James Murdoch Re-Elected Sky Chairman, Surviving Shareholder Uprising


As 21st Century Fox continues its pursuit of full control over European pay-TV group Sky, chairman James Murdoch won re-election today despite significant shareholder opposition.

Nearly 22% of all shareholders, and more than 48% of independent ones, opposed Murdoch being allowed to continue in the post.

Earlier this week, Fox said it was co-operating with the UK’s Competition and Markets Authority, which is probing the proposed acquisition of the 61% that Fox doesn’t already own. Among the key areas it is looking at are how the Murdoch Family Trust’s control over Sky News might change after a merger; what potential influence the trust would have on the political agenda; and Fox, Sky, the MFT and News Corp’s approach to corporate governance.

One significant hindrance to Fox’s $15 billion bid has been the spate of sexual 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. Several investors at the meeting raised the specter of further issues arising at the network and the potential exposure it would introduce to Sky.

Shares in 21st Century Fox were flat at $25.50 in light-volume trading. Sky shares in London gained $13, or 1.4%, to close at $926.50.



This article was printed from https://deadline.com/2017/10/james-murdoch-survives-shareholder-uprising-to-win-re-election-sky-chairman-1202187211/