Rupert Murdoch withdrew 12.6 billion euro bid for British Sky Broadcasting Group (“BSkyB”)

News Corporation, U.K.’s largest pay-television company, was forced to drop its bid for the acquisition of BSkyB. The decision came after some employees at News of the World, a subsidiary of News Corp., were accused of phone hacking and corruption allegations. The 168-year-old British newspaper tabloid News of the World printed its last edition on 10th July, 2011.

C. Carey, News Corporation, commented 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.” Currently News Corporation owns 39 percent of BSkyB.