LONDON — Shares of U.K. broadcaster ITV fell to a 52-week low of 59 pence ($1.20) on Tuesday amid continued gloom about the economic and advertising outlooks. ITV shares, which had traded at £1.20 a year ago, have undergone a catastrophic slide under executive chairman Michael Grade despite ITV stabilizing its audience share.
Shares of U.K.-based Chrysalis Group fell the most in about 16 years in London after rejecting a takeover offer of £1.55 ($3.04) per share. The offer "significantly undervalues" Chrysalis, the company said, without identifying the bidder. Media reports had mentioned EMI Group as a suitor. Chrysalis argued that "global economic and credit market conditions" won't allow it to get maximum value in a sale for now. Chrysalis shares fell 15%, valuing it at £77 million ($151.6 million).
Federated Media Publishing has received a $50 million minority investment from Palo Alto, Calif.-based venture-capital firm Oak Investment Partners. FM represents entrepreneurs who run more than 150 Web sites and social networking applications.