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| Court tells Sky to cut ITV stake | Court tells Sky to cut ITV stake |
| (10 minutes later) | |
| The pay-TV group BSkyB has been ordered to reduce its stake in rival ITV by a UK court. | The pay-TV group BSkyB has been ordered to reduce its stake in rival ITV by a UK court. |
| BSkyB lost its appeal to keep the 17.9% share and was told to reduce it to below 7.5%. | BSkyB lost its appeal to keep the 17.9% share and was told to reduce it to below 7.5%. |
| It bought the stake for £940m in 2006, effectively blocking NTL, now Virgin Media, from buying ITV. | It bought the stake for £940m in 2006, effectively blocking NTL, now Virgin Media, from buying ITV. |
| The Competition Commission had already ruled that Sky's stake gave it undue influence in the UK media and was not in the public interest. | The Competition Commission had already ruled that Sky's stake gave it undue influence in the UK media and was not in the public interest. |
| BSkyB has previously argued that it is not breaking UK media ownership laws because the stake is less than 20%. | |
| The company maintains the deal was an investment and not designed to stop ITV being bought by rival NTL. | |
| BSkyB could still challenge the ruling in the Supreme Court. | |
| The broadcaster has fought to retain its stake since the Competition Competition decided in late 2007 that the purchase could be against the public interest. | |
| Early in 2008 the business secretary, John Denham, upheld the decision the following month, and the Competition Appeal Tribunal (CAT) did likewise in September 2008. | |
| In March 2009 the case went to the Court of Appeal for hearing, leading to the latest court decision. |