UPDATE 2-JCDecaux, News Corp scrap Russia billboard deal

By James Regan PARIS, Oct 14 (Reuters) - News Corp (NWSa.N: ) abandoned talks to create the world's largest billboard advertising group as the credit crunch made it impossible to finance the deal. The decision sent shares in JCDecaux more than 14 percent higher on Tuesday amid relief that the group would not be making a potentially risky venture into Russia, where News Corp's billboard unit is strong, and would not be taking on debt or issuing stock to finance the acquisition. Asked whether the freezing up of bank finance due to the credit crisis was the reason behind the decision, a spokeswoman said: "You can say that, yes." France's JCDecaux had said as... [read full story]