Sky buys into ITV

"British Sky Broadcasting Group plc ('BSkyB') announces that it has acquired a
stake in ITV plc ('ITV'). BSkyB has today acquired 696 million shares,
representing 17.9 per cent of the issued share capital of ITV, at a price of 135
pence per share. The total consideration amounts to approximately GBP 940
million, which will be funded from the group's existing cash balances and its
currently undrawn revolving credit facility." Link: BSkyB - Corporate - Press Release.

Well, I guess that scuppers NTL's proposed acquisition of ITV! It also probably scuppers the BBC/ITV Freesat initiative... 

As always with BSkyB, one has to admire their audacity.... Wonder what Ofcom will say?