Sky offers to concede ITV voting shares

Sky has proposed to put some of its voting shares into a trust in an attempt to mollify antitrust concerns raised by the Competition Commission.

The Competition Commission said earlier this month that Sky's 17.9% stake in ITV "restricts competition" and acts "against the public interest". It is currently consulting on possible remedies including forcing Sky to divest the shareholding completely.

In response to the commission's consultation, Sky has said that it could reduce its voting power "by the simple and well-established structural mechanism of disposing of the voting rights which give rise to the provisional finding of material influence" by "placing them in a voting trust with a respected institutional trustee". Sky has proposed to put 3% of its shares in such a trust.