Murdoch Shuts Down London Tabloid

Due to the recent findings in the investigations into The News of the World's phone hacking allegations, other misconduct has been found, including police bribery and interfering with a murder investigation, causing Murdoch to shut down the best-selling tabloid and quit while he's behind.

...The News of the World, a British tabloid owned by a division of Rupert Murdoch’s News Corporation, the newspaper will be closed down after publishing one final edition this Sunday.

James Murdoch, son of Rupert Murdoch in his press release:

"The good things the News of the World does, however, have been sullied by behavior that was wrong. Indeed, if recent allegations are true, it was inhuman and has no place in our Company.

The News of the World is in the business of holding others to account. But it failed when it came to itself.

In 2006, the police focused their investigations on two men. Both went to jail. But the News of the World and News International failed to get to the bottom of repeated wrongdoing that occurred without conscience or legitimate purpose. Wrongdoers turned a good newsroom bad and this was not fully understood or adequately pursued.

As a result, the News of the World and News International wrongly maintained that these issues were confined to one reporter. We now have voluntarily given evidence to the police that I believe will prove that this was untrue and those who acted wrongly will have to face the consequences."

Pretty amazing reaction since the paper's been in print for 168 years.