Rupert Murdoch has apologised for the News of the World phone hacking scandal in front of a British Parliamentary inquiry, although he has skirted responsibility for the affair, saying those people he trusted to run the company are to blame instead.
The Murdoch saga shows media competition doesn't lead to more responsibility, but less. That's why a public inquiry into Australia's media would be a waste of time – but a closer look at News Corp is still warranted.
The lack of a succession plan at News Corp should be of major concern to shareholders. Rupert Murdoch needs to make a decision soon, as speculation mounts over which of his children will take the mantle.
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