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In an attempt to appease the UK’s Competition Commission, BSkyB has offered to modify its interest in ITV.

BSkyB owns 17.9% of ITV, acquired a year ago. The Competition Commission, following objections by Virgin Media, is investigating the holding on the basis that it may be anti-competitive. BSkyB in a letter to the Commission has offered to hive off almost one fifth of its stake (three per cent of ITV) to an independent trustee able to vote the stock wholly independently of Sky’s Board. Hiving off this three per cent of stock would bring Sky’s active holdings below 15% and thus eliminate the formal influence it might be thought to hold over ITV.

The Commission has already provisionally found (October 4) that the current size of BSkyB’s holdings could block special resolutions from ITV, and that the pay-TV broadcaster had acquired “material influence” over ITV.