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Latest Satellite News Discussion, Sky gets ITV verdict on Thursday at General Satellite News forum; Written by Chris Forrester Sunday, 17 January 2010 BSkyB will find out this Thursday whether it has won its appeal ...

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Sky gets ITV verdict on Thursday
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Sky gets ITV verdict on Thursday - 18-January-2010, 05:56

Written by Chris Forrester
Sunday, 17 January 2010

BSkyB will find out this Thursday whether it has won its appeal to hold onto its 17.9% stake in ITV. The history of the investment is long!
BSkyB bought the stake in November 2006, paying 940m for the shares (at 1.35 each) in Britain’s major commercial network. The move was widely seen as being a blocking move to stop cable company Virgin Media from doing much the same.
Sky has long since written the value of the stake down to zero in its own books, so there will be no financial impact if the decision goes against the broadcaster.
The Court of Appeal will announce its decision in a written verdict, and will determine whether Sky can permit a larger slice than the 7.5% ruled upon by the Competition Commission. Today’s share price is just 57p which represents a significant loss if Sky is forced to sell at or about this price, although as mentioned the investment has already been written down.
   
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