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.
2000: Chris Evans sells Ginger Productions to SMG for 225m
2008: SMG sells to Times of India for 53.2m – 30m will go straight to shareholders.
Bear in mind that it is just Virgin Radio that has been sold on – SMG still holds the rest of Ginger Productions – which includes TV formats and shows. Is radio falling in popularity? After all, Virgin Radio relies on internet broadcasts. However, more people will just download tracks and ignore the presenters anyway. It would appear they are in Debt – but whichever way, Virgin Rock Radio is now no more.