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Thursday, July 17, 2014

Britain's BSkyB sells ITV stake to Liberty Global, (NASDAQ: LBTYA)

Britain's pay-TV group BSkyB has sold a 6.4 percent stake in the country's biggest free-to-air commercial broadcaster ITV to cable group Liberty Global for 481 million pounds ($824 million). BSkyB, which will need to raise cash if it goes ahead with its plan to purchase assets in Italy and Germany, had bought a 17.9 percent stake in ITV in 2006 for 940 million pounds, effectively blocking cable group NTL creating a larger and more powerful competitor.

Shares of LBTYA traded higher by 0.11% or $0.05/share to $44.47. In the past year, the shares have traded as low as $37.81 and as high as $46.46. On average, 3732010 shares of LBTYA exchange hands on a given day and today's volume is recorded at 1891295.