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Murdoch's News Corp. drops bid for satellite broadcaster

By Jim Boulden, CNN
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BSkyB bid gone for now
  • "It is too difficult to progress in this climate," a senior executive says
  • Change in plans comes amid fury over alleged phone hacking by Murdoch journalists

London (CNN) -- Rupert Murdoch's News Corp. withdrew its bid to take over British satellite broadcaster BSkyB Wednesday, the company announced hours before British lawmakers were set to vote on a symbolic measure condemning the planned takeover.

"It has become clear that it is too difficult to progress in this climate," News Corp. deputy chairman Chase Carey said.

The move comes in the face of widespread public and political anger at the company over allegations of illegal eavesdropping and police bribery by some of its British newspaper journalists.

British prime minister blasts Murdoch firm

News Corp. has been seeking to buy the 60.9% of the BSkyB shares it does not already own. The move would have created the largest media company in Britain.

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