BSkyB, the pay-TV and satellite broadcaster, has sold a 6.4pc stake in ITV to billionaire John Malone's cable group Liberty Global for £481m.
Thursday's sale by Sky consists of 259,820,065 ITV shares at 185p per share for an aggregate consideration of approximately £481 million. Sky intends to use the proceeds for general corporate purposes.
BSkyB, which is making a push to create and control ‘Sky Europe’, said it intends to use proceeds for "general corporate purposes".
Liberty Global bought Virgin Media last year and its looking to expand, but it is unclear what it plans to do with the stake. Analysts believe Tom Mockridge, a former board member of BSkyB who is now chief executive of Virgin Media, was behind the deal.
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