Alistair Darling took the easy option. With the Office of Fair Trading and Ofcom saying BSkyB’s stake in ITV was potentially anticompetitive, not referring the matter to the Competition Commission would have been a major surprise. The bad news for Sky – 39.1 per cent owned by News Corporation, parent company of The Times – is that ITV has come out against it.

ITV’s stance is buried in the OFT and Ofcom reports, also published yesterday. It is giving warning that Sky may be able to block deals that require 75 per cent shareholder approval, because not all investors vote, and if Sky voted against it would exceed 25 per cent of votes cast. The commercial broadcaster also made similar noises about the loss of plurality in news – the sort of thing that worries regulators and politicians.

These concerns are the critics’ best argument. The OFT also worries that Sky might take a board seat at ITV, although Sky has said it does not want one. There are also fears of a “dampening of competition” between the two companies, but, as ITV’s seizure of the FA Cup rights from a BBC/Sky consortium shows, so far evidence for that is limited.

There is no evidence that Sky has any influence over News at 10.30. It is true that both sides could behave collusively but it does not need a cross-shareholding to encourage that.

Nevertheless, Sky starts the inquiry behind after the first leg. Significantly, the OFT rejected undertakings proposed by Sky. These are not spelt out, although it is easy to imagine Sky agreeing not to accept board representation.

The good news is that the commission starts with a blank sheet and Sky has been here before, facing defeat and turning the situation around.

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