Takeover speculation again caused fluctuations in the TV market last week though for once the action materialised, with Carlton taking over Westcountry and United News and Media increasing is stake in HTV to just short of 30% late on Friday.
Carlton’s price rose 4.5 to 513p last Monday on news of its acquisition while United, whom it beat in the bidding, fell 5 to 677.5p. This caused renewed interest in the other “target” broadcasters: HTV gained 2.5 to 361p; Border was up 4.5 at 307.5p and YTTV was up 2.5p to 1300p. The only real budget effect in the media sector was Granada losing 10p to reach 868p as a result of fears of a rise in TV rental insurance.
Late on Friday United announced that it was raising its stake in HTV to 29.9%. The City was clearly impressed and as a result HTV’s price raced 25p to 376.5p while United’s increased 12 to 677.5p.
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