BSkyB may have to sell stake in ITV
British Sky Broadcasting Group, whose chairman is Rupert Murdoch, might be forced to sell its 17.9% stake in ITV after a regulator backed Virgin Media’s Richard Branson in saying the holding harms competition.
The stake might enable BSkyB, Britain’s largest pay-TV company, to influence ITV’s strategy, Britain’s Competition Commission said. The regulator will consult on “possible remedies,” including a potential divestment of the shares.
The decision may derail BSkyB’s attempt to keep competitors from buying broadcaster ITV. BSkyB bought the stake in November for about $1.9 billion to block a potential takeover of ITV by Virgin Media Inc.
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