Sky challenging sale if ITV Shares
BSkyB granted permission to challenge sale of ITV stake
* Richard Wray, guardian.co.uk, Friday 20 March 2009 15.54 GMT
BSkyB has been granted permission to mount a direct legal challenge against the regulator’s demand that it sell most of its controversial 17.9% shareholding in ITV.
The court of appeal ruling means Sky will be able to cling on to its stake for several more months, further delaying what looked like becoming a desperate firesale of ITV shares.
Sky bought its ITV shares at 135p each, but today they are trading at a mere 21p. As a result of the share price drop the satellite broadcaster has already been forced to write down its investment in ITV by almost £700m.