News Corp. Withdraws BSkyB Bid

by Nat Brown

BBC:

Rupert Murdoch’s News Corporation has announced that it is dropping its planned bid to take full ownership of BSkyB.

The announcement came as the House of Commons was preparing to vote for a motion calling on Mr Murdoch to do so.

All three major party leaders had said they supported the motion, which would not be legally binding on News Corp.

The decision follows days of allegations about phone hacking by News Corp subsidiary News International.