Trinity Mirror, Johnston Press and Mecom have all fallen out of the FTSE 250 after their share valuations fell by up to 90 per cent in the past year.
Press Gazette recently reported that Trinity Mirror was strongly tipped to be among the companies to be expelled from the second division of publicly quoted media companies in the FTSE committee’s quarterly reshuffle.
Trinity Mirror‘s share price closed at 53p last night, when it was 351.5p a year ago.
The Mirror, Record and People publisher’s market value has dropped from £905m to £136.5m over the past 12 months.
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It has now been relegated to the FTSE SmallCap Index, where it is joined by Yorkshire Post parent company Johnston Press.
Johnston Press’s share price was 10p last night. Its highest value in the past 12 months was 73.25p.
The publisher’s market capitalisation fell from a high of £585m to £80m this year.
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Mecom’s share value has nosedived even further in the past year. The company, run by former Mirror Group chief executive David Montgomery, was today relegated to the FTSE Fledgling Index.
Last night, shares in Mecom closed at 1.45p, down from a year high of 58p. This price gives the company a market value of £22.95m, down from £900m last year.
Since the dot-com boom of 2000, the number of media companies in the FTSE 100 has halved.
ITV dropped out of the list during the last reshuffle in September, and Daily Mail and General Trust was relegated last year.
There are currently only five media companies in the top league of 100 leading companies in the UK. They are Thomson Reuters, BSkyB, Reed Elsevier, Pearson and WPP.
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