News Corp Drops Out of BSkyB Deal
As the UK parliament convened to discuss a motion blocking News Corps’ purchase of BSkyB, the company made an announcement.
“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, the chairman of News Corporation.
Murdoch has never been intimidated by public sentiment, famously gutting The Times after taking over in 1981, but after all three major party leaders endorsed the parliament’s intervention on the deal, Murdoch backed down.
Ed Miliband, who represents the Labour party, declared it was “a victory for people up and down in this country who have been appalled by the revelations of the phone hacking scandal and the failure of New International to take responsibility.”
On Wednesday, Prime Minister David Cameron, once a cautious ally of Murdoch’s, called for an independent investigation into the phone-hacking scandal that wrecked News Corps’ reputation in the UK and forced The Sunday Times to fold.
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