Media
The Competition Commission will advise the government that Sky should reduce its stake in ITV, a report has indicated.
According to the Financial Times, the commission will advise business and enterprise secretary John Hutton that Sky should reduce its 17.9% stake in ITV to between 5 and 10%. Sky acquired the stake in November 2006 at 135p per share; at lunchtime today, shares in ITV were trading at 85p. It is understood that the commission would want Sky to reduce its stake within 6 months of the ruling, which is expected this week.
Sky has offered to place 3% of its shares in a voting trust; ITV, however, has urged a total divestment of the stake.
According to the Financial Times, the commission will advise business and enterprise secretary John Hutton that Sky should reduce its 17.9% stake in ITV to between 5 and 10%. Sky acquired the stake in November 2006 at 135p per share; at lunchtime today, shares in ITV were trading at 85p. It is understood that the commission would want Sky to reduce its stake within 6 months of the ruling, which is expected this week.
Sky has offered to place 3% of its shares in a voting trust; ITV, however, has urged a total divestment of the stake.
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