Murdoch Drops Bid for British Sky Broadcasting
LONDON (AP) - In a stunning retreat, Rupert Murdoch's News Corp. media empire dropped its bid Wednesday to take over full control of British Sky Broadcasting amid a political and legal firestorm over phone hacking at one of its British newspapers.
Murdoch was forced to step back from the biggest battle of his career over a lucrative prize, accepting that he could not win government acceptance of the takeover as Britain's major political parties had united against it.
It has become clear that it is too difficult to progress in this climate, News Corp. deputy chairman and president Chase Carey said in a brief statement to the London Stock Exchange.
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