British Sky Broadcasting may have to sell even more of its stake in ITV than it was expecting after the Competition Appeal tribunal surprised lawyers by saying an original antitrust ruling may not have been tough enough.

With the potential prospect of more of BSkyB’s 17.9 per cent stake being forced on the market and few possible buyers for such a tranche, media bankers said a prolonged decline in the ITV share price could eventually trigger a bid for the company, although not in the next few months.