News Worms
News Worms

Ofcom defends advice on proposed Sky takeover by 21st Century Fox

Ofcom defends advice on proposed Sky takeover by 21st Century Fox

Mr Murdoch is chief executive of Fox. That included support from largest shareholder Fox, which controls a voting stake of 37.19 percent in Sky.

Rupert Murdoch's Fox already owns 39% of satellite broadcaster Sky and is seeking to buy out the rest.

The motion to reappoint Mr Murdoch, a former chief executive of Sky, was passed with 78% of votes.

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

Some institutional shareholders had criticized Murdoch's appointment as chairman, arguing that could pose a conflict of interest given his role as CEO of Sky's largest shareholder.

One significant hindrance to Fox's $15 billion bid has been the spate of sex-abuse and harassment scandals at Fox News, from the disgraced late founder Roger Ailes to onetime ratings powerhouse Bill O'Reilly, who was ousted by the network earlier this year.

The shareholder, Hugh Lawson, said: "I think the board lacks independence".

Earlier, Sky reported what were regarded by City analysts as strong results for the first three months of its financial year.

Culture Secretary Karen Bradley chose to disregard Ofcom's judgement that the deal should only be referred to the UK's Competition and Markets Authority (CMA) over concerns about its impact on media plurality, additionally opting to refer the bid on the grounds of commitment to broadcasting standards.

He told shareholders he was "pretty confident" that this would not have an effect on the CMA's investigation. "Fox is getting a sweetheart deal out of this and mainly I think it's because of the lack of independence on the board".

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.

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.

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

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.

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


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