Google and Facebook’s share prices have recovered to pre-coronavirus crisis levels, suggesting fears over their advertising revenues are receding.

But news publishers that compete with the tech giants for ad money are still struggling, with local media companies appearing particularly vulnerable, analysis by Press Gazette has found (see chart below).

Multiple factors play a role in share price movements, but the contrasting fortunes of the tech firms and the ad-reliant news businesses will stoke fears that the Duopoly could increase their dominance of the advertising market.