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Leadership
BSkyB agrees to divest proportion of ITV stake
09.02.2010
Satellite broadcaster and broadband provider BskyB is selling a 10.4pc stake in ITV for an estimated stg£200m in a move that will end a long-running legal battle over its investment in the commercial broadcaster.
The UK’s Department for Business, Innovation and Skills announced yesterday that it had accepted formal commitments from BSkyB that it would reduce its stake in ITV.
The move comes following a ruling by the UK Court of Appeal last month that Sky must cut its stake.
BSkyB bought the stake in ITV in 2006 for £950m, effectively blocking its rival NTL from buying ITV.
However, its purchase has existed under a cloud ever since the UK Competition Commission ruled in 2007 that the stake allowed Sky an undue influence in UK media and was not in the public interest, and that it should reduce it to under 7.5pc.
BSkyB had always maintained that its stake in ITV was an investment, but now appears to have given up the legal fight and resigned itself to selling down the stake.
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Irish Director is the definitive magazine for leaders and senior decision makers in Ireland. Produced in association more..
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Owner Manager is the latest title from the BusinessandLeadership.com stable. It is the only magazine in Ireland to more..
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Irish Director is Ireland’s leading senior management magazine. Designed for business leaders and decision makers across the island, it covers topics of specific relevance to Ireland’s senior directors.
Owner Manager is the latest title from the BusinessandLeadership.com stable. It focuses specifically on the needs of the business owner, offering both strategic and practical features and information related to running your own business.
Marketing Age is the definitive ‘voice’ of the marketing industry in Ireland. Aimed at decision makers, marketing directors and industry professionals, it deals in-depth with marketing strategy, innovation and the world of new media.
Knowledge Ireland is a ground-breaking bi-monthly magazine from our sister brand siliconrepublic.com, unique in its exploration of strategy and innovation through people and technology.
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