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James Murdoch remains BSkyB chairman

James Murdoch remains BSkyB chairman
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The directors of BSkyB have unanimously backed James Murdoch to remain as chairman of the satellite broadcaster.

Some BSkyB shareholders had called for him to step down saying his reputation has been tarnished by his role in a phone-hacking scandal at the News of the World, which was owned by News Corporation, his father Rupert’s company of which James is also an executive.

The big decision for the investors was what effect would dumping James Murdoch have had on BSkyB’s share price.

Due to the scandal it has fallen from eight pounds and 35 pence to – at one stage – below seven pounds before recovering somewhat.

The scandal meant News Corporation has been forced to drop its attempt to take full control of BSkyB – currently it owns 39 percent of the broadcaster.

Whether the Murdochs – James and his father Rupert – survives in their top management positions long-term will depend on how the phone hacking scandal plays out and what further revelations there may be.