Liberty Global has halved its holding in ITV, selling 193.4 million shares for around £135 million and reducing its stake in the commercial broadcaster from roughly 10% to about 5%.
ITV shares fell sharply on the news, with reports indicating an average sale price near 70p.
Liberty described the sale as being a rebalancing of its portfolio rather than a reflection of ITV’s performance – word that reflected August’s disposal of a 5% stake in Vodafone.
ITV has been studying the possibility of spinning of its lucrative studios business into a separate vehicle.
Liberty first built its ITV position in 2014–15 and had been among the broadcaster’s largest shareholders.
Redwheel is now ITV’s largest shareholder with approximately 6% of the company.
