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emfizz.com October 19, 2017


Sky suffers shareholder revolt over directors' pay and James Murdoch re-election

13 October 2017, 12:34 | Anna Nguyen

Sky CEO Jeremy Darroch at Sky’s London HQ

Sky CEO Jeremy Darroch at Sky’s London HQ

The motion to reappoint Mr Murdoch, a former chief executive of Sky, was passed with 78% of votes. That included support from largest shareholder Fox, which controls a voting stake of 37.19 percent in Sky.

Concern among the dissenters centres around what they see as a potential conflict of interest, given his role as chief executive of 21st Century Fox, which is trying to buy Sky in an £11.7bn deal.

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.

Fox late a year ago struck a deal to take full control of Sky.

Nearly 22 percent of all shareholders opposed Mr Murdoch and 48.5 percent of independent shareholders.

"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".

Today's update comes as Sky awaits a decision from the competition watchdog on a proposed takeover by 21st Century Fox.

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.

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A United Kingdom investigation into a planned takeover of TV giant Sky by Rupert Murdoch's 21st Century Fox will assess the tycoon's influence on the country's political landscape, regulators said Tuesday.

Mr Gilbert was also asked about recent allegations of sexual harassment at Fox News, the flagship news channel owned by 21st Century Fox, which has claimed the jobs of a number of senior executives and personalities at the channel.

Its bid, which is strongly opposed by some lawmakers and is subject to lengthy regulatory scrutiny, hangs over the European pay-TV group, which reported quarterly results earlier on Thursday.

European pay-TV giant Sky, facing a possible takeover by Rupert Murdoch´s 21st Century Fox, announced Thursday a surge in subscribers on keen demand for cult U.S. series Game of Thrones.

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

In terms of programming, Sky said Riviera became its most-watched original series ever in period, and Game of Thrones 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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