BSkyB backs Murdoch as chairman

BSkyB today gave its backing to chairman James Murdoch after his role at the satellite broadcaster came under pressure in the wake of the News International phone-hacking scandal.

The FTSE 100 Index company said Mr Murdoch would remain as chairman as it revealed a 23% hike in annual operating profits to £1.1bn – rubbing salt in the wounds of News Corporation, which earlier this month withdrew its bid for total control of the company.

The company also announced a partnership with rival BBC to broadcast live Formula 1 between 2012 and 2018, in a move which will see Sky Sports show all races, qualifying and practice sessions and BBC show half the races and qualifying sessions, including key dates such as the British Grand Prix and Monaco Grand Prix.