BSkyB is considering giving up nearly one fifth of its ITV voting rights in an effort to avoid competition regulations and hold onto its 17.9% share in the commercial broadcasting giant.
In a letter to the Competition Commission, the satellite broadcaster outlined plans to place three per cent of its voting right with an independent trustee.
It is likely that if the plan went ahead, Sky would appoint a company specialising in investment management to act as a trustee.
Earlier this month, the Competition Commission said that Sky’s acquisition of the almost 18% share was against the public interest and restrictive of competition (see Sky Could Be Forced To Sell ITV Stake).
Earlier today Sky revealed that its broadband service has passed the one million customer mark, adding that this milestone was achieved less than 14 months after the first Sky Broadband customer was connected.
In July Sky announced that its full year revenue had increased by 10% to £4.5 million, with the broadcaster adding a net 406,000 new subscribers to reach 8.58 million (see BSkyB Revenues Increase).
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