British regulators are now set to review Rupert Murdoch's $12 billion bid to takeover major UK satellite company BskyB. For the moment, his influence and financial fortunes are taking a hit.
According to the Guardian, the News of the World tabloid not only engaged in phone hacking but also paying police for information. The allegations have touched off debate about the practice.
The News of the World phone hacking scandal has already destroyed the newspaper and could cost 200 jobs. Now, an ex-editor and senior aide to Prime Minister David Cameron is under arrest.