17th Jul 2014 06:52
LONDON (Alliance News) - British Sky Broadcasting Group PLC said Thursday it has sold its 6.4% interest in ITV PLC to Liberty Global Incorporated Ltd, a wholly owned subsidiary of John Malone's Liberty Global PLC.
The sale has been made at 185 pence per share, a small premium to ITV's closing price Wednesday of 182.95p. BSkyB said it intends to use the aggregate consideration of GBP481 million for general corporate purposes.
"This is an opportunistic and attractive investment for us in our largest cable market. ITV is the leading commercial broadcaster in the UK, and we're excited to be shareholders," said Liberty Global Chief Executive Mike Fries in a statement.
Liberty Global noted that it does not intend to make an offer to acquire ITV.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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