Liberty Global Makes ITV Investment

DENVER/LONDON: Liberty Global has picked up a 6.4-percent stake in the U.K.'s leading commercial broadcasting group, ITV, for £481 million ($822 million).

The company today announced the acquisition of 259.8 million shares in the group. Mike Fries, Liberty Global's CEO, said of the deal: “This is an opportunistic and attractive investment for us in our largest cable market. ITV is the leading commercial broadcaster in the U.K. and we're excited to be shareholders.”

Liberty Global, which owns Virgin Media in the U.K., says it does not intend to make an offer to acquire ITV, but reserves the right to do so within the next six months. The shares were acquired from BSkyB.