Media stocks fell this morning on London’s FTSE and across Europe in the aftermath of Britain’s vote to exit the European Union.
“Shares in pan-Euro pay TV giant Sky were down almost 8% by noon UK time, while ITV was down by almost 19%,” Deadline.com reports. “eOne’s share price was down just over 10%. Pinewood’s share price was faring better, dropping just over 3%.”
In Europe, French media giant Vivendi saw its shares slip 6% by midday and Italy’s Mediaset fell more than 8%, the report adds.
The report quotes Studiocanal UK chief Danny Perkins saying: “Short term it’s bad news for the currency and terrible news for film acquisitions, which are normally done in dollars or euros. UK companies will suffer in the short term.”