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BSkyB to sell most of ITV stake
BBC News
DATELINE: 9/2/10
The pay-TV group BSkyB says it has sold a 10% stake in rival broadcaster ITV - more than half of the shares it owned. The sale of the stake, which is worth £196m ($305m), will end a long-running legal battle over its investment. Morgan Stanley said on Monday it was acting as bookrunner in the placing. BSkyB will keep 7.5% of shares in ITV. That is the maximum level allowed by the British competition authorities.BSkyB bought the shares in 2006, paying £960m for it. The matter was referred to the Competition Commission in 2007, and in 2008 BSkyB was ordered to cut its stake to below 7.5%. It said the stake gave the company undue influence in the UK media and it was therefore not in the public interest.
BSkyB's original investment sparked a fierce public row between the company, led by its then-chief executive James Murdoch, and Virgin Media's largest shareholder, the entrepreneur Richard Branson. Mr Branson accused the Murdoch media empire of being a "threat to democracy" while politicians also questioned the move.
BSkyB has fought hard to keep hold of the shares, going through a series of court appearances - which it lost. Its last chance was to go to the Court of Appeal - a move which it was told would be unlikely to result in success.
In a statement the company said: "Sky intends to retain its residual 7.5% investment in ITV for the medium term and to remain a committed shareholder of ITV."
ITV shares closed down 2.3% at 51.3 pence before the announcement. BSkyB, which bought the ITV shares priced at 135 pence, itself closed flat.
ITV recently ended its long-running search for a chief executive, attracting Adam Crozier from his post as head of the Post Office. He joins another heavy-hitting management figure, Archie Norman, now chairman of ITV. His past positions include being a Conservative MP and the boss of supermarket giant Asda.Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/business/8505338.stm
Last modified: Tuesday, February 9, 2010
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More reporters are currently imprisoned in Turkey than in any other country in the world. Only a matter of weeks ago lawyers failed to persuade a Turkish court to release a 76-year-old journalist from a Turkish internet news station.
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The UK launch of a 'European Citizens' Initiative' calling for EU rules against concentration of media power will take place on Thursday March 21 from 11:00am – 12:30pm in Committee Room 4A at the House of Lords, London. Guest speakers will include actor and activist Hugh Grant (pictured), media consultant Claire Enders, Professor Steven Barnett, Barry McCall (President of the NUJ) and Marc Gruber (Director of the European Federation of Journalists).
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The media’s job is to inform and entertain us but we rely on them too to tell us what our rulers and representatives are up to. In the run-up to the Iraq war the government used spin and disinformation in the media to create panic and mislead people. The truth is coming out now, but we need stronger, more independent media to be able to scrutinise governments and make informed choices.
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Previous stories
Media Ownership
Media for All conference: Silvio's Back
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Economic stimulus plan needed for local journalism
New threat to media ownership rules
Conservative media plans will damage journalism
Government acts on future of regional media
NUJ in government talks to save local media
Journalists urged to find 'back to basics' business model
Local media ownership review looks at survival of newspapers
Local media ownership rules 'likely to be relaxed'
BSkyB loses appeal ruling
Appeals tribunal rules BSkyB must sell ITV stake
Tribunal to rule on BSkyB's ITV stake
TUC condemns erosion of civil liberties and press freedom
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Lords take stand against media barons
BBC Trust concludes its review of bbc.co.uk
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