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giftedviz.com October 24, 2017


James Murdoch survives close call with shareholders

13 October 2017, 12:37 | Max Haynes

AM ET CMA Outlines Review of 21st Century Fox Sky Deal Will be looking at diversity of voices broadcast standards

AM ET CMA Outlines Review of 21st Century Fox  Sky Deal Will be looking at diversity of voices broadcast standards

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

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.

The 21CF release added: Reference is made to the announcement made on 15 December 2016 by the 21st Century Fox Board and the Independent Committee of Sky that they had reached agreement on the terms of a recommended pre-conditional cash offer by 21st Century Fox for the fully diluted share capital of Sky which 21st Century Fox and its Affiliates do not already own.

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. It also said executive pay at Sky was too complex and that bosses could receive huge payouts if the Fox deal goes through.

(FOX), which has agreed to take full control of Sky, in a deal now being scrutinized by United Kingdom regulators.

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

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The takeover, which is now being scrutinised by the Competition and Markets Authority on public interest grounds having been cleared by regulators in all the other countries in which Sky broadcasts, values the whole of the company at £18.5bn. In late 2014, after BSkyB acquired Fox's Sky Italia and Sky Deutschland, the bigger company changed its name to Sky.

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.

Sky is also set to update the market with results for the three months to 30 September on Thursday.

"We continue to see strong customer demand for our products and services, so net customer additions in the quarter are 50 percent higher than a year ago", Darroch told reporters.

Game of Thrones helped Sky increase customer numbers by 51 per cent in the first quarter, as revenue and earnings also grew.

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.



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