ITV shares fall after Piers Morgan quits broadcaster
Investors switched off ITV today after Piers Morgan resigned from breakfast show Good Morning Britain. Shares are down nearly six per cent this afternoon.
The controversial broadcaster stepped down from the programme last night amid a furore over his comments about Oprah Winfrey’s interview with Meghan Markle and Prince Harry.
Shares in ITV are currently changing hands at 119p, down 5.78 per cent.
“Investors may be a little worried about the loss of ratings for GMB – it wasn’t exactly doing that well before he joined and its primetime slot will have repercussions for ads,” said Neil Wilson at Markets.com.
“Love or loathe, Morgan boosted ratings. It could also be that investors are worried about an investigation over comments made by Morgan on air.”
The former tabloid editor sparked outrage yesterday after saying he “didn’t believe a word” Markle said in the explosive interview, during which she accused the royal household of racism and revealed she had suffered suicidal thoughts.
The comments led to criticism from mental health charities and sparked 41,000 complaints to media watchdog Ofcom.
In a brief statement last night ITV said: “Following discussions with ITV, Piers Morgan has decided now is the time to leave Good Morning Britain. ITV has accepted this decision and has nothing further to add.”
Morgan today stood by his comments, writing in a tweet: “Freedom of speech is a hill I’m happy to die on. Thanks for all the love, and hate. I’m off to spend more time with my opinions.”
The share price fall comes after the company reported sharp declines in revenue and profit for the year yesterday.
The public service broadcaster, which has been badly hit by the pandemic, warned that the advertising market remained “challenging” in the first quarter.