BSkyB will challenge ITV ruling

Reports in the UK Sunday press state that BSkyB is likely to mount a Court of Appeal challenge to a decision that it must sell down its current 17.9% stake in UK commercial broadcaster ITV. BSkyB has been ordered to reduce its ITV investment by more than 10% (to at least 7.5%).

BSkyB has until December 1 to formally decide whether to mount an appeal against the Competition Commission ruling. BSkyB paid £940m for the 17.9% stake back in November 2006, and paying 135p each for the ITV shares. ITV’s current share price is just 31.5p. According to the Sunday Telegraph, Sky’s “internal thinking” is that an appeal is “likely”.