Media Stocks Suffer Across Europe and U.K. Following ‘Brexit’ Vote

Jun 24, 2016  •  Post A Comment

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.”

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