BSkyB is to sell 10.4% of its stake in ITV. This will mean that Sky will own 7.5% of ITV, as required by the Government, down from the 17.9% it currently owns.

It is expected that Sky will get around £207 million for the 10.4% based on ITV's current share price of 51.3p. This represents a loss of £339 million as Sky had paid £546 million - 135p/share -  when, in November 2006, it acquired the 17.9% stake in ITV in order to prevent ntl, as it was then, from buying ITV. Sky has appointed Morgan Stanley to complete the sale and it is udnerstood that interested parties have alreayd made themselves known.

A Sky spokesman said: "Sky will not pursue a further appeal in relation to its investment in ITV plc. We have entered into undertakings with BIS and we can confirm that Morgan Stanley is acting as sole book runner on the placement of approximately 10.4% of ITV."

Sky has been battling for the last two years to be allowed to retain ita 17.9% holding in ITV after the Competition Commission had ruled that Sky could only own 7.5% of ITV.

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