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Liberty Global ups stake in broadcaster ITV to 9.9 pct

Reuters - UK Focus

LONDON, July 31 (Reuters) - European cable operator Liberty Global said it had increased its stake in ITV to 9.9 percent via a hedging deal, but said it still had no intention of taking over Britain's biggest free-to-air commercial TV company.

Liberty, the owner of pay-TV company Virgin Media, took a 6.4 percent stake in ITV (LSE: ITV.L - news) last year, and in September said it had no plans to increase the holding.

"Given ITV's operating and stock price performance, we were able to increase our stake to 9.9 percent with no incremental investment by hedging our existing equity position," Liberty said on Friday.

"This investment remains an opportunistic one for us in our largest market."

Liberty Global (NasdaqGS: LBTYA - news) confirmed it did not intend to make an offer to acquire ITV.

(Reporting by Paul Sandle; editing by Kate Holton)