BSkyB to cut ITV stake

BSkyB has formally agreed to sell part of its 17.9% stake in ITV

For two years BSkyB has fought against the Competition Commission's ruling that its stake in ITV should be cut to below 7.5%, a ruling the Government upheld. However, the broadcaster’s formal admission to sell should bring an end to the legal battle.

In January the court of appeal dismissed Sky's argument against the sell-off on competition issues and denied the broadcaster permission to appeal to the supreme court on a potential alternative remedy.

Sky then had 28 days to appeal to the Supreme Court, though it was understood to have already held talks with a number of possible buyers for the stake.

Source: Guardian

Published on: 08/02/2010 17:34:00