PLOT THICKENS IN SKY’S GAME OF CHAIRS
Sky’s annual general meeting on Friday could be a lively affair. The broadcaster is the subject of a takeover bid by Rupert Murdoch’s 21st Century Fox, which already owns 39%. The culture secretary, Karen Bradley, asked the competition regulator to review the bid last month, partly because of concerns about governance at Fox, whose Fox News has been dogged by sexual harassment allegations.
Murdoch’s son James – Sky’s chairman and Fox’s chief executive – warned the government it could not afford to turn away Fox’s bid amid uncertainty over Brexit. Will he have more to say on Friday?
Adding to pressure on the firm, three large shareholder advisers have recommended voting against James’s reappointment as chair. His dual roles at Sky and Fox mean he is not independent, they argue.
Then there is the spiralling cost of the broadcasting rights to the English Premier League, the main attraction for Sky subscribers. Sky and BT split the rights under the current deal but Amazon and other powerful interlopers are hovering.
Kit Harington as Jon Snow in Sky hit Game ofThrones.