News Corp. in Crisis: Rupert Murdoch Ready to Step Down, Reports Bloomberg

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.