NEWS CORP. Officially Withdraws BSKYB Takeover Bid!
Media bigwig Rupert Murdoch has officially put the brakes on his bid for world domination (sorry, I meant News Corp.‘s bid to take full control of BSkyB)!
The news comes as U.K. lawyers were poised to demand that Murdoch give up his goal of taking over the lucrative U.K. broadcaster. Also seeing the light was Prime Minister David Cameron, who suddenly had a revelation to put his party’s weight behind an opposition Labour Party motion up for a vote today that declares that News Corp.‘s bid for full control of British Sky Broadcasting would not be in the national interest.
It’s clear that the political tide has well and truly turned on Murdoch‘s papers, and this motion sends a powerful message to News Corp. to review their strategy.
The official statement from News Corp., issued today, reads:
“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.”
So what will Murdoch focus on now?
