Grade wants Sky's ITV share "below 10%"

Michael Grade has told members of the House of Lords he wants BSkyB's share in ITV cut to "well below 10%".

The executive chairman told the Lords communications committee only a significant reduction would protect ITV from undue influence.

He and ITV's ideal situation is for the Competition Commission, when it rules on the matter, probably next month, to stop Sky owning any share at all.

Grade was interviewed on Tuesday as part of commissions' inquiry into media owners' influence on news.

He said Sky's "interest would not necessarily, as a trading competitor, be in line with the overwhelming majority of our retail and institutional shareholders".

Chairman Lord Fowler asked whether Grade would be happy with 10%. He replied: "We would like to see it well below 10%."

In his interview Grade also defended his plans for regional news cuts. He said its "old map" was "no longer viable" but argued ITV was still committed to regions.