Fear sent media stocks in opposing directions on Monday as the London market bounced from a 2½-year low. The return of takeover activity was enough to trigger short-covering in some, while earnings worries weighed against the rest.

ITV was the main beneficiary, jumping 12 per cent to 42.9p after Endemol co-founder John De Mol said his company could consider a bid. That came as people familiar with ITV said the group had been approached by parties interested in the stake held by BSkyB, up 1.1 per cent to 432½p.