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James Murdoch wins backing of Sky shareholders to stay as chairman

A majority of independent votes cast at Sky's AGM today supported the re-election of James Murdoch as chairman
A majority of independent votes cast at Sky's AGM today supported the re-election of James Murdoch as chairman

A majority of independent votes cast at the annual shareholders' meeting of Sky today supported the re-election of James Murdoch as chairman, a spokesman for the European pay TV group said. 

Ahead of the meeting some shareholders had said they were planning to oppose Murdoch's re-election.

They said they did not believe he could effectively represent independent investors as he is also chief executive of Twenty-First Century Fox. 

Twenty-First Century Fox, which already owns 39% of Sky, agreed to buy the rest of the company in December 2016, a deal which is currently being reviewed by Britain's competition regulators. 

At Sky's AGM, independent director Martin Gilbert said he was "pretty confident" past events at Fox News in the US would not affect the UK Competition and Markets Authority's current review of the deal. 

His comment was a reference to allegations of sexual and racial harassment at Fox News.

Earlier, Sky said it had made a strong start to its latest financial year, with like-for-like revenue up 5% and 160,000 new customers. 

Sky reported like-for-like first-quarter revenue of £3.3 billion and core earnings of £582m, up 11% in the three months to end of September. 

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

"The total number of subscription products in our base of homes now sits comfortably above 60 million," he added. 

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".

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

"Our growth is coming at the top and at the entry end as well," he said.