News Corp Drops BSkyB Bid

Rupert Murdoch's empire won't be expanding anytime soon: News Corp has announced it will abandon its bid to take full control of British Sky Broadcasting. President and COO Chase Carey cited the current "climate" as the reason for the scuttled deal. The Wall Street Journal has his statement. "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." Click to read about more scandal-fueled woes for Murdoch—like sinking circulation.