ITV has urged competition watchdogs to force BSkyB to sell its entire 17.9 per cent stake in the broadcaster.
The group said in a submission to the Competition Commission that a complete sale of the shareholding was the only way to prevent Sky from materially influencing strategy.
Sky, which bought the shareholding for £940 million in a controversial move last November, has offered to give up a slice of its voting rights on the stake to allay fears over its influence on ITV.
But ITV argued in its submission that anything other than a full sale "would not be effective or comprehensive".
However, the group said it would be prepared to accept Sky's stake being cut to 4.9 per cent if the group was denied a seat on its board.
This would "at least begin to address ITV's concerns", according to the commercial broadcaster.
Sky could make substantial losses on the acquisition of the stake if it is forced to sell.
The 17.9 per cent shareholding has lost around 30 per cent of its value since Sky bought the holding almost a year ago, worth less than £650 million, based on today's share price.
ITV shares have had a torrid past six months, losing nearly a quarter of their value since May, and were under further pressure yesterday, down 4.5p to 91.5p.