William Hill helps out Playtech

NEW products and a joint venture with bookmaker William Hill helped online gaming software supplier Playtech to increase 2009 earnings by a quarter.

Read Full Story

Have Your Shout

Shell to axe 1,000

OIL firm Shell has announced 1,000 jobs are to go in a bid to save $1billion a year.

Read Full Story

Have Your Shout

Signal for Arriva bid

SHARES in bus and rail firm Arriva steamed ahead after it revealed it had received a takeover approach from a mystery suitor, sparking talk of interest from a European rival.

Read Full Story

Have Your Shout

Get posting in the Star Forums!

You can join the debate and post your own views in the lively Daily Star Forums!

BSKYB’S FORCED TO FLOG £200M OF ITV SHARES

ABOVE: The X Factor is a huge hit on ITV, with Joe McElderry winning the contest in December

9th February 2010

By Bill Martin

Your Shout ( 0 )

BSkyB has given up a two-year legal battle by selling £200million worth of shares in ITV.

The satellite group has sold a 10.4% stake in the business, home of the X Factor.

It means the TV giant’s remaining holding in ITV is one share below 7.5%, the level demanded by competition authorities.

Investment bank Morgan Stanley is handling the sale. It is believed to have placed shares at between 48½p to 49½p with investors.

At an average of 49p, it means Sky will make a loss of about £345m on the stake it is selling. The forced sale may spark more bid speculation in ITV, with any buyers of the shares using them as a springboard to launch a takeover bid.

But it is believed the 10.4% has been placed with several investors. Rival media groups said to be interested include Channel 5 owner RTL, Italy’s Mediaset and Disney.

Sky had been arguing against having to reduce its stake since January 2008 when the Government upheld the Competition Commission’s ruling it should be cut to below 7.5%.

» MORE 'IT'S THE BUSINESS' HERE...

Share @: