BSkyB sells ITV shares

Broadcasting giant BSkyB has suffered a near-£350m (€397.64m) hit after selling a 10.4% stake in ITV and admitting defeat in a long-running legal battle.

Sky offloaded 404 million shares at 48.5p each - totalling £196m (€222.7m) - after last month's decision by the British Court of Appeal to uphold the UK government ruling that it must sell down its 17.9% stake.