ITV stock hits new low

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LONDON -- Shares in ITV fell to a new low of 59.7 pence ($1.20) Tuesday amid continued gloom about the economic and advertising outlook.

ITV shares, which had traded at 120 pence ($2.36) a year ago, have undergone a catastrophic slide under executive chairman Michael Grade, despite ITV stabilizing its share of audiences.

The stock price is expected to fall further still if British Sky Broadcasting is ordered by competition regulators to sell down the 17.9% stake it acquired 18 months ago.
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