Britain was stunned today when Rupert Murdoch's News Corp announced it will shut down "News of the World." Murdoch's son, James, acknowledged "serious problems" and "repeated wrongdoing" a tabloid that's been published for 168 years. It's all about the hacking of cell phones belonging to a murder victim and the families of soldiers who died in Iraq and Afghanistan. Until recently, NOTW has been considered too politically influential to challenge, but the hacking scandal has News Corp's stock prices falling and raised questions about Murdoch's proposed $12 billion takeover of British Sky Broadcasting. Iain Watson is political correspondent for the BBC.