Suddenly, News Corp. Has Money to Burn

Analysts see cash being used to calm worried investors

Though the deal was a year in the making, Rupert Murdoch’s News Corp. has abandoned its bid for full ownership of the satellite broadcasting company British Sky Broadcasting Group. The decision follows intense police and media scrutiny of fallen Murdoch newspaper News of the World, not to mention intense public pressure in the U.K. and a negative reaction from Wall Street.