LONDON (Reuters) - News Corp has withdrawn its $12 billion bid to buy out the 61 percent of broadcaster BSkyB it does not already own after the government turned on Rupert Murdoch over a phone hacking scandal.
Below is analyst, market and industry reaction:
Continue Reading Below
JANE COFFEY, FUND MANAGER, ROYAL LONDON ASSET MANAGEMENT
"It's all become too political now, but this doesn't mean that he's withdrawn the bid forever."
STEVE HEWLETT, MEDIA CONSULTANT (TO SKY NEWS)
"They've lost control of the situation completely. The police enquiry has turned up all sorts of things... This is massive and it's plainly not going to stop.
"Whether it ever calms down sufficiently for News Corp to renew its bid - who knows?"
STEVEN MALCOLM, ANALYST, EVOLUTION SECURITIES
"I'm not surprised. I think with such universal political disapproval it would have been foolhardy to carry on at this stage.
"I think they need to get the phone hacking investigation and the judicial reviews completed, see what gets thrown out of that and regroup and if they are in position at the end of that to have another look at it then they are.
"At the moment it would be a futile pursuit given the public and political objections and disapproval to what's been going on."
(Reporting by UK bureau; Compiled by Matt Scuffham)