Last week, in submission to the Commission’s inquiry into BSkyB’s acquisition of a 17.9% stake in ITV last year, the satellite TV group suggested parking 3% of its 17.9% stake into an independent trust.
BSkyB would have no say over the voting intentions of the independent trust.
But according to submissions made by many of BSkyB’s rivals over the past few weeks, such a move would be unlikely to represent a satisfactory remedy.
Virgin Media is pushing for the complete divestment of the 17.9% stake.
Setanta Sports, the pay-TV broadcaster, wants BSkyB to be forced to have a stake whereby it would cease to be ITV’s largest shareholder.
The BBC did not specify the level at which it wanted the BSkyB stake cut, but called for a partial divestment.
Channel 4 called for BSkyB’s stake to be reduced to 11% – the shareholding held in ITV by investment vehicle Fidelity prior to the creation of ITV plc through the merger of Granada and Carlton.
The broadcaster believes that 11% would be a small enough stake to protect the independence of ITV’s strategy. The Competition Commission is due to finish its inquiry by 2 January, 2008.
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