Sky threat to sue if forced to sell stake
Thursday, October 4th, 2007But nothing’s going to happen until January anyway
Sky have said that in the event of it being forced into a loss-making sale of its 17.9% stake in ITV, it would be “bound to” seek legal action.
When the £940m blitzkrieg ITV share raid took place last November, individual shares were valued at around £1.35 a share – now they’re worth substantially less, roughly £1.05 a share. This equates to a £200m loss for Sky if they were forced to sell tomorrow.
However, as nothing is going to happen decision wise until January anyway, by which time market conditions may be more favourable for Sky.
Sky have said that it will continue to work with the regulator until the publication of the final report next year. It has been suggested that for purposes of voting neutrality, that Sky would support Michael Grade ITV’s executive chairman, on any important votes.
November 1st, 2007 at 10:54 pm
(that Sky would support Michael Grade ITV’s executive chairman, on any important votes.)
No doubt Mr Grade will get some kind of backhander for playing ball.
Do you really think the general public walk around with their eyes closed?