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James Murdoch returns to Sky as Chairman

European broadcasting powerhouse Sky PLC has reappointed James Murdoch, son of Rupert Murdoch, as chairman.

James succeeds Nicholas Ferguson, as the television broadcaster revealed a 5% increase in revenue for a strong first half.

Murdoch was previously chief executive of Sky between 2003 and 2007 and chairman between 2007 and 2012.

For the half year to end-December, Sky posted a pretax profit of £414m, down from £1.21bn a year before, when the company sold its stake in ITV PLC.

The company added 337,000 new customers during the quarter, which it said included its highest UK and Ireland customer growth in ten years.

The news comes as Nicholas Ferguson announced his decision to step down as Chairman and as a Director of the company at the end of April, after 12 years on the Board.

In addition, Martin Gilbert has been appointed as Deputy Chairman, with Andrew Sukawaty taking over his former role as Sky’s Senior Independent Director.

Outgoing chairman Nicholas Ferguson said: “Sky continues to grow impressively, to innovate with wonderful products and to serve its customers to the highest standard.

“So now is the right time for me to step back. I am sure that the company will continue to prosper under the leadership of Jeremy supported by James and the Board.”

James Murdoch commented: “I would like to thank Nick for his outstanding contribution to the Board over the last decade and more. I am proud to have been asked by the Board to serve as Chairman of Sky, one of the world’s leading pay TV companies.

“Jeremy and the team at Sky have done an outstanding job in building a dynamic and successful company. As Chairman, I look forward to working with the Board and management as they continue to deliver a great service for Sky’s customers and create value for all shareholders over the years to come.”

Martin Gilbert added: “I am very pleased that James has agreed to succeed Nick. Having seen first-hand James’s contribution to and passion for Sky, the Board feels he is uniquely qualified to become Chairman. “

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