Rupert Murdoch's bid for total control of BSkyB was dramatically dropped yesterday by News International.
The move came slightly before a parliamentary debate in which all the major parties united to support a Labour motion condemning the bid as against the public interest.
Mr Murdoch still owns 37% of shares in BSkyB and had hoped to take complete ownership of the broadcaster.
However this now appears unlikely in the foreseeable future with the tide significantly turning against the media mogul.
The phone-hacking scandal has significantly weakened the position of Mr Murdoch, who has enjoyed considerable influence over British politics for over 20 years.