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Sky sells its stake in ITV

By Charlie Ponsonby on 09 February 2010

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We normally focus on consumer stories which affect customers in the digital TV, broadband and home phone markets - but we also keep our eyes open to interesting business stories.
And there is news today that Sky, the UK's largest pay digital TV provider and home of Sky+HD, the UK's most popular HDTV service, has reduced its stake in ITV. Sky sold the stake at 49p yesterday, having bought the shares for 135p in 2006.
The sale follows Sky's two year legal battle to hold on to the whole of the stake it bought for £940m in November 2006. There has been speculation that Sky purchased the stake to prevent NTL (Virgin Media) from buying ITV.
A Sky spokesman said: "Sky will not pursue a further appeal in relation to its investment in ITV plc. We have entered into undertakings with BIS [Department for Business, Innovation and Skills] and we can confirm that Morgan Stanley is acting as sole book runner on the placement of approximately 10.4% of ITV."
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