In a judgment handed down on 29 September, the Competition Appeal Tribunal (CAT), dismissed an appeal brought by British Sky Broadcasting Group plc (Sky) against a decision of the Competition Commission (CC). The CAT upheld part of an appeal against the same decision brought by Virgin Media (Virgin) with the result that, unless it successfully appeals against the CATs decision, Sky will be required to sell down its current 17.9% stake in ITV to less than 7.5% and may (depending on the outcome of a further hearing in relation to Virgin's appeal) be required to sell down to a lower level or even outright. Background Sky acquired 17.9% of ITV in November 2006, a few days after Virgin had publicly announced that it had advised ITV of its interest in exploring a possible takeover.
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The UK Competition Appeal Tribunal delivers its judgment dismissing challenges on material influence, SLC and remedies brought by a broadcasting company (British Sky Broadcasting Group)
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