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...

News Corp. shares tumble as company goes on PR offensive with print apology as News International's former head Rebekah Brooks was arrested Sunday, London's police chief quits and actor Jude Law claims his phone was hacked. Prime Minister David Cameron called in Parliament to deal with the scandal, as speculation rises about possible harm to Murdoch's US empire.

ABS by Alan Schwartz balks at design copyright protection.

Amana introduces new online shopping tool.

Australia's government launches campaign for carbon tax.

Borders faces liquidation.Continue reading...

Following a week of speculation, News International CEO Rebekah Brooks stepped down today (joined later in the day by Dow Jones CEO Les Hinton) as the beleaguered Murdoch family battles to defend its media interests.

News Corp. didn't include her resignation statement in the press release announcing that Sky Italia CEO Tom Mockridge would move over within News Corp. to take over her role, although the Guardian posted her memo to employees.

“As chief executive of the company, I feel a deep sense of responsibility for the people we have hurt and I want to reiterate how sorry I am for what we now know to have taken place," Brooks told staffers.Continue reading...

News Corp. executive accepts Rebekah Brooks resignation from News International as Rupert Murdoch is defiant as U.S. congressman calls for probe into his company over possible hacking of 9/11 victims.

Amazon tablet is coming in October.

Borders’ fate hangs in the balance as liquidation looms.

BP oil found to still be washing ashore in the Gulf of Mexico, reports Bloomberg.

Campbell addresses criticism for adding salt to 'healthy' soup line.

Clorox draws bid from Carl Icahn.Continue reading...

Just when it seems that things couldn't get any worse for Rupert Murdoch...

News Corp. is now being investigated by the FBI for allegedly attempting to hack into the phones of 9/11 victims, as the front page of the Wall Street Journal writes this evening. The New York Times also reports that the company has retained a "top criminal defense lawyer," Washington-based attorney Brendan Sullivan, as it faces recriminations in the US.

The media titan and his son James, who oversees News Corp.'s European operations, also reluctantly (after initially refusing, and then being threated with jail) agreed to appear before a British parliamentary panel next week to answer questions about the phone-hacking scandal.

In his first major interview since closing the News of the World — with, naturally, his flagship US publication, the Wall Street Journal — Murdoch defends his son, admits that "minor mistakes" were made, denies that asset sales are under consideration, and rejects claims made by former British Prime Minister Gordon Brown.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...

When the British prime minister tells you your deal should die, Rupert Murdoch listens.

As News Corp.'s phone hacking scandal continues to dominate headlines around the world and unfold in the very public court of public opinion, the latest shoe to drop is Murdoch's BSkyB bid.

Following British PM David Cameron's call for the "disgraceful" News Corp. to drop its bid to acquire all of BSkyB, the company is doing just that. The move marks something of an about-face for Cameron, who has been criticized for not being tough enough on News Corp. before now.Continue reading...