BSkyB agrees to sell 10% ITV stake

Date: Monday 08 Feb 2010

Pay-TV BSkyB said it is selling part of its 17.9% holding in struggling broadcaster ITV following a two year legal battle to hang onto the shares.

BSkyB is to sell around 10% of its holding after losing its latest appeal over the forced sale of most of its stake last month.

The satellite broadcaster currently owns 17.9% of ITV but was ordered by the Competition Commission to reduce it on the grounds that its sizeable presence on its rival's share register could operate against the public interest.

BSkyB bought the stake in 2006 to block an attempt to take over ITV by Virgin Media. The Commission's decision was later upheld by John Denham, the Business Secretary and also by the Competition Appeal Tribunal, in September 2008.

BSkyB said at the time that it may still appeal to the Supreme Court for a final decision.

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