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BSkyB told to sell shares in ITV BSkyB told to sell shares in ITV
(10 minutes later)
The government has told BSkyB to reduce its holding in ITV from the current level of 17.9% to below 7.5% and not to take a seat on the ITV board. BSkyB must reduce its holding in ITV from the current level of 17.9% to below 7.5% and not take a seat on the ITV board, the government has ruled.
Business Secretary John Hutton accepted the findings of the Competition Commission's investigation into ITV.Business Secretary John Hutton accepted the findings of the Competition Commission's investigation into ITV.
BSkyB has four weeks to appeal against the decision.BSkyB has four weeks to appeal against the decision.
On 17 November 2006, BSkyB announced that it had spent £940m buying 17.9% of ITV, but ITV's share price has fallen significantly since then.On 17 November 2006, BSkyB announced that it had spent £940m buying 17.9% of ITV, but ITV's share price has fallen significantly since then.
BSkyB bought the shares for 135 pence each. They closed at 72p on Monday.
Virgin Media argued that BSkyB only bought the stake to block a takeover of ITV.
But BSkyB said it had not sought to influence ITV and had only bought the shares as an investment.
Mr Hutton has decided not to announce how long he is giving BSkyB to sell the shares.
The Competition Commission ruled on 20 December 2007 that BSkyB's shareholding was bad for competition and not in the public interest.