UK media shares see plunge in worst markets day since Sept. 11
By Leah McBride Mensching, Wednesday 23 January 2008 at 22:54 :: Newspaper Data :: #1143 :: rss
Monday's global stock market drop wiped £77 billion from the FTSE100 index of the top companies in the United Kingdom, the worst plunge the market has seen since Sept. 11, 2001.
Pearson, United Business Media and SMG were hit hardest in British Media, Press Gazette reported Tuesday.
Pearson on Monday saw shares slide 4.2 percent by the end of the day, but issued an upbeat trading forecast of record profits Tuesday, Press Gazette reported. Pearson owns the Financial Times Group, Penguin Group and Pearson Education.
United Business Media posted a 5.7 percent drop in shares, pulling its shares below £5 for the first time since the summer of 2006. UBM owns Publican and CMP Information.
SMG, which owns STV, saw a 4.9 percent decrease in share value, Press Gazette reported.
Wall Street was closed Monday for Martin Luther King Jr. Day.
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