It has been announced that this coming Sunday, July 10th, will be the final issue of News of the World, the popular 168 year-old British tabloid.
News of the matter was made worse when The Guardian published a story indicated News of the World paid out £100,000 in bribes to police officers in the London area.
James Murdoch, Deputy Chief Operating Officer, and son of Rupert, announced the shutdown to the staff:
"I have important things to say about the News of the World and the steps we are taking to address the very serious problems that have occurred.
It is only right that you as colleagues at News International are first to hear what I have to say and that you hear it directly from me. So thank you very much for coming here and listening.
You do not need to be told that The News of the World is 168 years old. That it is read by more people than any other English language newspaper. That it has enjoyed support from Britain's largest advertisers. And that it has a proud history of fighting crime, exposing wrong-doing and regularly setting the news agenda for the nation.
When I tell people why I am proud to be part of News Corporation, I say that our commitment to journalism and a free press is one of the things that sets us apart. Your work is a credit to this.
The good things the News of the World does, however, have been sullied by behaviour 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.
This was not the only fault.
The paper made statements to Parliament without being in the full possession of the facts. This was wrong."
The announcement came on the heels of several phone-hacking scandals, which involved members of the Royal Family and a missing 13-year old girl, whom was later found dead. It appears as though advertisers had had enough, and began pulling their campaigns:
Ford was quick to answer the above tweet.
@ladyloki Yes it is right. We issued a statement earlier today. ^AC
Mitsubishi has now suspended its NotW media spend while the paper's being investigated regarding the Milly Dowler phone hacking allegations.
Mitsubishi even took it a step further, donating their ad spend to the Childline charity.
#NotW ad spend to the Childline charity.Based on a Facebook user suggestion, Mitsubishi is donating its
We acknowledge the concerns regarding the allegation of phone hacking by News of the World. We confirm that we have no advertising planned.
Renault has no media advertising planned with NOTW, nor will it commit to any future activity, until the formal investigation is complete.
It's unclear at this time if News Corp plans on shifting the staff of News of the World to their other UK media companies, which includes: The Sunday Times, The Sun, and The Times.
Do you think that News Corp should shut down News of the World? Tell us your thoughts in the comments.