Blog Post

BSkyB/ITV Ruling In Full: Murdoch’s Appeal Fails, ‘Will Review’ Findings

The ruling’s in, and the the Competition Appeals Tribunal has dismissed BSkyB’s (NYSE: BSY) appeal against the Competition Commission’s earlier ruling that it reduce its ITV (LSE: ITV) stake to under 7.5 percent. The satcaster bought its 17.5 percent stake at 135p per share for £940 million two years ago, only to have it ruled anti-competitive. It took a £131 million impairment charge against the investment in its earnings for the nine months to April. Now ITV’s shares have slumped considerably to about 41p, so Sky is staring down the barrel of a significant loss. Sky this afternoon said: “We will review the judgement carefully and decide on next steps in due course.”