Media stocks are doing well on the back of a Goldman Sachs note that takes a more positive view of the beleaguered sector.
Goldman warns, however, that there are structural issues facing the industry that remain a consideration beyond the cyclical recovery for which the sector is hoping.
In particular, it upgraded ITV to buy from sell and added it to its "conviction list".
The broadcaster is the biggest gainer in the FTSE 250, up 12.5% to 31.5p.
Another gainer is the advertising and marketing group Aegis, up more than 5% to 86.25p.
Goldman reiterated its buy rating on the stock.
Johnston Press has received a boost after Goldman took the newspaper group off a sell rating and changed it to neutral.
The shares are up more than 4% at 25p.
Among media's few remaining FTSE 100 companies, business-to-business specialist Reed Elsevier – a buy on Goldman's conviction list – is up 0.7% to 509.5, while Financial Times and Penguin books owner Pearson has slipped just over 1% to 662.5p after being kept at sell.
Goldman also retained a sell rating for the news and information group Thomson Reuters but took it off the conviction sell list, sending the shares up just over 1% to £17.13.
Overall on the FTSE 100, it has been an undramatic morning – the most the blue-chip index has moved is an upward swing of just 28 points.
The FTSE 100 is up just 1.86 points to 4413.58.
