Sharewatch: SMG Falls Over Legal Wrangle
SMG, the media group which owns Virgin Radio, was seen under pressure on concerns over a wrongful dismissal lawsuit launched by former DJ and media mogul, Chris Evans. The stock was seen down 7.50%.
Elsewhere, Granada was seen in focus on news from the Financial Times that executive chairman, Charles Allen, who is facing shareholder protests over the length of his contract, could be entitled to a two-year pay off even if he chooses to part ways with the ITV broadcaster. The stock was seen down 3.46%.
The industry also digested news of possible further creative accounting across the atlantic, on reports that Interpublic, the world’s second largest advertising agency group, is facing an investigation into its tax returns by US financial watchdogs.
Trading took a subdued mood on Thursday as traders nervously watched the unfolding conflict in Iraq and Wall Street opened with a two minute silence, not seen since the anniversary of the September 11th terrorist attacks.
The closing prices of media company shares on Thursday were:
