Broadcaster BSkyB has been ordered to sell down it’s 17.9 per cent share in broadcaster ITV to below 7.5 per cent after losing an appeal with the Competition Appeal Tribunal.

At the hearing on Monday BSkyB appealed against the tribunal’s original ruling in December, but the tribunal dismissed the appeal and in a written judgement said: ‘our view there is no substance in Sky’s complaint.”

The tribunal also ruled that Business Secretary John Hutton and the Competition Commission were incorrect in concluding that the stake did not have an impact on media plurality and supported the argument from rival broadcaster Virgin Media that the Commission had been too lenient.