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I think he would close down anything in his quest to gain overall control of BSkyB. The man must think he is going to live for ever. This present government and its predecessors have only themselves to blame for the rise of this Meglomaniac and his flame haired manipulatorOriginally Posted by parkerman
parkerman (11-07-2011)
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News Corporation has withdrawn its bid for BSkyB, Sky News City editor Mark Kleinman has exclusively revealed.
More follows ...
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Rupert Murdoch's News Corporation has announced that it is dropping its planned bid to take full ownership of satellite broadcaster BSkyB.
The announcement came as the House of Commons was preparing to vote for a motion calling on Mr Murdoch to do so.
All three major party leaders had said they supported the motion, which would not be legally binding on News Corp.
The decision follows days of allegations about phone hacking by News Corp subsidiary News International.
'Huge humiliation'
"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."
BSkyB's share price briefly dropped following the announcement to about 4% down for the day, before recovering.
The company has fallen some 20% since peaking a week ago, and is trading at a level not seen since News Corp first announced its bid plans in June last year.
A spokesman for the prime minister David Cameron welcomed the news: "As the prime minister has said, the business should focus on clearing up the mess and getting its own house in order."
The Labour leader, Ed Miliband, called it "a victory for people up and down this country who have been appalled by the revelations of the phone hacking scandal and the failure of News International to take responsibility".
The BBC's business editor Robert Peston said: "It's a huge humiliation. This was [News Corp's] biggest investment plan of the moment. It was one of the biggest investments they've ever wanted to make.
"It is an extraordinary reversal of corporate fortune... And questions will now be asked whether this is the full extent of the damage to the empire."
Robert Peston added there had been "a lot of speculation" that Mr Murdoch might now want to sell his UK newspapers, but the current state of the industry made them less attractive to potential buyers.
"The question is, who is going to pay him the price that they are worth? He will not want to sell those papers at a loss."
Public inquiry
Mr Cameron has asked Lord Justice Leveson to oversee a public inquiry into the News of the World scandal and media regulation.
In a statement to the Commons, he said the inquiry would begin as "quickly as possible" and would be in two parts - an investigation of wrongdoing in the press and the police, and a review of regulation in the press.
The judge will have powers to call media proprietors, editors and politicians to give evidence under oath, the PM said.
Mr Cameron said those who sanctioned wrongdoing should have no further role in running a media company in the UK.
He said Lord Justice Leveson, assisted by a panel of senior independent figures, would make recommendations for a better way of regulating the press which "supports their freedom, plurality and independence from government but which also demands the highest ethical and professional standards".
He will also make recommendations about the future conduct of relations between politicians and the press.
Mr Cameron told MPs he will require all ministers and civil servants to record meetings with senior editors and media executives to help make the UK government "one of the most open in the world".
Mr Miliband welcomed the proposal, arguing it must be imposed retrospectively, so that he and Mr Cameron publish all details of meetings with media executives dating back to the last general election.
The prime minister was previously criticised for meeting Rupert Murdoch, head of News Corporation, in Downing Street soon after the election, because Mr Murdoch did not walk through the front door.
Newspapers which did not support the government ran stories of "secret meetings".
Earlier at prime minister's questions, Mr Cameron said a "firestorm" was engulfing parts of the media and police, and those who had committed offences must be prosecuted.
Mr Miliband said it was an insult to the family of murdered schoolgirl Milly Dowler, whose phone was allegedly hacked, that Rebekah Brooks was still News International's chief executive.
Mr Cameron responded: "She was right to resign, that resignation should have been accepted. There needs to be root and branch change at this entire organisation.
"What has happened at this company is disgraceful - it's got to be addressed at every level."
On Tuesday, Mr Cameron met Deputy Prime Minister Nick Clegg and Labour leader Ed Miliband at Downing Street to discuss the hacking scandal.
Metropolitan Police Commissioner Sir Paul Stephenson is believed to have updated the three men on the current state of the police inquiry into hacking claims when he visited Number 10
BBC News
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I don't think this will be a end to this bid. The man is a megalomaniac and will try some other method of gaining control of BSkyB. Mark my words
Member of the Year 2019
Rebekah Brooks, chief executive of News International, has resigned, the company has confirmed.
Her departure follows days of growing pressure for her to step down as the phone hacking crisis grew.
In a statement, she said she felt a "deep responsibility for the people we have hurt".
Tom Mockridge has been unveiled as Ms Brooks' replacement. He was in charge of News Corporation's Italian broadcasting arm.
Rebekah Brooks was editor of the News of the World when murder victim Milly Dowler's phone was hacked.
She said she wanted to "reiterate how sorry I am for what we now know to have taken place".
Her statement went on: "I have believed that the right and responsible action has been to lead us through the heat of the crisis. However my desire to remain on the bridge has made me a focal point of the debate.
"This is now detracting attention from all our honest endeavours to fix the problems of the past."
Ms Brooks, who had been with News International for 22 years, bowed to the international pressure piling up on the company.
Recent developments:
The FBI is investigating reports that Rupert Murdoch's News Corporation sought to hack the phones of victims of the 9/11 attacks
In an interview with the Wall Street Journal, Mr Murdoch defended the company's handling of the crisis
Mr Murdoch and his son James have agreed to stand in front of the Commons media select committee next Tuesday to answer MPs questions on the hacking scandal
Former News of the World executive editor Neil Wallis, who went on to work for the police, was arrested on Thursday
In a message to News International staff, News Corporation's chief executive in Europe James Murdoch hailed Ms Brooks as "one of the outstanding editors of her generation" who "can be proud of many accomplishments as an executive".
"We support her as she takes this step to clear her name," he said.
National apology
Mr Murdoch revealed that News Corp was planning to use national press adverts this weekend to apologise to the nation for wrongdoing at the News of the World.
"We are also sending letters to our commercial partners with an update on the actions we are taking.
"The company has made mistakes. It is not only receiving appropriate scrutiny, but is also responding to unfair attacks by setting the record straight."
Mr Murdoch praised new chief executive Tom Mockridge as "a highly respected and accomplished media executive", who had shown "leadership and integrity" in creating the Sky Italia 24-hour TV news channel in Italy.
Leader of the Labour Party, Ed Miliband, said: "It is right that Rebekah Brooks has resigned. No-one should exercise power without responsibility."
BBC News
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No doubt a golden handshake was involved
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I love the story that has now come out that Mrs Brooks turned down the story of the year last year, M.P.s expenses, because it "wasn't sexy enough". Obviously a great editor!
Manchester City
could this be the downfall of Mr Cameron! Lots of secrets seem to be coming out, like his meetings with the Murdochs and Coulsen stayin at his house
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We can only hope...
Senior Member
The former Mrs Ross Kemp is rumoured to have received £ 3.5 million qudNo doubt a golden handshake was involved
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