BSkyB cleared to appeal against ITV stake sell-off

BSkyB has been cleared to make another appeal against the Competition Commission’s ruling that it reduce its 17.9% stake in ITV to below 7.5%.

The satellite broadcaster was originally told to cut its stake in ITV in January 2008 when business secretary John Hutton accepted the commission’s recommendation (see Sky Told To Reduce ITV Stake To Below 7.5%).

Sky then lodged an appeal but this was turned down by the Competition Appeal Tribunal last September (see Sky Forced To Reduce Stake In ITV).

The Court of Appeal released a statement today revealing that Sky is contesting the Competition Appeal Tribunal decision, with a hearing expected in due course.

Sky bought the stake in November 2006 in a deal worth close to £940 million.