Up to March 2010, the News of the World newspaper published by News Group Newspapers, owned by News International and running almost 40% of newspapers in the UK, had spent over £2 million settling court cases with victims of phone hacking. Today New International announced the closure of the News of the World paper after 168 years with the potential loss of up to 200 jobs.
The cost to the News of the World pales into insignificance when you consider that over the last few days the parent company Rupert Murdoch's News Corporation has seen its share price drop a few percentage points wiping over a billion dollars of it's market cap.
The closure is more likely connected with the share price drop, advertisers withdrawing their support from other newspapers in the group, increased scrutiny over journalism going forward, and news international's bid to own BSkyB outright, than the real cost measured in the additional suffering phone hacking has caused to individuals, relatives and friends.
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