profishingrods.com
profishingrods.com October 18, 2017


James Murdoch wins backing of Sky shareholders to stay as chairman

12 October 2017, 08:20 | Joann Bryant

The investigation is expected to last for six months

The investigation is expected to last for six months

Fox's bid for the 61% of Sky that it does not already own is being investigated by the Competition and Markets Authority on the basis of media plurality and broadcasting standards.

Shareholder advisory groups - including Institutional Shareholder Services (ISS), Glass Lewis and Pirc - have called on investors to vote against his re-election at Sky's annual general meeting and also to rebel against what they claim are potentially "excessive" pay plans.

James Murdoch has narrowly survived a rebellion by independent Sky shareholders to be re-elected as chair of the British satellite broadcaster.

A Sky spokeswoman said Mr Murdoch was "uniquely well-placed" to be chairman.

A previous attempt by Fox to buy Sky was abandoned in the midst of the phone-hacking scandal in 2011.

"We've had a strong start to our new financial year with good revenue growth and excellent profit growth as investments we've made come through", said group chief executive Jeremy Darroch.

One shareholder, who did not give his name, said to Murdoch: "I have the same problem with my dad. Fox is getting a sweetheart deal out of this and mainly I think it's because of the lack of independence on the board".




"The board notes the significant vote against resolution 3, the director's remuneration report and resolution 12, 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".

Quizzed by Labour MP Paul Farrelly about whether recent allegations about sexual harassment at Fox News had been taken into consideration, Ms White explained that Ofcom had looked in detail at the corporate governance of both companies, both recently and longer ago.

On these two judgements, our view was we thought that Sky would continue genuinely to have a commitment to broadcasting standards.

Mr Darroch said it was a strong start to the new financial year: "Against the backdrop of pressure on consumer spending and lower spend on United Kingdom television advertising, we were particularly pleased with our own EBITDA growth of 15% in our established business".

Sky has reported a 5% increase in like-for-like revenue to £3.3bn in a first quarter update after adding 51% more customers.

He added: "Game of Thrones has become the most watched series ever on Sky".

21st Century Fox (21CF) has welcomed the publication by the CMA of the Issues Statement.



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