British Sky Broadcasting Group has sold 404.3 million ITV shares, or 10.4 percent of ITV, in accordance with Sky's agreement with the Secretary of State for Business, Innovation and Skills. Sky placed the shares with Morgan Stanley Securities at GBP 48.50 per ITV share, representing a total of GBP 196 million. Sky intends to retain its residual 7.5 percent stake in ITV for the medium term. BSkyB bought a 17.9 percent stake in ITV in 2006 for GBP 940 million, effectively blocking cable operator Virgin Media from buying ITV. The matter was referred to the Competition Commission in 2007, and in 2008 BSkyB was ordered to cut its stake to below 7.5 percent. Since then, it has been through a series of appeals, all of which it lost.
