News International have announced that scandal-hit newspaper News of the World is going to press for the final time this weekend.
The paper, subject to heavy allegations of phone hacking that have dominated the headlines for the past week, will fold this weekend, according to Rupert Murdoch.
Advertising space will be donated to causes and charities, said chairman James Murdoch this afternoon.
Rumours are circulating Twitter that The Sun will become a 7-day newspaper in its place.
In a statement to staff, Murdoch said: “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.”
Are you sad to see News of the World go? Or is this a well-deserved step?