"This Sunday's News Of The World will be the last ever issue of the tabloid," James Murdoch, deputy chief operating officer of News Corp., just announced.
The tabloid — Britain's biggest — has been coming under increasing attack because of the scandal over how investigators it hired hacked into the phones of murder victims, celebrities, politicians and relatives of those killed and injured in the 2005 London bombings. Investigators say they are contacting thousands of potential hacking victims.
According to Sky News, another part of the Murdoch family's media empire, the CEO "said [Sunday's] newspaper would not run any commercial adverts this weekend, adding the advertising space would be donated to causes and charities."
We'll update this post as the story develops.
Update at 12:05 p.m. ET. From Murdoch's Statement:
"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. ...
"While we may never be able to make up for distress that has been caused, the right thing to do is for every penny of the circulation revenue we receive this weekend to go to organisations — many of whom are long-term friends and partners — that improve life in Britain and are devoted to treating others with dignity. ...
"I want all journalism at News International to be beyond reproach. I insist that this organisation lives up to the standard of behaviour we expect of others."