ITV Shares Drop After its Largest Holder Halves Stake

ITV Plc’s shares fell as much as 12% after Liberty Global Ltd. sold a roughly 5% stake in the media company, following a decade-long decline in the broadcaster’s share price.

Shares traded as low as 65.95 pence apiece on Wednesday to the lowest level since April, below the offer price of 70 pence, according to terms seen by Bloomberg. Its shares have fallen more than 70% since Liberty Global increased its stake in the media company in 2015. Dividends and collar arrangement means the firm roughly broke even on the investment, a company spokesperson said in an emailed statement.