News Corp Drops BSkyB Bid

COO says it's 'too difficult to progress in this climate'
By Kate Seamons,  Newser Staff
Posted Jul 13, 2011 8:47 AM CDT
A view of the Sky TV headquarters in west London, Tuesday Oct. 12, 2010.   (AP Photo/Lefteris Pitarakis)
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(Newser) – Rupert Murdoch's empire won't be expanding anytime soon: News Corp has announced it will abandon its bid to take full control of British Sky Broadcasting. President and COO Chase Carey cited the current "climate" as the reason for the scuttled deal. The Wall Street Journal has his statement. "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. News Corporation remains a committed long-term shareholder in BSkyB. We are proud of the success it has achieved and our contribution to it." Click to read about more scandal-fueled woes for Murdoch—like sinking circulation.

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