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LATEST NEWS & EVENTS News Corp drops BSkyB takeover bid  Plans by News Corp to engage a mergers and acquisitions solicitor service to takeover BSkyB have been withdrawn. The global media company's proposed bid to take full ownership of the satellite broadcaster collapsed as MPs prepared to vote on a motion opposing the takeover. It follows revelations about phone hacking and alleged payments to police by its UK newspaper group. The furore surrounding the issue forced the closure of the News of the World last week. "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. He added that News Corp remains a "fully-committed" shareholder in BSkyB. The decision has been welcomed by the leaders of the three main parties, who had all backed the motion calling for News Corp to abandon its plans. Labour leader Ed Miliband said it was a "victory" for people who had been "appalled" about the phone hacking disclosures. The BBC's business editor described the climb down by Rupert Murdoch as a "huge humiliation". Posted by Alex McLean 
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