News Corp. formally withdraws BSkyB bid

In perhaps the least surprising move of the week, News Corp. (Nasdaq: NWSA) has officially withdrawn its bid to acquire U.K. satellite TV giant BSkyB amid growing controversy over the phone-hacking scandal involving News Corp.'s (now shuttered) News of the World newspaper.

Rupert Murdoch's media giant still owns about 39 percent of BSkyB, but its bid for the other 61 percent of the company last summer, looked to be Murdoch's step toward unquestionable dominance of Europe's satellite TV market.

For more:
- see this BroadbandTV News report

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The News Corp.-BSkyB deal appeared to be falling apart earlier this week
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