BSkyB ITV stake to be reviewed by Competition Commission

The government has announced it is referring BSkyB's previously reported purchase of a 17.9% stake in ITV to the Competition Commission. As previously reported, various media types, and in particular Virgin Media (who were considering an ITV takeover at the time of Sky's share purchase), plus media regulator OfCom and the Office Of Fair Trading have all expressed concern about the satellite TV giant having a stake in the flagship terrestrial commercial broadcaster, even though their 17.9% share does comply with media ownership laws. DTI Secretary Alistair Darling told reporters yesterday that: "On the basis of the evidence before me, a fuller investigation by the Competition Commission is justified". Responding to that news BSkyB said in a statement: "We look forward to engaging with the Competition Commission as the ongoing regulatory process enters its next phase". Branson and Virgin Media bosses presumably went "woo!".