News of the World• closes paper in wake of scandal
• announcement on BSkyB will take several weeks
• paid £100,000 bribes to Met police officers
• questions Cameron's ‘close relationships with NI
• Met police going through 11,000 pages containing 4,000 names

4.39pm: Colin Myler will edit final edition and all the News of the World revenue will go to good causes, says in his statement.

4.38pm: James Murdoch is saying this 's News of the World will be the final issue.

4.38pm: Sunday will be the last issue of the News of the World.

via Guardian Live Blog

This statment was via BBC News…

In a statement made to staff, Mr Murdoch said the good things the News of the World does

“have been sullied by behaviour that was wrong – indeed, if recent allegations are true, it was inhuman and has no place in our company”.

“The News of the World is in the business of holding others to account. But it failed when it came to itself.”

He went on:

“In 2006, the police focused their investigations on two men. Both went to jail. But the News of the World and News failed to get to the bottom of repeated wrongdoing that occurred without conscience or legitimate purpose.

“Wrongdoers turned a good newsroom bad and this was not fully understood or adequately pursued.

“As a result, the News of the World and News International wrongly maintained that these issues were confined to one reporter.

“We now have voluntarily given evidence to the police that I believe will prove that this was untrue and those who acted wrongly will have to the consequences. This was not the only fault.

“The paper made statements to without being in the full possession of the facts. This was wrong.

“The company paid out-of-court settlements approved by me. I now know that I did not have a complete picture when I did so. This was wrong and is a matter of serious regret.”

read in full here