Sharewatch: Trinity Rises After Management Shake-Up

Trinity was seen in focus yesterday, up 2.87%, after axing its marketing director of national newspapers, Alisdair Luxmoore, just days after reporting a significant drop in circulation at its flagship title the Daily Mirror (see Trinity Mirror Axes Senior Marketing Director).

However, Telewest was the sector’s big story, as allegations of corporate greed took centre stage once more on news that ex-chief executive, Adam Singer, who led the group to bankruptcy, picked up £1.79 million when he was ousted. The stock was seen down 11.11%.

The media sector also considered news from across the Atlantic, where US media giant AOL Time Warner recorded a net profit of £250 million for the first quarter of 2003. However, analysts greeted the news cautiously as the company is currently under investigation for alleged accounting malpractice.

The overvaluation of the media sector also remained in focus as Wall Street banker, Frank Quattrone, formerly of CSFB, was arrested for obstruction of justice relating to his activities during the dotcom boom.

The closing prices of media company shares on Wednesday were: