Liberty Global buys ITV stake from BSkyB

LONDON, July 17 (AFP): US cable giant Liberty Global said on Thursday it has bought a 6.4-per cent stake in ITV, Britain's largest free-to-air commercial television broadcaster, from BSkyB for £481 million ($824 million, 610 million euros).
Colorado-based Liberty Global, which has made a string of European acquisitions in recent years, added in a statement however that it did not intend to make an offer to acquire ITV.
Liberty Global has purchased 259.8 million ITV shares at 185 pence per share from pay-TV giant BSkyB.
ITV broadcasts hit period drama 'Downton Abbey' and long-running soap opera 'Coronation Street', as well as popular reality shows 'Britain's Got Talent' and 'X Factor'.
"This is an opportunistic and attractive investment for us in our largest cable market," said Mike Fries, Liberty Global's chief executive officer.
"ITV is the leading commercial broadcaster in the UK and we're excited to be shareholders."
A BSkyB spokesman said the deal would take its ITV shareholding to less than one per cent. The group will use the proceeds for general corporate purposes.
In 2006, BSkyB had bought a 17.9-per cent stake in ITV for £940 million. But the company was forced to slash its holding after losing an appeal against a government competition ruling in 2010.