Sky Chairman James Murdoch Steps Down as Comcast Offer Becomes Unconditional

By Carlo Martuscelli

Sky PLC (SKY.LN) said Tuesday that Chairman James Murdoch will be resigning with immediate effect after Comcast Corp.'s (CMCSA) acquisition of the company became unconditional.

Mr. Murdoch is joined by a number of company executives in leaving the U.K. media company. Independent nonexecutive directors Matthieu Pigasse and Adine Grate have agreed to remain on the board for the time being, Sky said.

James Conyers, Sky's general counsel, has been appointed to the Sky board as an executive director with immediate effect, it said.

The company said that it will now apply for its shares to be de-listed after Comcast acquired more than 75% of the voting rights of Sky.

Comcast agreed to pay $39 billion for the British pay-TV group after a monthslong bidding war with 21st Century Fox Inc. ended in a rare auction held by U.K. regulators.

The British broadcaster became the target of a protracted battle involving some of the world's largest media companies, amid a larger wave of deal-making accelerated by the rise of streaming platform.

Write to Carlo Martuscelli at [e-mail]

(END) Dow Jones Newswires

October 09, 2018 11:38 ET (15:38 GMT)

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