James Murdoch Reelected as Sky Chairman

13 October, 2017, 00:33 | Author: Laverne Higgins
  • James Murdoch Reelected as Sky Chairman

"There´s nothing wrong with Mr Murdoch - but it is because of the name".

Martin Gilbert, the deputy chair, said the board had looked at the Fox takeover in the best interests of shareholders and had impartial discussions that did not include Murdoch or other Sky directors with connections to Fox.

James Murdoch remains chairman of Sky despite a significant number of shareholders opposing his re-election. It also said executive pay at Sky was too complex and that bosses could receive huge payouts if the Fox deal goes through.

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".

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

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.

The update comes as the Competition and Markets Authority (CMA) continues to examine 21st Century Fox's bid for the FTSE 100 company.

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He told shareholders he was "pretty confident" that this would not have an effect on the CMA's investigation.

Like-for-like revenues during the three months to the end of September were £3.3bn, up 5.5% on the same period a year ago, while EBITDA (earnings before interest, taxation, depreciation and amortisation) rose by 11% to £582m.

Sky CEO Jeremy Darroch, Fox CFO John Nallen and former Fox no. 2 Chase Carey were also among those board members re-elected on Thursday, each with more than 98.5 percent of the shareholder vote in their favor.

Jeremy Darroch, Group Chief Executive, said that the good revenue growth and excellent profit growth was achieved against the backdrop of pressure on consumer spending and lower spend on United Kingdom television advertising. The company launched new streaming services in Spain and Switzerland in the quarter.

He said the first series of Sky's home-grown drama Riviera achieved 20 million downloads, while Game of Thrones had become the most watched series ever on Sky.

Shares in 21st Century Fox were flat at $25.50 in light-volume trading.

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