The UK Competition Commission is expected to file its report on Sky with the government shortly and reports say it will recommend Sky's stake in ITV is cut to below 10 per cent. According to the FT Sky will be asked to reduce its stake to about 7 per cent, to bring it more into line with the holding of the next largest investor in ITV. A final decision on the conclusions of the report will be made by February.

Given the current ITV share price, Sky stand to lose as much as £190 million (E275m) from a forced sell-down.

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