Entertaiment

Sky Shareholders Approve Reappointment of James Murdoch as Chairman

Sky Shareholders Approve Reappointment of James Murdoch as Chairman

A report released by Ofcom in June warned that the Murdoch family, which is behind the Sun, the Times and the Sunday Times newspapers, would have "increased influence" over British media should the Fox-Sky deal go through.

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

Mr Murdoch won 51% of votes cast by independent shareholders at the annual general meeting - up from 49% a year ago.

Royal London, which holds a 44 million pound ($58 million) stake in Sky, was one of the investors which planned to vote against James Murdoch's re-election, saying he could not effectively represent independent shareholders while he was chief executive of Fox.

Meanwhile, the takeover of Sky is being held up by a United Kingdom investigation into the proposed deal worth £11.7 billion. The majority of the other resolutions passed with over 90% support.

"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. "Fox is getting a sweetheart deal out of this and mainly I think it's because of the lack of independence on the board".

Sharon White said that while the broadcasting and telecoms regulator had uncovered evidence of "extremely disturbing" behaviour at Fox News, which is owned by 21st Century Fox, it did not follow that Sky would not deserve a broadcasting licence following a takeover.

The UK's Competition and Markets Authority (CMA) has published details of the scope of its investigation into the proposed takeover of broadcaster Sky by 21st Century Fox.

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21st Century Fox and News Corp, parent company of Dow Jones, share common ownership.

"Are you confident that the CMA won't unearth new Fox scandals which derail the bid?", Alaphia Zoyab from activist group Avaaz asked.

Like-for-like revenues were up five per cent to £3.3bn in the three months to 30 September, from £3.1bn this time previous year.

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 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.

The group said Game Of Thrones was its "most-watched series ever", while it also hailed home-grown series Riviera after it notched up 20 million downloads.

He pointed out that in addition to Sky's existing markets - the UK, Ireland, Germany, Austria and Italy - the company had just launched consumer streaming services in Spain and Switzerland.

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


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