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Wednesday
Jul132011

Murdoch Pulls Bid to Take Over BSkyB

MAX NASH/AFP/Getty Images(LONDON) -- After days of relentless pressure, the Rupert Murdoch media empire has yanked its bid to take over all of the lucrative BSkyB satellite television operation.

In the end, the might of Murdoch's formidable power was no match for the angry mood of the country -- which was reflected in this case by U.K. politicians. The global media mogul owned 39 percent of the British-based broadcaster and was angling for complete control, but in light of the weight of the unfolding phone hacking scandal at the now-shuttered News of the World, that couldn't happen.

"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 Newscorp. chief operating officer Chase Carey. “News Corporation remains a committed long-term shareholder in BSkyB. We are proud of the success it has achieved and our contribution to it."

Criminal charges could still follow from a police investigation into the News of the World journalists' reported hacking of cellphones of celebrities, politicians, and even murder victims.

Copyright 2011 ABC News Radio

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