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Broadcast News
09/02/2010
BSkyB Sells Most Of ITV Stake
Broadcasting giant BSkyB has sold a 10.4% of its stake to ITV, after the Government ordered it to do so, in a long-running legal battle.
The stake in ITV was sold for £196m which represents a loss of around £350m.
In a statement the broadcaster said: "The placing by Sky of 404,362,095 ITV shares with Morgan Stanley Securities Limited at 48.50p (pence) per ITV share results in aggregate consideration of approximately £196m.
"Sky intends to retain its residual 7.5% investment in ITV for the medium term and to remain a committed shareholder of ITV."
The sale came after the Court of Appeal upheld the Government order to reduce BSkyB's stake.
(CD/GK)
The stake in ITV was sold for £196m which represents a loss of around £350m.
In a statement the broadcaster said: "The placing by Sky of 404,362,095 ITV shares with Morgan Stanley Securities Limited at 48.50p (pence) per ITV share results in aggregate consideration of approximately £196m.
"Sky intends to retain its residual 7.5% investment in ITV for the medium term and to remain a committed shareholder of ITV."
The sale came after the Court of Appeal upheld the Government order to reduce BSkyB's stake.
(CD/GK)
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