Saturday, 16 December, 2017

James Murdoch re-elected Sky chair despite shareholder rebellion

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Theodore Harris | 13 October, 2017, 00:36

Mr Murdoch is chief executive of Fox.

That included votes cast on behalf of 21st Century Fox, Sky's largest shareholder, which is capped at 37.19% - and means that Mr Murdoch's appointment was also backed by a majority of independent shareholders.

The results were announced against the backdrop of a bid from Rupert Murdoch's Twenty-First Century Fox to buy the remaining 61% of Sky it does not already own.

Mr Darroch said the group's investment in production was "delivering", with customer viewing to Sky pay channels up 10% year-on-year.

Almost 22% of all shareholders, and more than 48% of independent ones, opposed Murdoch being allowed to continue in the post.

The BBC meanwhile reported that James Murdoch is poised to defend his position as Sky's chairman at the group's annual shareholder meeting today, with a trio of advisory firms having called on shareholders to vote against his re-election.

"The board notes the significant vote against. the Directors' Remuneration Report, and. the re-election of James Murdoch, and will continue to engage with shareholders to understand their views as part of its ongoing programme of engagement", the company said on Thursday.

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In response to the question about the Fox News scandal, Darroch said the "whole board are incredibly supportive and behind Sky" and that it wanted to make a "broader contribution" to society.

The CMA will use its extensive experience of investigating different issues in a wide range of sectors to thoroughly and impartially investigate the proposed takeover of Sky Plc by 21st Century Fox.

When asked by the culture, media and sport select committee about how the decision was reached White said that a thorough review had been carried out adding "We did not find a particular concern that would have caused us to believe that Sky News in particular and Sky as a broadcaster, post-transaction, would not be a fit and proper broadcaster", adding that Sky "currently has a very strong record of compliance on broadcasting".

Overall, Britain´s Competitions and Markets Authority will assess the impact of the Murdoch family´s proposed deal on both broadcasting standards and media plurality.

Sky's subscriber base swelled by a 160,000 new customers in the three months to late September, up 51 percent on a year earlier, it said in a trading update. The fantasy series is now the most-watched ever shown on Sky.

He said the company was seeing good demand for its flagship Sky Q product as well as for its streaming service Now TV.

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