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July 14, 2011

News Corp. Withdraws Takeover Bid Following U.K. Vote 
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Media tycoon Rupert Murdoch has withdrawn his bid for the broadcaster
BSky B as the phone hacking scandal continues to unfold. Murdoch's
decision comes shortly after British lawmakers voted unanimously to urge
his media conglomerate News Corp. to drop its takeover attempt. Murdoch
and his son James Murdoch have also been summoned to testify before a
British parliamentary committee, but have so far refused to comply. On
Wednesday, British Prime Minister David Cameron called for fundamental
changes at News Corp.

British Prime Minister David Cameron: "There needs to be root-and-branch
change at this entire organization and I think it has now become
increasingly clear that while everybody to start with wanted in some way
to separate what was happening at News International and what is
happening with BSky B, that is simply not possible. What has happened at
this company is disgraceful, it's got to be addressed at every level and
they should stop thinking about mergers when they've got to sort out the
mess they've created."



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