In shadow of Fox bid, James Murdoch re-elected Sky chairman
Oct 13 2017
Murdoch said at the Sky annual meeting that the companies were "engaged constructively with the regulatory authorities" about the deal.
The investors argue that Fox's attempt to buy the United Kingdom group presents a conflict of interest for Murdoch who is both chairman of Sky and chief executive of 21st Century Fox.
The broadcaster's motion to reappoint Mr. Murdoch as chairman passed with 78% of votes, while approval of the remuneration report passed with 71%.
When asked by the culture, media and sport select committee about how the decision was reached White said that a thorough review had been carried out adding "We did not find a particular concern that would have caused us to believe that Sky News in particular and Sky as a broadcaster, post-transaction, would not be a fit and proper broadcaster", adding that Sky "currently has a very strong record of compliance on broadcasting".
Nearly 22 percent of all shareholders opposed Mr Murdoch and 48.5 percent of independent shareholders.
"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.
The Competition and Markets Authority (CMA) has published an issues statement outlining the scope of its investigation into 21st Century Fox's planned ￡18.5 billion (€20.5 billion) takeover of Sky.
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.
21st Century Fox (21CF) has welcomed the publication by the CMA of the Issues Statement.
Earlier, Sky reported what were regarded by City analysts as strong results for the first three months of its financial year.
He told shareholders he was "pretty confident" that this would not have an effect on the CMA's investigation.
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".
Chief Executive Jeremy Darroch said Sky was growing both revenue and profit in a tougher consumer market thanks to its new products, and a TV line-up that includes thriller "Riviera", its most successful original production to date, and "Game of Thrones".
Shares in 21st Century Fox were flat at $25.50 in light-volume trading.