BT acquired the shares in return for its stake for British Interactive Broadcasting, the service now known as Open. BSkyB took full control of the interactive TV service with the acquisition of BT's 19.9% stake in the business in a deal worth £387m.
BSkyB shares fell to 726p, down 16p. This morning it announced third-quarter pre-tax losses of £26.4m, down from £105.1m.
A spokesman for BT said: "We sold 9.5m shares this morning, half of our total holding of 19.1m shares in Sky. The sale went through at 733.5p a share and we will receive a cash transaction of £70m."
BT has more than made back its initial £130m investment in BiB. Under the terms of the deal, BT is owed two more tranches of shares out of three. The second is due to be paid in six month's time and a third payment may be required in 2003 if Open reaches a certain value. Both remaining tranches are valued at £130m.
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