News Corp withdraws bid for BSkyB

Star TV Network’s parent company, News Corporation has withdrawn its bid for BSkyB.

News Corporation has been under pressure to withdraw its offer to take full control of pay-TV company BSkyB since the allegations about phone hacking by News Corporation’s News of the World.

The announcement came as the House of Commons was preparing later today to vote for a motion calling on owner Ruper Murdoch to do so.

“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,” said News Corp deputy chairman and president Chase Carey in a statement.

“News Corporation remains a committed long-term shareholder in BSkyB. We are proud of the success it has achieved and our contribution to it.”