Mr Luard sold 698,435 shares to Tele-Communications International (TCI), Flextech's controlling shareholder, at 622.5p each. At the same time, Mark Luiz, group financial director, sold 50,000 shares to TCI.
Mr Luard signalled his intention to sell shares and options in the company in March, after tying up two joint ventures with the BBC to supply channels to pay-television.
The shares dropped from 770p to around 620p after the BBC announcement, and it is thought Mr Luard had been holding on for a higher price before selling. However, the 622.5p a share he eventually secured is some way off Flextech's year-high price of 802.5p.