Pay-TV operator BSkyB said it remained confident in its future as a standalone company after major shareholder News Corp dropped its bid for the 61 percent of the company it did not already own.

We are delivering on our clear, consistent strategy and are building a larger, more profitable business for the long term, Chief Executive Jeremy Darroch said in a statement. We remain very confident in the broadly based growth opportunity for BSkyB.

News Corp said earlier on Wednesday it had withdrawn its bid, made over a year ago, because of the furor surrounding the company over a phone hacking scandal at one of its newspapers.

(Created by Kate Holton)