British pay-TV giant BSkyB has reduced its stake in commercial television network ITV by 10.4 percent after losing an appeal against a government antitrust ruling. The stake was reduced to 7.5 percent from 17.9 percent, netting BSkyB about £196 million (€223 million, $306 million), according to a statement. “Sky intends to retain its residual 7.5 percent investment in ITV for the medium term and to remain a committed shareholder of ITV,” the statement added.
The satellite TV operator had snapped up 17.9 percent of ITV for £940 million in November 2006. But competition authorities acted after analysts saw the purchase as an attempt to prevent an ITV tie-up with BSkyB’s fierce rival Virgin Media. Britain’s Court of Appeal last month said that a 2008 government ruling that BSkyB cut its shareholding in ITV to 7.5 percent on grounds of competition must stand. BSkyB’s biggest shareholder is Rupert Murdoch’s News Corp.
(Source: AFP)
