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BSkyB, a satellite pay-TV operator in the United Kingdom, has announced that it will take a stake of nearly 18 percent in commercial broadcaster ITV. The total cost of the acquisition is 940 million British pounds ($1.78 billion).
BSkyB said the acquisition has taken place without the prior knowledge of the ITV board of directors, but the operator communicated to ITV’s board its intention to be a supportive shareholder. BSkyB said it had no intention of acquiring shares that would result in BSkyB’s stake exceeding 19.9 percent, or making an offer for the whole of ITV’s remaining share capital.
The acquisition comes less than two weeks after its rival, cable operator Ntl, announced it was in talks with ITV regarding a possible link-up.
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