BSkyB have indicated that they might take legal action if they are forced to sell their share in ITV at a loss. As much previously reported, the satellite broadcaster bought a 17.9% stake in ITV last year, just as NTL (now Virgin Media) were talking about mounting a takeover bid for the then CEO-less commercial broadcaster.
NTL, and others, argued that BSkyB's stake in ITV gave them considerable influence there, and that they could use that influence to ensure ITV acted in BSkyB's interest - ie by blocking any proposed Virgin Media/ITV merger (not that any merger is currently on the table) because a combined Virgin/ITV would be a considerable competitor to Sky.
Virgin/NTL reported Sky to the Competition Commission who this week said that, while BSkyB are entitled to a 17.9% stake in ITV under media ownership rules, the stake could be used to influence ITV's strategic direction, and that could be anti-competitive.
Following that ruling, Business & Regulatory Reform Secretary John Hutton will now have to decide whether Sky should be forced to sell their share in ITV. A forced sale may lose Sky money, and the Guardian reports that one Sky non-exec director has told them that if money is lost then the company is "bound to" seek legal redress to block the forced sail or recoup their loss from the government.