Media
Sky today announced it would record a £343m loss on its shares in ITV in its first-half results.
The accounting loss reflects the drop in value of its 17.9% stake which it bought for £940m in 2006.
The announcement comes ahead of Sky's half-year results report tomorrow. It coincides with but is not directly linked to the government's announcement that it must cut its ITV share to less than 7.5%.
To calculate the impairment loss Sky used the ITV share price on the last trading day of its fiscal half-year.
Analysts have noted that if it has to sell much of its stake at current market prices it will lose about £250m.
The accounting loss reflects the drop in value of its 17.9% stake which it bought for £940m in 2006.
The announcement comes ahead of Sky's half-year results report tomorrow. It coincides with but is not directly linked to the government's announcement that it must cut its ITV share to less than 7.5%.
To calculate the impairment loss Sky used the ITV share price on the last trading day of its fiscal half-year.
Analysts have noted that if it has to sell much of its stake at current market prices it will lose about £250m.
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