News Corp. Abandons Bid for BSkyB

Jul 13, 2011  •  Post A Comment

News Corp. has given in to public outrage and pressure from the British Parliament over the phone-hacking scandal centered on the company’s News of the World tabloid and has withdrawn its bid to take over the U.K. satellite TV company BSkyB, The Guardian reports.

All three of Britain’s main political parties were expected to demand today in the House of Commons that Rupert Murdoch’s company drop the bid, the story says.

“It is one of the biggest setbacks the 80-year-old media mogul has ever suffered and follows 10 days of revelations about the true scale of phone hacking at The News of the World, the paper Murdoch shut down last week,” the story reports.

The report adds: “The decision to abandon the deal is also a major blow to James Murdoch, who is third in command at the company and has responsibility for News Corp.’s U.K. businesses, including its Sky stake and News International.”

One Comment

  1. The Tories flew high when they won
    But now they see Murdoch and run
    As Cameron learned
    That Icarus burned
    By getting too close to The Sun.
    News Short n’ Sweet by JFD8

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