| Sky to sell 10% of its stake in ITV |
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| Written by Mike Watkins |
| Monday, 08 February 2010 18:08 |
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Reports today have emerged to suggest that Sky are preparing to sell 10% which would take its holding in ITV just below the limit set by the legal ruling. Investment bank Morgan Stanley will deal with Sky’s selling of its shares with speculation that RTL might acquire the shares to boost its plans of a possible merger between Five – of which it is the majority shareholder – and ITV. Virgin Media could be another possible buyer if it decides to revive its own plans of a merger.
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Reports emerge to suggest that BSkyB is giving up its battle to retain its shares in ITV and is planning to sell at least 10% of the shares. BSkyB bought 17.9% of shares in ITV several years ago in a bid to stop a take overbid by Virgin Media but the move was widely criticised, the source of great controversy and later ruled to be unfair. Sky were ordered to sell their stake in ITV but the company decided to fight the order but after several years of legal action they have now reportedly decided to concede defeat. The latest ruling on Sky’s take in ITV said it must not hold more than 7.5% shares in the terrestrial broadcaster. 