bskyb must sell ITV shares
January 29, 2008 by credit4everyone
Filed under news
BSkyB must reduce its holding in ITV from the current level of 17.9% to below 7.5% and not take a seat on the ITV board, the government has ruled.
Business Secretary John Hutton accepted the findings of the Competition Commission’s study into BSkyB’s stake.
BSkyB has until Monday 25 February to lodge an appeal against the decision.
ITV said that it warmly welcomed the government’s decision, while BSkyB said it would carefully consider the findings before deciding what to do.
Paper loss
On 17 November 2006, BSkyB announced that it had spent £940m buying 17.9% of ITV, but ITV’s share price has fallen significantly since then.
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I have been following this for some time. I must agree that the Competition Commission’s study into BSkyB’s stake was long overdue. Im glad that they have been found out.