In mid afternoon trading Wednesday, BSkyB shares were trading only 0.7 percent lower on the day at 688 pence ($10.97). That’s a tad higher than the level they were at when News Corp. said it could not proceed with its bid given the current negative climate.

Analysts said investors had already concluded that the bid was dead in the water.

News Corp.’s move was the latest development in a phone hacking and bribery scandal at the News of the World, which the company closed last Sunday after 168 years.