AN activist American hedge fund has drawn up detailed plans to buy BSkyB’s 17.9% stake in ITV.

Silver Point Capital, an American fund that specialises in distressed assets, has held talks with investment bankers who could assist with its plan.

It is unclear whether Silver Point has approached BSkyB, but its proposal involves the creation of a complicated structured vehicle. The “warehouse structure” would enable BSkyB to divest the stake and shed the regulatory risk but still share in any future upside with the hedge fund.

BSkyB, which is part-owned by News Corporation, ultimate owner of The Sunday Times, is expected to learn shortly whether it will be forced to cut its stake in ITV by the Competition Commission to at least 7.5%. It is understood to be considering all options for a sale.

Silver Point could prove to be a bigger headache for ITV chairman Michael Grade than the presence of one of its rivals as its biggest shareholder.

The hedge fund is an aggressive investor, with more than $6 billion (£3 billion) under management last year. It was founded by former Goldman Sachs partners Edward Mule and Robert O’Shea.

Five owner RTL, Big Brother producer Endemol, Israeli-American investor Haim Saban and some US broadcasters are also believed to be interested.

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