Skype cancels IPO to clear way for Microsoft sale

Internet calling service Skype has canceled its initial public offering (IPO) now that it's agreed to be sold to Microsoft for $8.5 billion. Skype served notice that it was withdrawing its initial public offering of stock in a May 20 filing with regulators. The IPO became moot last week after Skype accepted Microsoft's takeover offer. Skype, currently owned by investment funds and eBay (EBAY), had filed its plans to go public last August.