Rupert Murdoch Withdraws Bid for British Sky Broadcasting

Rupert Murdoch's News Corp. dropped its $12 billion bid to takeover British Sky Broadcasting today. With the company in the midst of a massive journalistic scandal, the deal had lost the support of the British government. "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 Chase Carey, News Corp.'s deputy chairman and president in a statement. BSkyB stock...Full Story
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