Under intense pressure from its widening phone-hacking scandal, News Corp. today issued the following statement:
NEWS CORPORATION WITHDRAWS PROPOSED OFFER FOR BRITISH SKY BROADCASTING GROUP PLC
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."