News Corp. Drops $13B BSkyB Bid Amid Scandal

Law360, New York (July 13, 2011, 10:22 AM EDT) -- News Corp. announced Wednesday it had abandoned a planned $13 billion acquisition of British Sky Broadcasting PLC amid pressure from U.K. officials outraged over the ongoing phone hacking scandal that has enveloped the media giant.

The announcement follows Monday’s referral of the deal by Britain’s culture secretary to the U.K. Competition Commission, the country's top competition regulator, for a full review. News Corp. issued a brief statement Wednesday in which they referenced the scandal as the major reason it was pulling its bid to acquire the...
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