SKY TV HAS TO SELL ITV STAKE SAYS UK GOVERNMENT.
29-09-08.
BSkyB otherwise known as SKT TV has lost its Competition Appeal Tribunal battle against the Government's decision to force it to reduce its controversial 17.9% stake in ITV.
Sky lodged its challenge to the Governments ruling in February 08 against a Competition Commission finding that the groups ITV shareholding gave it far to much influence over ITV's strategy in a way that restricted market competition.
That ruling was accepted by Business Secretary John Hutton, who ordered the group to ditch more than half the holding - down to below 7.5%.
Sky has taken a substantial loss on its ITV shareholding, and has plummeted in value ever since it bought its 17.9% stake for £940 million.
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The Tribunal said it had "dismissed" Sky's appeal application.
More over Virgin Media wanted the ruling to go even further by demanding that Sky be made to sell its entire stake.
ITV was reported to be over-joyed at this latest news and opens the door wider to FREESAT TV in the future.
SKY TV was today thinking about their next legal steps that may finish up at the house of lords and with the credit crunch likely to get worse buying at 940 million is looking well over bought at this stage.
Is it news to you? Then you read it here first!
29-09-08.
BSkyB otherwise known as SKT TV has lost its Competition Appeal Tribunal battle against the Government's decision to force it to reduce its controversial 17.9% stake in ITV.
Sky lodged its challenge to the Governments ruling in February 08 against a Competition Commission finding that the groups ITV shareholding gave it far to much influence over ITV's strategy in a way that restricted market competition.
That ruling was accepted by Business Secretary John Hutton, who ordered the group to ditch more than half the holding - down to below 7.5%.
Sky has taken a substantial loss on its ITV shareholding, and has plummeted in value ever since it bought its 17.9% stake for £940 million.
More News
The Tribunal said it had "dismissed" Sky's appeal application.
More over Virgin Media wanted the ruling to go even further by demanding that Sky be made to sell its entire stake.
ITV was reported to be over-joyed at this latest news and opens the door wider to FREESAT TV in the future.
SKY TV was today thinking about their next legal steps that may finish up at the house of lords and with the credit crunch likely to get worse buying at 940 million is looking well over bought at this stage.
Is it news to you? Then you read it here first!
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