Sky challenging sale if ITV Shares

BSkyB granted permission to challenge sale of ITV stake | Media | guardian.co.uk

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.

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About Alan Hardcastle

Media Lecturer with an interest in Pedagogy and Politics.

Posted on March 21, 2009, in Media, meusanus and tagged , , . Bookmark the permalink. Leave a comment.

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