BSkyB shareholders have approved the controversial share buyback scheme, allowing Rupert Murdoch's News Corporation to raise its stake in the satellite broadcaster.
BSkyB shareholders have approved the controversial share buyback scheme, allowing Rupert Murdoch's News Corporation to raise its stake in the satellite broadcaster.

Following its AGM, Sky said investors controlling 1.18 billion shares voted to support the share buyback, easily outweighing the 234.89 million shares exercised against the scheme.

Before the poll was taken, shareholders such as The National Association of Pension Funds had registered their dislike of the buyback scheme, which will allow News Corp to raise its stake from 37.2% to 39.1% over the next year, and raised fears of a creeping takeover process from News Corp.

Sky said it received 410 million votes supporting its resolution to disregard City rules that would force it to launch a full takeover bid, with 346 million shares pitched against the resolution.

The broadcaster had tried to dampen the rebellion by promising to cap News Corp's voting rights at 37.3% of Sky's shareholding, despite its stake in the company exceeding that level.

Sky deputy chairman Jacob Rothschild, in a move to further reassure the rebelling shareholders, told this morning's AGM that the board would not be seeking a similar resolution at next year's AGM.