BSkyB To Appeal ITV Share Ruling Tomorrow

As expected, BSkyB (NYSE: BSY) will challenge the Competition Commission’s ruling it must drop most of its ITV (LSE: ITV) share in an appeal to the Competition Appeals Tribunal tomorrow. Sky will dispute the earlier ruling that it had effectively merged with ITV when it bought a 17.9 percent stake and that its ownership prevents ITV from pursuing an independent competitive strategy. Sky wants the CAT to rewind the ruling and send the case back to the commission. It argues reducing its share to less than 7.5 percent is an “unreasonable and disproportionate remedy”. And CEO Jeremy Darroch (via statement) is not pulling any punches: