(CNN) — Closing Britain’s highest-selling newspaper, the 168-year-old News of the World, with just three days’ notice in the wake of its phone-hacking scandal may feel like a nuclear option. In practice, it makes perfect sense for Rupert Mudoch’s News Corporation. (For more on this international scandal click here
We should not be deceived into thinking this is a decision rooted in self-recrimination, apology or a belated embrace of journalistic ethics. It is a matter of straightforward commercial self-interest.
This unfolding scandal was already hitting News of the World revenues.
Several advertisers had pulled their ads from this Sunday’s edition, with many threatening to maintain a boycott until the police investigation had been completed. Some distribution outlets were refusing to sell it. Many loyal readers swore that they would never buy it again. (more…)