Business Secretary John Hutton has ordered BSkyB to cut its stake in ITV to below 7.5% from the 17.9% it currently holds.

Mr Hutton said he had backed the decision made by the Competition Commission as it would address a required "substantial lessening of competition" identified in their report.

He also said that the company should not sell the shares to anyone or any group it was connected with, nor seek a place on the ITV board, nor try to re-acquire shares in the broadcaster.

BSkyB Ordered To Cut Stake In ITV To Below 7.5% |Sky News|Business

Sky have filed the following statement on their Investor Relations website

BSkyB Group plc ('Sky') notes today's announcement by the Secretary of State for Business, Enterprise and Regulatory Reform in respect of Sky's minority Shareholding in ITV plc. The company will give careful consideration to the announcement and confirm any further steps in due course.