Sharewatch: Stocks Slide As ITV Merger Looms

ITV partners Carlton and Granada were seen in focus yesterday as their multi-billion pound merger drew nearer to completion. However, reports suggest that sales teams at the two broadcasters are preparing themselves for major job losses that could see around 300 staff made redundant. Carlton was seen down 0.92% and Granada slipped by 1.66%.

GWR was also in the spotlight after denying speculation that it is holding £840 million merger talks with Capital about a potential £840 million merger of the two companies to be completed later this year. Shares rose by 0.85% to close at 295p (see GWR Denies £840 Million Merger Talks With Capital).

Daily Mail & General Trust continued to benefit from speculation that it is preparing is a substantial £500 million-plus bid for the Daily Telegraph and its Sunday sibling in an attempt to derail the deal clinched by the reclusive Barclay Brothers (see Rival Bidders Prepare To Move On Telegraph Titles). The stock was seen up by 0.36%.

A broad-based rally sent the FTSE 100 up by 0.5% yesterday to 4,468.1 with the publication of the Hutton report further reducing uncertainty. However, the mid-cap FTSE 250 lost 0.3% to close at 6,029.9.

The closing prices of media company shares on Wednesday were: