Robert Peston
Media playback is unsupported on your device
Video

News Corp withdraws BSkyB bid

Rupert Murdoch's News Corp has withdrawn its bid to buy out the 61% of broadcaster BSkyB it does not already own.

The company is engulfed in a scandal over phone hacking and parliament was due to vote on the bid on Wednesday afternoon.

The BBC's business editor, Robert Peston, says the decision would have been "incredibly painful" for Mr Murdoch.