BSkyB Buys into ITV in the UK

Rupert Murdoch has finally grabbed the slice of the U.K.'s terrestrial TV market that he's coveted for years.

His BSkyB, Europe's leading satcaster, on Friday acquired a 17.9% stake in ITV for £940 million ($1.78 billion), making it the commercial broadcaster's biggest shareholder.

The paybox has bought 696 million shares at $2.54 each in a move that is being interpreted as a ploy to block Nasdaq-listed cabler NTL's plans to merge with ITV.

Full story over at Variety