Competition Commission files Sky/ITV report

guardian.co.uk
guardian.co.uk

Dec 13, 2007 19:00 EST

The Competition Commission submitted its final report on BSkyB's 17.9% stake in ITV to the government tonight.

The watchdog did not reveal the details of its recommendations, which are expected to suggest that the satellite group reduces the size of its shareholding.

John Hutton, the minister for business, enterprise and regulatory reform, now has 30 days in which to make a decision about what should happen.

He is obliged to accept the Competition Commission's findings as to whether the transaction raised competition concerns, but has scope to make his own decision on what if any remedy should then be applied.

It is up to the government whether the commission's recommendations are published.

In its provisional report in October, the commission found that Sky's share purchase was anti-competitive and set out potential remedies including the sale of part or all of the stake.

Sky spent £940m buying the shares in November last year in a move widely regarded as a means of thwarting a potential takeover of ITV by cable group NTL, since rebranded as Virgin Media.

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Source: guardian.co.uk