News Corp. (NASDAQ:NWSA) announced today that it no longer intends to make an offer to acquire British Sky Broadcasting (PINK:BSYBY). Chase Carey, Deputy Chairman and COO of News Corp. commented: "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. News Corporation remains a committed long-term shareholder in BSkyB. We are proud of the success it has achieved and our contribution to it." Shares of News Corp. are trading up 1.69% to $15.61 in early trade.News Corp (NASDAQ:NWSA) has a potential upside of 30.3% based on a current price of $15.59 and an average consensus analyst price target of $20.31.