News Corp withdraws bid for BSkyB

News Corporation is withdrawing its planned bid to take full ownership of BSkyB following the News of the World phone-hacking scandal.

The annoucement came as the House of Commons was preparing to vote for a motion calling Rupert Murdoch to drop the takeover bid.

“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,” said News Corp chairman Chase Carey in a statement.

“News Corporation remains a committed long-term shareholder in BSkyB. We are proud of the success it has achieved and our contribution to it.”

Read the full BBC article here.