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BSkyB told to sell shares in ITV BSkyB told to sell shares in ITV
(10 minutes later)
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.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 until Monday 25 February to lodge an appeal against the decision.
ITV said that it warmly welcomed the government's decision, while BSkyB said it would carefully consider the findings before deciding what to do.
Media row
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.
The decision was made by Business Secretary John Hutton
BSkyB bought the shares for 135 pence each. They closed at 72p on Monday.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. At current prices, BSkyB could lose about £250m from the sale of the shares.
Virgin Media argued in 2006 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.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.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.The Competition Commission ruled on 20 December 2007 that BSkyB's shareholding was bad for competition and not in the public interest.