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News Corp. withdraws bid for British Sky Broadcasting

LONDON, ENGLAND (NEWS1130) – A phone-hacking scandal has cost Rupert Murdoch’s media empire its bid to buy British Sky Broadcasting.

Murdoch’s News Corp. says it has given up on making an offer to take full control of BSkyB, with the deputy chairman saying it’s become too difficult to progress in the current climate.

Outrage has grown and News Corp.’s share price has fallen since a report last week that The News of the World hacked the phone of a teenage murder victim. That was followed by claims of intrusion into private records of celebrities and politicians by The Sun and The Sunday Times.