Under pressure because of the British phone-hacking scandal, Rupert Murdoch's News Corp. on Wednesday said it no longer intends to make an offer for the portion of British Sky Broadcasting Group it doesn't already own.
Government review of the proposed acquisition had been delayed by months because of the scandal, which led to the closing of News Corp.'s newspaper News of the World.
News Corp. shares dropped 11% as the phone scandal mushroomed over the past week. There was concern that the issue might jeopardize News Corp.'s businesses in America., notably its television station licenses, but most analysts said it was unlikely the U.S. government would take any action.
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