The Office of Fair Trading (OFT) opened a formal investigation today into BSkyb's purchase of a 17.9 per cent stake in struggling ITV.
The OFT inquiry will decide whether the recent £940 million investment by Rupert Murdoch's satellite firm in ITV represents a merger that could threaten competition in UK broadcasting.
The shock move by Sky in November scuppered NTL's £5 billion bid for ITV and sparked a furious reaction from Sir Richard Branson, NTL's biggest shareholder.
