Faced with growing public outrage toward his British tabloid newspaper "News of the World" - Rupert Murdoch officially announced today he is shutting the paper down next week.
Journalists and editors at the paper are involved in a highly public scandal - and are accused of hacking into phones belonging to a teenage murder victim - as well as victims of the London terror attacks - and even British soldiers who were killed in combat.
British lawmakers now have their attention honed in on Rubert Murdoch's far-reaching media empire in the UK - and are looking to break it up.
Meanwhile here in the United States where we have to deal with Murdoch's Fox so-called News - a court decision today against the FCC could have far-reaching effects on the state of media ownership in America - and could block Murdoch from expanding his media empire in the states. The US Third Circuit Court of Appeals ruled today that a company can no longer acquire newspapers AND broadcast stations in the same market - reversing an old FCC ruling.
And, at least one reporter is suggesting Murdoch's UK scandal may even extend to his crown jewel of credibility in the US, The Wall Street Journal.
So what does all this mean for the state of media ownership in America? And now that a tabloid has imploded across the Atlantic - what effect could that have on Murdoch-style infotainment here in America?