Mergers and Acquistions News
Categories: Media & Information Services
December 8th 2008, 16:22PM
BSkyB will go directly to the court of appeal after it was refused permission to contest a Competition Commission ruling which would force it to reduce its 17.9 per cent stake in ITV.
According to the satellite broadcaster it will not give up its cause despite being refused leave to take its case to court by the Competition Appeal Tribunal (CAT).
In a statement the firm said: "BSkyB intends to submit an application to the Court of Appeal requesting permission to appeal the CAT's judgment regarding Sky's minority investment in ITV plc."
BSkyB paid 135 pence a share for its holding in the terrestrial broadcaster at a total cost of £940 million.
However, ITV's share price closed at 36 pence on Friday.
Under the terms of the original CAT ruling, BSkyB must reduce its stake in the firm to 7.5 per cent.
Meanwhile, a new service offering an online-only subscription service has been launched by Sky.
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