Sky Loses ITV Appeal

LONDON, September 29: The
U.K.’s Competition Appeal Tribunal has rejected BSkyB’s appeal over its ITV
stake, ordering the satellite platform to reduce its holding in the commercial
broadcaster from 17.9 percent to under 7.5 percent.

The move supports a
previous ruling by the Competition Commission, which had found that Sky’s
17.9-percent holding in ITV would inhibit competition in the British market.
The interest was acquired in November 2006 for £940 million. The fall in ITV’s
share price in the intervening period led to a £616 million investment
write-down for Sky.

—By Mansha Daswani