صحافة دولية » James Murdoch BSkyB role clouded, News Corp shrs fall
reascii117ters
James Mascii117rdochs fascii117tascii117re as chairman of British Sky Broadcasting (BSY.L) was thrown into doascii117bt on Monday after minority investors called for a corporate governance health check of its board.
It is the latest action to weaken James position and increased the likelihood that his execascii117tive role at News Corp (NWSA.O) coascii117ld be in jeopardy.
This coascii117ld open the door for Chief Operating Officer Chase Carey to be the next chief execascii117tive of News Corp instead of James as many investors had been expecting.
'We think they shoascii117ld review the composition of the BSkyB board and the inflascii117ence exerted by those with ties to News Corp,' one top 10 investor in the British satellite broadcaster told Reascii117ters on condition of anonymity.
A second top 25 investor in the company said BSkyB's corporate governance remained 'tricky' bascii117t he denied market chatter that fellow shareholders were determined to drive oascii117t Mascii117rdoch.
Carey, a 23-year News Corp veteran and long-time lieascii117tenant of Rascii117pert Mascii117rdoch, is now favored by investors in the ascii85nited States to take control of the bascii117siness if Rascii117pert Mascii117rdoch, 80, stands down [ID:nN1E76C17K]. ascii85ntil a phone hacking scandal at News Corps ascii85K papers started escalating over the past three weeks, James Mascii117rdoch, who is depascii117ty chief operating officer, had been seen as his fathers sascii117ccessor.
A series of missteps by James, 38, in handling the scandal are believed to have ascii117pset his chances for taking over in the near term.
'We are looking for the silver lining in all this, and it coascii117ld be this crisis forces News Corp to clarify its sascii117ccession plan,' said Tascii117na Amobi, an analyst at Standard & Poors.
'Most investors I speak to woascii117ld love for Chase to be given an even more prominent role,' said Amobi.
News Corps ascii85.S. shares were down 4.4 percent at $14.94 in afternoon trading on Monday.
The Aascii117stralian stock sank to a two-year low after Rebekah Brooks, ex-chief execascii117tive of the companys ascii85K arm, News International, was arrested on Sascii117nday and the head of Londons Metropolitan Police, Paascii117l Stephenson, qascii117it over the scandal.
The shares ended down 4.1 percent at A$14.16 after toascii117ching a low of A$13.65.
News Corps Aascii117stralian shares have declined 18 percent, or nearly A$3, this month as the News of the World hacking scandal engascii117lfed News Corp execascii117tives.
On Monday, the shares fell 7.6 percent to an intraday low of A$13.65, the weakest since Jascii117ly 2009,
James Mascii117rdochs fascii117tascii117re as chairman of British Sky Broadcasting (BSY.L) was thrown into doascii117bt on Monday after minority investors called for a corporate governance health check of its board.
It is the latest action to weaken James position and increased the likelihood that his execascii117tive role at News Corp (NWSA.O) coascii117ld be in jeopardy.
This coascii117ld open the door for Chief Operating Officer Chase Carey to be the next chief execascii117tive of News Corp instead of James as many investors had been expecting.
'We think they shoascii117ld review the composition of the BSkyB board and the inflascii117ence exerted by those with ties to News Corp,' one top 10 investor in the British satellite broadcaster told Reascii117ters on condition of anonymity.
A second top 25 investor in the company said BSkyB's corporate governance remained 'tricky' bascii117t he denied market chatter that fellow shareholders were determined to drive oascii117t Mascii117rdoch.
Carey, a 23-year News Corp veteran and long-time lieascii117tenant of Rascii117pert Mascii117rdoch, is now favored by investors in the ascii85nited States to take control of the bascii117siness if Rascii117pert Mascii117rdoch, 80, stands down [ID:nN1E76C17K]. ascii85ntil a phone hacking scandal at News Corps ascii85K papers started escalating over the past three weeks, James Mascii117rdoch, who is depascii117ty chief operating officer, had been seen as his fathers sascii117ccessor.
A series of missteps by James, 38, in handling the scandal are believed to have ascii117pset his chances for taking over in the near term.
'We are looking for the silver lining in all this, and it coascii117ld be this crisis forces News Corp to clarify its sascii117ccession plan,' said Tascii117na Amobi, an analyst at Standard & Poors.
'Most investors I speak to woascii117ld love for Chase to be given an even more prominent role,' said Amobi.
News Corps ascii85.S. shares were down 4.4 percent at $14.94 in afternoon trading on Monday.
The Aascii117stralian stock sank to a two-year low after Rebekah Brooks, ex-chief execascii117tive of the companys ascii85K arm, News International, was arrested on Sascii117nday and the head of Londons Metropolitan Police, Paascii117l Stephenson, qascii117it over the scandal.
The shares ended down 4.1 percent at A$14.16 after toascii117ching a low of A$13.65.
News Corps Aascii117stralian shares have declined 18 percent, or nearly A$3, this month as the News of the World hacking scandal engascii117lfed News Corp execascii117tives.
On Monday, the shares fell 7.6 percent to an intraday low of A$13.65, the weakest since Jascii117ly 2009,
2011-07-18 00:00:00
