Murdoch reluctant to cut ITV holding

ITV Plc, the United Kindgdom's largest commercial broadcaster, is undervalued after a 43 percent drop in the shares this year. Just look at how reluctant Rupert Murdoch is to sell.

British Sky Broadcasting Group Plc, controlled by Murdoch's News Corp, is fighting a UK Competition Commission order to reduce its 17.9 percent stake in London-based ITV to less than 7.5 percent.

The shares trade for about a third of what BSkyB paid in 2006 because advertising revenue has been falling. Selling now would lock in losses for the media billionaire.