BSkyB to Shareholders: Sorry about the Murdoch Thing, Here’s $1.6B
4:42 pm, July 29th | by Amy Tennery
Needless to say, shareholders at BSkyB had been a little rattled over the fact that the company’s chairman is currently the target of an international phone-hacking investigation. (So touchy, those guys.) So when the company’s board voted unanimously to keep James Murdoch on it would make sense that some investors might be a little… shaken up. And that’s when the BSkyB folks snapped into action.
The broadcaster is handing back $1.6 billion to investors, in an effort to “placate” them, according to a report this evening from the Telegraph. Of course, the paper points out that “some shareholders [still] expressed disappointment that the company had not been more generous with its payout.” Sheesh. Those guys.
So, will this be enough (eventually) placate the angry masses? According to Dealbook, the issue among shareholders is that Murdoch has such a close connection to the company’s main shareholder, News Corp and that guy who owns it. You know, his dad.
In that sense, a one-time payout might not be enough — the world’s first $1.6 billion bandaid, if you will.