Sky outperforms listed UK media firms
12 Jul 10 -
BSkyB is the only one of the four UK listed media firms in the FTSE 100 to have seen its value increase in the second quarter of 2010.
Financial services company Grant Thornton tracks UK-listed media companies in the FTSE 100 and FTSE 350 and noted that the share price of these firms fell by 12% in the second quarter, in line with the overall performance of all companies in these indexes. Sky bucked the trend as its value increased 16% in the period. Its share price was boosted by a takeover offer from News Corp.
"The media sector has been affected by the general downturn in share prices over the last quarter, but we have not seen values drop off a cliff as we did in 2008 and early 2009,” said Mark Henshaw, head of media and entertainment at Grant Thornton. “It is encouraging that this time, values have performed in line with the market."