There is some good news as well as a verbal lashing for British Sky Broadcasting.
British regulator Ofcom concluded that Sky (BSkyB (News - Alert)) is a "fit and proper" company to hold a broadcasting operating license. The ruling comes after a wide-spread phone hacking scandal involving BSkyB’s parent company, News Corp (News - Alert)., and its now-defunct News of the World publication.
The regulator could have pulled the license from Sky – which could have led to a loss of a key revenue source.
Still, New Corp principal James Murdoch was blamed for his management decisions.
To view Ofcom’s ruling, please click here.
Ofcom said it could give another look at details if more information is revealed.
"After a lengthy review process, we are pleased that Ofcom has now reached its conclusion and we look forward to continuing to develop our business for the benefit of customers and shareholders alike," BSkyB said in a statement quoted by The Associated Press.
But there was the lashing, too.
"We consider James Murdoch's conduct, including his failure to initiate action on his own account on a number of occasions, to be both difficult to comprehend and ill-judged," Ofcom said in its report, according to TMCnet.
In its statement, News Corp. said it was pleased that Ofcom ruled evidence “does not provide any basis to conclude that News Corp. and Rupert Murdoch acted in a way that was inappropriate, and that there is similarly no evidence that James Murdoch deliberately engaged in any wrongdoing."
"We disagree, however, with certain of the report's statements about James Murdoch's prior actions as an executive and Director, which are not at all substantiated by evidence," News Corp. added.
James Murdoch was chairman of News International and BSkyB until stepping down, according to The Telegraph.
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Edited by Rachel Ramsey