Sky sells 10.4% of ITV stake for a loss

British Sky Broadcasting has sold 10.4% of its shares in ITV to institutional investors.

The company recently lost an appeal to the Competition Commission to retain its 17.9% stake in ITV. It bought the shares in 2006 as a strategic move to head off any potential bid for ITV from Virgin Media or others.

However, it was ruled that the shares gave Sky undue influence over ITV and it was ordered to reduce its stake to below 7.5%

It originally bought the shares for £545m and has sold then for £196m, or 48.5 pence per share.
Sky says that it intends to retain its residual 7.49% investment in ITV for the medium term and to remain a committed shareholder of ITV.

Virgin Media has filed its own appeal against the CC ruling, requesting Sky reduce its stake by a greater margin than the CC proposal.

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here