The FTSE fell 4.3% to 4230 points, wiping £45bn off the price of shares. Some of the hardest-hit media shares included broadcasters BSkyB and Carlton Communications, which suffered falls of 6.31% and 5.9% respectively. Both bounced back this morning.
Carlton was up 3.13% to 198p and BSkyB was up 2.59% to 574.5p. Granada, which fell by 3.61% to 100.25p, was also rising this morning. Its shares were up 2.23% to 103.25p.
The ITV broadcasters Carlton and Granada were harder hit than most. Analysts have speculated that the two are still being punished by investors for losing their bid for the digital terrestrial licence.
Reuters, one of yesterday's worst-hit stocks with falls as high as 5.26%, was up 2.44% this morning to 324.5p. Financial Times-owner Pearson, which fell less sharply yesterday, was up 1.39% to 621.5p.
Among the advertising and marketing communications companies, PR-dominated group Chime Communications was unchanged this morning having fallen 4.1% yesterday to 70p.
WPP Group, having dropped 2.43% to 501p yesterday, was up sharply this morning, rising 4.33% to 518.5p. Media-buying group Aegis, owner of Carat, which lost 1.64% to 89.75p, was up 0.82% this morning to 91.75p.
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