SHARE prices of newspaper groups are expected to come under renewed
pressure today as the city awaits the latest salvo in the newspaper
price war.
It remains to be seen whether the price of the Daily Telegraph will be
cut to 20p, matching that of the Times and the Sun.
Meanwhile, the fall-out continues over controlling group Hollinger's
sale last month of 12.5m shares at 587p each, just weeks before the
Daily Telegraph price cut was announced and with a collapse in the share
price.
Blue-chip stockbroker Cazenove, the Telegraph's broker, is thought to
be considering resignation.
Last week shares in the Telegraph sank 210p wiping more than #280m off
the company's value.
Mr Conrad Black, the paper's proprietor is rumoured to be prepared to
take the company back into private control if the share price does not
recover.
He has described the collapse in the share price as a ''ludicrous over
reaction'' to his decision to cut the price of the Daily Telegraph from
48p to 30p.
Proprietors of regional, middle market, and Sunday papers are watching
the unfolding war with mounting consternation. By and large they cannot
afford the luxury of price cuts to boost circulation.
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