News Corp. has dropped its bid to take over the British satellite broadcaster BSkyB in advance of a House of Commons vote:

"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 chairman Chase Carey in a statement.

News Corp. already controls the company with about 40 percent ownership. The British government had been scheduled to vote on the deal last Friday, but News Corp. delayed its bid after the phone-hacking scandal intensified last week.

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What's next: "Anybody who pretends that they know where News Corp story is headed is bluffing," tweets The New York Times' David Carr. "Way too large, dynamic and fast-moving to tell."