Being Widely Reported: News Corporation Backs Down from BSkyB Bid

As being widely reported, this breaking news: Rupert Murdoch’s News Corporation has withdrawn its planned bid to take full ownership of BSkyB in the wake of public pressure.

The decision to back down came as all three major political parties joined forces to call on the media baron to act following continuing allegations of phone hacking and corruption within the proprietor’s titles.

In a statement issued by News Corporation and quoted by The Guardian and BBC, deputy chairman, president and chief operating officer, Chase Carey, is quoted as saying: “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.”

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