Murdoch to Close Scandal Tab

Here's the deal on the Murdoch tabloid scandal in London.

The British people, who are generally enamored with celebrity scandal sheets, are outraged at tabloid News of the World for an increasing number of cell phone hacking allegations.

The media mogul, who owns a number of news outlets in the United States as well, such as FoxNews, the Wall Street Journal and the New York Post, may bear the burden of the indignity financially. There is a movement in Britain to boycott the News of the World, and many speculate that the paper will not survive the near future.