Liberty Global halves stake in ITV for second time in five months amid sale talks

US cable giant Liberty Global has halved its stake in UK commercial broadcaster ITV for the second time since October.

Carolyn McCall

In October, Liberty Global halved its holding from roughly 10% to about 5%, selling 193.4 million shares for around £135m (US$179m).

Earlier this week, the company sold a further 100 million shares, cutting its stake to 2.47%, as it steadily divests its interest in the broadcaster ahead of its potential sale to Sky.

Independent investor Redwheel remains ITV’s largest shareholder, with about 6% of the company.

The reduction in Liberty Global’s stake comes as ITV remains in talks with Sky over the sale of its broadcasting and streaming business.

ITV, led by CEO Carolyn McCall, confirmed at the release of its full-year results this month that it is still in discussions with the Comcast-owned pay TV giant over a potential sale for £1.6bn.

“Following our announcement in November 2025, we remain in discussions with Sky regarding a possible sale of the M&E [media and entertainment] business. There can be no certainty as to whether a transaction will take place and an update will be made in due course,” ITV said.

In its financial results for 2025, ITV reported a fall in profit and flat revenue for the year, but said it is on track for growth in 2026 as it continues with its digital strategy.

Profit before tax fell by 35% year-on-year, to £338m in 2025 from £521m in 2024, after 2024 profit benefited from the sale of ITV’s share in BritBox International to BBC Studios. Adjusting figures to exclude that one-off benefit, profit before tax decreased by 5% in 2025 to £448m from £472m.

Revenue, meanwhile, remained largely flat at £4.12bn (£4.14bn in 2024), as a 5% increase in revenue at ITV Studios was offset by a 5% decline in the M&E business.