BSkyB urged to cut holding in ITV

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The City watchdog also said it wanted to see undertakings from BSkyB that it would not seek representation on ITV's board.

The findings were published ahead of a final ruling from John Hutton, Business and Enterprise Secretary, in the new year.

Mr Hutton is required to accept the Commission's competition findings, but could still come to a different conclusion on the proposed remedies. He has until January 29 to announce his final decision.

Sky could make substantial losses if it is forced to reduce the stake, which it bought for £940 million last November and is now worth less than £600 million.

ITV shares have fallen by more than a third in value since BSkyB made the surprise move to snap up the stake.

ITV said today it "welcomed" the publication of the Competition Commission's report and said it awaited a final decision from Mr Hutton.

The commercial broadcaster had urged the Commission to consider a complete sale of the stake, although in the same submission it said it would be prepared to accept a cut to 4.9% if Sky was denied a seat on the board.

It said it believed BSkyB would be able to influence key strategic decisions, particularly with a number of "genuine and realistic prospective investments" under consideration.

BSkyB said in a statement: "We note the publication of the report and we are considering its contents carefully. The next phase of this process lies with the Secretary of State. We will be making representations to him in due course."