Murdoch scraps bid for satellite broadcaster BSkyB

The phone-hacking scandal that brought media mogul Rupert Murdoch’s The News of the World to its knees may also be responsible for Murdoch’s decision to scrap his bid for British satellite broadcaster BSkyB, the BBC reports. Murdoch scrapped the bid shortly before the House of Commons made plans to vote for a major party-backed motion that would prevent him from going through with the deal. Chase Carey, News Corp. deputy chairman, told the BBC that the bid was “too difficult to progress in this climate”. On Friday, Prime Minister David Cameron told press that a public inquiry into the phone hacking scandal would begin shortly. BSkyB’s share price dropped briefly after Murdoch scrapped the bid, eventually recovering and improving 2 per cent. BBC News