We knew it was over, but here’s the official announcement. Rupert Murdoch and News Corp have been forced to drop the quest to take over BSkyb in the UK. The phone hacking scandal is getting worse, from all reports. Is this the end? News Corp may always return in a couple of years. The public has a short memory. It all depends on how much worse this thing gets. Murdoch, by the way, may make an appearance in the Hamptons this weekend at a screening of a documentary his wife, Wendi, produced. That event should be the p.r. Armageddon of the summer. PS NY Post still ignoring the story, Foxnews.com burying it on web site.
NEWS CORPORATION WITHDRAWS PROPOSED OFFER FOR BRITISH SKY BROADCASTING GROUP PLC
News Corporation (“News Corp”) announces that it no longer intends to make an offer for the entire issued and to be issued share capital of British Sky Broadcasting Group PLC (“BSkyB”) not already owned by it.
Chase Carey, Deputy Chairman, President and Chief Operating Officer, News Corporation, commented: “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.”
