BSkyB has announced that it has acquired a stake in ITV.

The satellite TV group has surprised the media industry by taking an 18% stake worth nearly £1bn in ITV.

According to MediaGuardian, BSkyB, which is 39% owned by Rupert Murdoch's News Corporation, it made its dramatic swoop without telling ITV's board beforehand. It also ruled out making a full bid for ITV, which would be forbidden under media ownership laws.

Sky said it had purchased 696m shares,representing 17.9 per cent of the issued share capital of ITV, at a price of 135pence per share and that the purchase was funded from the group's existing cash balances and its currently undrawn revolving credit facility.

Sky added that it has has no intention of acquiring shares that would result in BSkyB's stake exceeding 19.9 per cent or making an offer for the whole of ITV's remaining share capital.

MediaGuardian have also suugested that Sky's purchase of ITV's shares is being seen as a blocking move to NTL's bid to merge with ITV.