British Sky Broadcasting Group PLC said Tuesday it has sold most of its stake in rival ITV PLC, as the U.K. government had ordered it to do.
BSkyB, which had taken a 17.9 percent stake in ITV in 2006, effectively blocking a possible takeover bid by Virgin Media.
The company said it had sold shares amounting to a 10.4 percent stake in ITV at 48.5 pence per share, a substantial loss from the 135 pence per share that it had paid.
BSkyB said it would retain a 7.5 percent stake in ITV.
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The sale came two weeks after the Court of Appeal upheld the government order to reduce BSkyB's stake.