James Murdoch has stunned U.K. media industry Thursday by announcing that News Corporation will shut down The News of the Worldafter this Sunday’s edition, ending a history going back 168 years.
In a dramatic mea culpa, Rupert Murdoch’s youngest son also used the statement about the paper’s closure to admit that he had authorized out of court payments and said that he had not been fully informed of what he was doing at the time.
“The company paid out-of-court settlements approved by me. I now know that I did not have a complete picture when I did so. This was wrong and is a matter of serious regret,” he said, adding that News Corporation would co-operate fully with police inquiries.