With underwriters forced to take up almost 60 per cent of UTV Media’s £49.9m ($100m) rights issue, analysts warned other media companies that this route to improving their balance sheets was in danger of closing altogether.

The issue, announced on June 4 on a two-for-three basis at 130p a share, was fully underwritten by Numis and Goodbody stockbrokers in Dublin but only 41.5 per cent was taken up by existing shareholders.