CMA outlines scope of Sky, Fox investigation

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In response, Martin Gilbert, Sky's deputy chairman, pointed out that Sky's board had formed an independent committee to evaluate the terms of 21st Century Fox's takeover, which he said had met 11 times since the takeover approach was tabled in December previous year.

Sky CEO Jeremy Darroch, Fox CFO John Nallen and former Fox no. 2 Chase Carey were also among those board members re-elected on Thursday, each with more than 98.5 percent of the shareholder vote in their favor.

"There's nothing wrong with Mr Murdoch - but it is because of the name".

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

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.

Additionally Conservative MP, Rebecca Pow asked whether the regulator had sufficiently scrutinised the deal, White said: "I am absolutely confident we did a professional, independent, expert job".

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

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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.

Like-for-like revenues were up five per cent to £3.3bn in the three months to 30 September, from £3.1bn this time previous year.

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".

Sky said that the HBO drama was its "highest rating show ever" with 4.7 million viewers, while Riviera concluded as its most successful original drama with 20 million downloads.

Sky said it added 160,000 new customers in its first quarter, which marks a 51% rise on a year earlier. It is also launching its loyalty programme in Germany & Austria in the second half of the financial year, building on the success of the scheme in Italy and the good start to Sky VIP in the UK.

"21st Century Fox (21CF) welcomes the publication by the Competition and Markets Authority (CMA) of the Issues Statement".

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