ITV Plc has exited from its remaining 6.79% stake in Scottish broadcaster STV, putting an end to a shareholder relationship that started in the 1990s. The said transaction is valued at £7.5 million, according to The Guardian. 

The London-based broadcasting firm is STV's fourth-largest shareholder. ITV owns two ITV network franchises. The STV stake was taken from former ITV firm Granada. The latter purchased the Scottish broadcaster in 1999 when it was planning a possible takeover, the report said.

ITV sold its 2,650,961 shares on December 9 for £285 apiece. The said trade was only made public on December 10.  STV shares plummeted 4% in trading after the news of the exit,  the report said.

According to an unnamed STV source, ITV's stake sale was a "demonstration of the appreciation in STV's stock value." The source also said STV had been eyeing an active diversification in its shareholder base and the ITV sale provided a good opportunity for that goal, The Guardian reported.