Sky Agrees to Lower ITV Stake

LONDON: BSkyB is relinquishing its battle to retain 17.9 percent of ITV, formally committing to reducing its interest in the British broadcasting group.

The Department for Business, Innovation & Skills said it has "accepted formal commitments from Sky that it will divest a proportion of its shares in ITV." The move follows Sky losing its latest appeal against decisions by the Competition Commission and Secretary of State for Business and Enterprise that it should reduce the 17.9 percent interest—acquired in November 2006 for £940 million—to a level below 7.5 percent. Sky is said to have already begun talks with interested parties.