Rupert Murdoch’s News Corporation has announced that it is dropping its planned bid to take full ownership of satellite broadcaster BSkyB.
The move came as the House of Commons prepared to vote for a motion supported by all major party leaders calling on Murdoch to scrap the bid.
It follows a scandal over phone hacking at News Corp’s UK newspaper group.
News Corp deputy chairman Chase Carey said the bid had become “too difficult to progress in this climate”.
The scandal has already led to the closure of the UK’s biggest-selling newspaper, the News of the World.
On Friday, Prime Minister David Cameron announced details of a public inquiry into phone hacking and media regulation. (BBC)
