Technology

Court orders BSkyB to slash stake of ITV to below 7.5 per cent

MUMBAI: BSkyB has lost its latest appeal over the forced sale of most of its stake in ITV and could now have to cut its holding to below 7.5 per cent.


The satellite broadcaster currently owns 17.9 per cent 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 for ?940 million for a 17.9 per cent interest in ITV 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.


Responding to the ruling on its latest appeal, the company said, "We will review the judgment and order carefully and consider our next steps in due course." 
 
Possibilities are that Sky could file a new appeal with the Supreme Court.


Meanwhile, the platform is said to have received interest from possible buyers of the ITV stake.

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