According to an article in today’s Financial Times, BSkyB is negotiating a deal with Independent Television News to supply the news for its 24-hour news channel, Sky News. If the deal does go ahead, it would mean only two major news suppliers in the UK, BBC and ITN.
Talks are said to be well advanced, involving Rupert Murdoch, Michael Green, chairman of ITN and Sam Chisholm, BSkyB Chief Executive. Both sides will be keen to agree a deal because ITN is keen to expand, and BSkyB is looking to find a less costly way of providing the loss-making news channel. The FT says that the deal on offer from ITN could save BSkyB around £7-8m per year.
It was announced earlier in the week (Newsline 9/11) that ITN shareholders have an extra year to reduce their stakes to 20%.
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