News Summary: UK regulator: BSkyB 'fit and proper'
THE GOOD NEWS: British Sky Broadcasting is a "fit and proper" company to hold an operating license, U.K. regulators said. Its license was called into question because of the scandal at a newspaper owned by News Corp., which effectively controls BSkyB through a 39 percent stake.
THE BAD NEWS: The regulators criticized former CEO and Chairman James Murdoch for poor management, a charge that News Corp. disputes.
THE STAKES: If the company had not been found 'fit and proper,' it could have been stripped of the license that earned it a net profit of $1.4 billion in the year ended June 30.