Sky takes GBP251.5m loss on ITV shares
Brian Butterworth published on UK Free TV
BSkyB's boss James Murdoch seems to have lost £433m of his shareholders money. And £251.5 of that has to be taken soon. Still, he won't be for the chop, will he?
- 17 November 2006, Sky buys 696,000,000 ITV shares, 17.9% of ITV plc. 114.75p/share, £798.66m
- 26 February 2007 the Trade and Industry Secretary issues noticed to OFT to investigate under the Enterprise Act 2002 with a view to reducing holding to 7.5%
- 24 May 2007, after OFT and Ofcom reports the matter is referred to the Competition Commission.
- 20 December 2007, CC publishes report.
- 29 January 2008, Secretary of State approves reminded of CC that share holding be lowered to 7.5%
- 28 February 2008, Sky appears to Competition Appeal Tribunal.
- 29 September 2008, Tribunal finds against Sky
- 18 December 2008, Sky goes to Court of Appeal.
- 28/30 October 2008, Appeal Court hears from Sky.
- 21 January 2010, Appeal Court rejects Sky's appeal.
- 8 February 2010, Sky agrees to sell ITV shares. 52.50p/share, holding now worth £365.4m, paper loss of £433.26m
The date that BSkyB must sell the shares by is confidential.