Media
Virgin Media will reportedly reduce its board from ten members to nine following pressure from major shareholders.
Board member William Connors, an ex-employee of W.R. Huff Asset Management, will reportedly not seek re-election at the cable operator's AGM in New York today.
Sir Richard Branson's Virgin Group and fund manager Franklin Mutual Advisers, who hold an 11% and 9% stake respectively, are also said to be concerned with the level of influence Bill Huff of W.R. Huff has on the board despite his company owning just a 5.7% stake.
Huff is chairman of the executive committee, which recommends board members and executives the collective and approving budgets, changes in management, strategy and operations.
Yesterday it was reported that Franklin revealed in a US Securities Exchange Commission filing that it may hold talks with Virgin Media for clarification on its future strategy.
Board member William Connors, an ex-employee of W.R. Huff Asset Management, will reportedly not seek re-election at the cable operator's AGM in New York today.
Sir Richard Branson's Virgin Group and fund manager Franklin Mutual Advisers, who hold an 11% and 9% stake respectively, are also said to be concerned with the level of influence Bill Huff of W.R. Huff has on the board despite his company owning just a 5.7% stake.
Huff is chairman of the executive committee, which recommends board members and executives the collective and approving budgets, changes in management, strategy and operations.
Yesterday it was reported that Franklin revealed in a US Securities Exchange Commission filing that it may hold talks with Virgin Media for clarification on its future strategy.
More: Media, Broadcasting
More Media News
Satellite TV News
Sky marks Jubilee with Union Jack remoteSky and One For All create universal remote celebrating the landmark UK summer.
Cable News
Pirate Bay blockade begins with VirginBT, Sky, others to follow suit, but rights groups warn it won't tackle piracy.
Freeview News
Freeview+ made easier for blind peopleRNIB develops software to make it easier for blind people to use Freeview+.
Video on Demand
'World first' social VOD service launchesThe studio behind Plan B's iLL Manors offers VOD users rewards for sharing.
