The Wall Street Journal's headline says it all: "Showdown Time Comes for Murdoch." But even as US questions arise, fellow media mogul Steve Forbes writes that Rupert Murdoch will "survive and thrive again." 

As the News Corp. chairman and CEO, his son James and the embattled former (resigned and then arrested) News International head Rebekah Brooks appear before a three-hour parliamentary hearing into phone-hacking allegations in London today, Bloomberg News is reporting that Rupert Murdoch is ready to step down.

News Corp. COO Chase Carey is on standby to assume the CEO position, according to Bloomberg, while Murdoch would remain chairman in that scenario — all depending how today's hearing goes. CNN has more.

News Corp.'s Rupert Murdoch and son James prepare to testify Tuesday before a British parliamentary hearing on phone-hacking scandal as former News of the World whistleblowing journalist is found dead and The Sun's website is hacked.

Borders calls off auction, announces plans to liquidate and close doors by September.

Cisco slashes workforce by 11,500 positions.

Apple seeks to expand iPhone availability in China.

CNN is first TV network to stream 24/7 online and on mobile.

Delta cuts service to smaller markets.

Dunkin' Brands leads wave of IPOs in the US.Continue reading...

The reaction to the latest twists and turns in News Corp.'s phone hacking scandal — which yesterday compelled Rupert Murdoch to withdraw his BSkyB bid, and today led him (and son James) to decline to testify? (Update: they've agreed to testify.)

Naturally, it runs the gamut from mocking (such as the eBay UK listing above), the cultural (musician Billy Bragg expressed his feelings about Murdoch's tabloids in song), to social media outrage (one prominent tweeter: former deputy Labour leader John Prescott). 

The story is also making waves in Murdoch's adopted homeland of America. Citizens for Responsibility and Ethics in Washington (CREW) is calling for a US inquiry, while Hugo Dixon, Editor of Reuters Breaking Views, told the BBC that "politicians in America are starting to beat the drum."

Update: this afternoon comes word that the FBI is investigating News Corp. following allegations that 9/11 victims were targeted.Continue reading...

Apple passes 15 billion app downloads. 

EBay buys Zong mobile-payments firm.

CNN and Financial Times rank among most popular media brands with affluent Europeans.

Fox News takes on Media Matters.

Geico hatches yet another campaign based on saving money.

Google says its Google+ platform isn’t quite ready for brands, but chairman Eric Schmidt insists it’s getting there.

Groupon faces eroding customer loyalty.Continue reading...

While nowhere near as shocking as News Corp.'s surprise closure of News of the World, across the Atlantic CNN delivered its own shocker this week. Eliot Spitzer is out as CNN replaces his nine-month old In the Arena roundtable program that followed the demise of Parker Spitzer, and faithful Anderson Cooper regains his flagship positioning with Anderson Cooper 360 moving to 8 p.m. ET starting August 8th.

Spitzer's ouster isn't the only news. Additional changes to the CNN schedule include the shifting, in late September, for The Situation Room With Wolf Blitzer from 5-7 p.m. to a late afternoon 4-6 p.m. slot; John King’s show will move to 6 p.m.; while Erin Burnett, recently hired from CNBC, will assume the 7 p.m. slot as the lead-in to Cooper.

The only prime-time show unaffected is Piers Morgan Tonight, the 9 p.m. interview show introduced six months ago to replace Larry King.Continue reading...

Keith Olbermann makes his television comeback next week (on June 20) on Al Gore’s still nascent Current TV. Since launching in 2005 as a quasi public affairs cable network focused on user-generated content (including ads), Current has struggled to find a brand presence in the crowded TV universe, let alone stay current.

Now, the network is making a big-ticket bet that the outspoken Olbermann can draw an audience, lend more authority and news chops, and become the cornerstone of a sharper focus on hardhitting political commentary and news — a crucial repositioning as 2012 election coverage starts to gear up.Continue reading...

Tonight's GOP debate on CNN could prove crucial for several of the Republican candidates and potential candidates in a still-roiled, still-early race for their party’s nomination to attempt to unseat President Obama in 2012.

Michelle Bachmann, the Tea Party favorite from Minnesota, will make her national debut as a 2012 contender on the stage in Manchester, NH. As the front-runner so far, Mitt Romney will be under pressure not to hurt himself. Newt Gingrich will stop in New Hampshire on Redemption Road. And former Minnesota Governor Tim Pawlenty simply will be trying to get more traction.

Sarah Palin won’t be on the GOP-candidate stage tonight, and perhaps never. But her long “non-candidate” campaigning, and national media attention as the outspoken former governor of Alaska, leave her as a looming presence over the debate nonetheless. You can betcha that if she finally decides to leap into the fray, the post-debate dynamics will be upset.Continue reading...

AARP unveils a new ad campaign targeting boomers this week.

Apple will unveil iCloud Android-fighter today at WWDC, as brand leads tablet market in China.

Bank of America and Goldman Sachs lead US bank stocks taking a beating.

Blip.tv ramps up original content to complete with YouTube.

Boeing faces labor strife.

Coca-Cola resists increasing prices.

Demi Moore adds "CNN reporter" to her credits with sex trafficking doc, a subject near and dear to her DNA Foundation.

E3 starts tommorow, where Nintendo will unveil its new Wii console, Sony will tout NGP (its new handheld gaming device) and Microsoft will promote Kinect and position Xbox as the hub of the home entertainment system.Continue reading...