United We Stand.
United Business Media released a strong set of half year results today, bucking the trend rather. UBM management must be hugely relieved that 85% of their profits come from events not magazines. With the pointed exception of Farmers Guardian, the statement makes note that magazines, in the UK at least are having a rough time as the classified downturn begins to bite.
So good news then. How did the city take it? Share price down 0.5% proving that even a good news media story can't shake off the bears.
Perhaps thay are worried that UBM might owe the tax man £80m from its sale of its regional newspapers ten years ago. Or perhaps they know that next year, even event based businesses might start to feel the pain. Or perhaps they are just wrong.