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The New York Times
Wednesday, July 13, 2011 — 9:33 AM EDT

Murdoch Drops British Satellite Bid

Rupert Murdoch’s News Corporation announced on Wednesday that it was withdrawing a $12 billion bid to take over the shares it does not already own in Britain’s main satellite television broadcaster, Sky News reported.

The development was the latest upheaval flowing from the phone hacking scandal within Mr. Murdoch’s British newspaper empire that has convulsed his company and ended what, for years, had been a close, cozy and influential relationship with the British establishment.