Former Sun editor Kelvin MacKenzie was back at the helm of a UK media firm today – just a month after failing to rescue magazine publisher Highbury House from collapse.

Broadcaster ITV was today offered deep cuts in its licence fee to help it cope with the challenge of the digital age.

London shares ended today in the red after a rise on Wall Street failed to offset the impact of gloomy UK economic and media sector news.

The London market was on the back foot for the first time in a week today as investors took fright at weakness in the media and manufacturing sectors.

Broadcaster Ulster TV shook hands today on a £98.2m (€144.5m) offer for the owner of talkSPORT radio.

Broadcaster Ulster TV said today an advertising upturn had helped it to boost annual profits by 46% to £13.9m (€20.2m).

Broadcaster Ulster TV today posted a 45% hike in profits to £6.2m (€9.1m) as it maintained its record of outperforming the rest of the ITV network.

UTV has released its interim results for the six months to June 30, 2003. It reports the group turnover is up 13.9% at £25.7m (€36.58m), and group operating profit is maintained at £7.0m (€9.96m), before goodwill amortisation.

Broadcasters Granada and Carlton have agreed to merge in a deal that paves the way for a single ITV company.

Ulster Television has outperformed its rivals by recording a dip in advertising revenue of just 2%.

Ulster Television says it expects to raise its share of total advertising income in the current year, while hoping to keep operating costs at the 2000 level.