Grade Denounces BSkyB Influence Over ITV

LONDON, November 15: ITV
executive chairman Michael Grade said that BSkyB has purchased shares of ITV in
order to “influence events” at the broadcaster to the detriment of other
shareholders, according to Media Guardian.

BSkyB owns 17.9 percent of
ITV’s stock. Grade’s words come as tension between the two companies continues
to rise. ITV wants Sky to sell its shares, and the government is reviewing the
issue.

ITV has told government
regulators that Sky should sell its entire stake. Based on current stock
prices, if it came at this time such a move would cost the satcaster over £300
million (about $600 million) on its original £940 million investment.

Sky has said it has no
intention of selling its interest in ITV, which it considers a long-term
investment.

—By Peter Caranicas