A report from Merrill Lynch, which suggested that Carlton could lose around £32m as a result of the Channel 4 funding formula being scrapped, sent the broadcaster down 13p to 496.5p on Wednesday. This also affected United News & Media, which slipped 2 to 698.5p, and Scottish Media, down a penny at 633p. Granada was unaffected, rising 1.5p to 825.5p.
Telewest dropped 4 to 75p on Thursday, despite assurances that its merger talks with NTL had not fallen through. Reports that David Chance is expected to stay on at BSkyB in a senior consultant role helped the broadcaster to lift 2.5 to 439p on Wednesday, though it fell 8.5 on Thursday before rising again on Friday to finish at 436p.
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