Granada hurt by fall in advertising

Granada's fortunes are heavily dependent on the health of the advertising market and the success of OnDigital, according to Peter Wilton, UK Select Growth fund manager at Threadneedle. He said: 'Advertising is very sensitive to economic downturns. At the moment, the industry is going through a normal cyclical decline of the kind seen several times in the 1990s. 'Advertisers have pulled back and are no longer willing to pay the kind of money they were six months ago. Granada has a set amount of airtime to sell. This has to be sold otherwise it's dead airtime, so they're selling it for w...