The phone-hacking scandal has done great damage to the stock of News Corp…But the biggest harm may have been to…the company's social license…in addition to a formal government license, companies also need an informal 'social license.'…Companies that possess a social license often find it easy to expand into new areas…But when transgressions are highly public, or particularly egregious…it's a different story…In the midst of this scandal, News Corp. decided to pull out of its effort to acquire the rest of BSkyB, the satellite television system of which it already owned 39 percent…not because...[it] lacked the financing, or the regulatory approval, but because he lacked the social license. [also refers to British Sky Broadcasting (part of News Corp), BP, Fox Entertainment (part of News Corp), 20th Century Fox (part of News Corp) Harper Collins (part of News Corp), Goldman Sachs, Morgan Stanley, Citigroup, Shake Shack, Wal-Mart]