Sky must pay ITV Appeal costs
June 24, 2009
The UK Competition Appeal Tribunal has ordered BSkyB to pay all legal costs derived from Sky's attempts to fight the Compeition Commission's original decision that it must sell its 17.9% stake in ITV down to a maximum of 7.5%.
The bill will include the costs of the Competition Commission, ITV, the Secretary of State for Business and Virgin Media for their costs in challenging BSkyB's judicial review proceedings.
Should Sky lose in the Court of Appeal it faces a massive writedown on the £940 million it paid in late 2006 for the ITV stake, the commercial broadcaster's share price was then 135p and is now 34.7p.