News Corp bid for BSkyB withdrawn
Friday 15th July 2011
News Corporation, owned by media mogul Rupert Murdoch, has dropped its controversial bid to take full ownership of satellite broadcaster BSkyB.
The move comes amid public and political outrage over phone hacking at News Corp's UK newspaper group News International.
News Corp deputy chairman Chase Carey said in a statement: "We believed that the proposed acquisition of BSkyB by News Corporation would benefit both companies, but it has become clear that it is too difficult to progress in this climate.
"News Corporation remains a committed long-term shareholder in BSkyB. We are proud of the success it has achieved and our contribution to it."
The announcement came shortly before MPs debated a motion calling on Murdoch to scrap the bid. The motion was approved unanimously with all-party agreement.
It is the second major commercial shock involving the company in less than a week.
Only last Thursday it closed the UK's best-selling newspaper, the News of the World.
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