French media group Vivendi Universal is considering the sale of its 23 per cent stake in British Sky Broadcasting, which could be valued at around £3 billion sterling, industry sources have said.
Sources told Reuters that Vivendi would have announced the sale a while ago but has been looking for an appropriate adviser for the transaction.
Vivendi is not allowed to use any adviser that has been involved in its takeover of Seagram's Universal arm last year.
Vivendi is also concerned that if all its shares in BSKyB came to the market, it might not get a high price. One option being considered was to park the stake in a trust and then sell this off in various stages.
A sale to financial institutions was a stronger option as it would be difficult to find an appropriate strategic buyer, sources familiar with the situation added.