Tuesday, 2 December 2008

BSkyB appeals again.

BSkyB appeals again.

LONDON - Satellite pay-TV company BSkyB is to appeal against the Competition Appeal Tribunal's ruling that it must cut its 17.9% stake in ITV to below 10%.

The company has asked for permission to appeal to the Court of Appeal the CAT's judgment that it must cut its ITV stake.

Earlier this month, the Competition Commission recommended that BSkyB reduce its controversial 17.9% stake in ITV to less than 10%.

The satellite broadcaster had been hoping that the Commission would give it up to a year to reduce its holding. Sky feared that dumping a large chunk of equity on the market would trigger a sharp fall in the share price of its holding in ITV, which has already plummeted in recent months.

Sky bought its stake for £940m in November 2006 in a bid to prevent a takeover of ITV by Virgin Media.

A Virgin Media spokesman said: "We urge the Competition Appeal Tribunal and the Court of Appeal to recognise Sky's application for what it is: a blatant attempt to delay an already drawn-out process still further and refuse Sky permission to appeal."

source: mediaweek

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