BSkyB posts Q3 loss after writing off ITV stake

British Sky Broadcasting Group lost £118 million (US$234 million; €150 million) in the third quarter after writing off its stake in commercial broadcaster ITV.

An Associated Press report also said BSkyB reported 10% gains in revenue and customers for its satellite services during the three months ending 31 March.

Revenue rose 10% to £3.7 billion (US$7.3 billion; €9.3 billion), the report said.

The company said it added 56,000 net customers in the quarter to raise its total to nearly 8.9 million; it raised broadband subscriptions by 229,000 to 1.4 million.

BSkyB shares were up 1.3 % at £5.475 (US$10.85; €6.95) on the London Stock Exchange.

The group logged an impairment charge of £474 million (US$939 million; €602 million) related to the stake it took in ITV in 2006 in a move widely perceived to be a blocking strategy against its pay-TV rival NTL, now called Virgin Media after a merger with Richard Branson's Virgin Mobile.

The Competition Appeal Tribunal ruled last year that BSkyB must dispose of more than half its 17.9% stake in ITV, and Business Secretary John Hutton subsequently ordered the company to cut its holding to 7.5%, the report added.

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