BSkyB shares slide over doubts on News Corp. bid

Shares in British Sky Broadcasting dropped sharply today on growing doubts over News Corp.'s bid to take control of the satellite broadcaster.

Updated on: Jul 11, 2011, 15:17:29 IST

AP | By HT Correspondent, London

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Shares in British Sky Broadcasting dropped sharply on Monday on growing doubts over News Corp.'s bid to take control of the satellite broadcaster.

BSkyB shares fell 7.3 % at 695 pence ($11.12) in early trading on the London Stock Exchange. A week ago they were trading as 850 pence.

As trading opened Monday, the government minister dealing with the proposed bid said he would seek advice from another agency about whether the phone hacking scandal at a Murdoch newspaper paper raises questions over whether News Corp. is "fit and proper" to hold a broadcasting license.

News Corp. boss Rupert Murdoch has arrived in London to take charge of the company's response the closure of the News of the World because of the scandal.

News Corp. already owns 39 % of BSkyB.

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