Media firms caught up in chaotic market
By Alexandra Zeumer, Monday 17 March 2008 at 21:09 :: General :: #1408 :: rss
Media stocks became intertwined in Monday's chaotic market, leaving ITV’s share price at an all-time low, the Guardian reported Monday.
UK-based ITV on Friday had a closing price of ₤64.5, but fell 4.7 percent to a record low of ₤61.5 Monday morning. At around 11:05 a.m. it rose to ₤62.
ITV has been stumbling since November, mostly due to UK satellite group BSkyB, which will likely have to sell its 17.9 percent stake in the broadcaster, the Guardian reported.
Sky shares were also down Monday. In November 2006, Sky bought its shares at ₤135. However, now the shares have fallen 2.2 percent to a low of ₤528.5. However, they also rose in the 11 a.m. hour, to ₤535, according to the Guardian.
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