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News Corp. has decided to drop its bid to acquire satellite company British Sky Broadcasting, the media conglomerate announced today.
The news came during a marathon discussion in Britain's House of Commons on the subject of whether Rupert Murdoch’s company should be allowed to move forward with the bid in light of the News of the World hacking scandal. All three major parties in Parliament were poised to vote against the takeover later this afternoon. Murdoch had been scrambling to save the deal as it crumbled under the weight of the hacking allegations, but public pressure finally proved too much.
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