Sky devolves itself of ITV

It certainly didn't take Sky long to offload its stake in ITV following last week's ruling and has chosen to sell 10.4 per cent of the commercial broadcaster, the minimum amount that a 2008 government ruling had laid down.

Back in 2006,the stake was always regarded as a long term investment and a way of ensuring that ITV did not succumb to any other takeover big.

Sky will probably argue that both of those criteria have been reached