BSkyB asks for time to sell off ITV shares

Published on Friday 21 December 2007 09:34

BROADCASTER BSkyB has said it needs more than six months to sell off its stake in ITV following calls from the Competition Commission to reduce its share.

The satellite broadcaster said it would lobby Business Secretary John Hutton to allow it more than six months to sell down its 17.9 per cent stake in the terrestrial channel, which it acquired in a surprise swoop just over a year ago.

Mr Hutton is expected to decide next month whether to follow advice from the Competition Commission that Sky should reduce its stake in ITV to a maximum of 7.5 per cent.

Analysts believe that the debate will focus on when – rather than if – Sky will be told it has to dispose of its stake in the business.

Sky bosses have already asked the Commission for 17 to 20 months to sell, although ITV wants the satellite group off its register within three months. However, the regulators' recommendation on the timescale of the sale has not been made public.

A spokesman for Sky said: "We believe that a properly functioning board is capable of rejecting any attempt at influence.

"It's implausible that Sky's industry knowledge and standing should give it a special influence over a supposedly independent board."