The media giant was finally pressured by parliament and the public to withdraw its bid to take over the pay-TV company.

Rupert Murdoch’s media group News Corporation bowed to pressure from the public and parliament on Wednesday and withdrew its bid to take full control of pay-TV company BSkyB. The move leaves News Corp’s key strategy for UK corporate growth in tatters. The proposed £8bn deal has been in train for more than a year, with the first offer tabled in June 2010. It is the 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. Guardian

Quantcast