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Thursday, July 17, 2014

US cable group Liberty Global buys stake in UK broadcaster ITV, (NASDAQ: LBTYA)

U.S.-based cable group Liberty Global has bought BSkyB's 6.4 percent stake in ITV, Britain's biggest free-to-air commercial broadcaster, boosting its shares on hopes of a wider bid.Billionaire John Malone's Liberty, which bought British cable operator Virgin Media as part of a European expansion last year, said it did not intend to make an offer for the rest of the broadcaster, but ITV shares still rose 7 percent.The sale, at a price of 481 million pounds ($824 million), may also indicate that BSkyB is looking to raise cash to push ahead with its own expansion plans after it opened talks this year to purchase Rupert Murdoch's Sky Italia and Sky Deutschland.The purchase is just the latest in a string of deals in the global media sector to buy content and follows ITV's drive to develop its production arm and generate revenue beyond its traditional, and volatile, advertising source.

Shares of LBTYA fell by 0.22% or $-0.1/share to $44.37. 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 2416332.