Fidelity International, the largest shareholder in ITV, the UK broadcaster being pursued by media group NTL, has started to sell down its holding, offloading more than one million shares this week.

Fidelity has reduced its exposure from 13.68% in March at the time of the last approach, to 11.42% as of Monday, according to regulatory filings. On Monday it sold 1.7 million shares at 114p.