Gordon Brown’s budget presentation, in which the Chancellor blamed sluggish growth on the continent for dragging down Britain (see Budget 2003 Coverage – The Chancellor’s Speech As It Unfolds).
The closing prices of media company shares on Wednesday were:
