The Week: City News - Call for Sky to cut ITV stake

The Competition Commission has recommended that BSkyB reduce its 17.9 per cent stake in ITV to less than 10 per cent.

BSkyB hopes that the Commission will give it a year to cut back the holding in ITV to prevent its shares from plummeting further. ITV shares have fallen from 120p in 2006 to 31.25p this week. John Hutton, the business secretary, has 30 days to decide what action will be taken, after receiving the Commission's report.