As New York Times reported Sky News reporter, Adam Boulton noted  that shutting a newspaper which tops the circulation charts in Britain is a major development, it is also “a dwindling asset," as newspapers become less important to Murdoch's News Corporation than television.

Boulton said all of the company’s British newspapers together are only about half as valuable as the satellite network, BSkyB, that News Corporation is currently trying to acquire.

James Murdoch's ( right) closure speech said "All of The News of the World’s revenue this weekend will go to good causes as the right thing to do is for every penny of the circulation revenue we receive this weekend to go to organisations – many of whom are long-term friends and partners – that improve life in Britain and are devoted to treating others with dignity.

"We will run no commercial advertisements this weekend. Any advertising space in this last edition will be donated to causes and charities that wish to expose their good works to our millions of readers."

By closing the 168 year old weekly News of the World,  and Britain’s largest-circulation newspaper, Murdoch is determined to try to limit damage from the scandal and remove any possible obstacle to the takeover of British Sky Broadcasting, known as BSkyB.

The move also gives (left) Rupert Murdoch an excuse to turn flagship Sun into a seven day operation, keeping his lucrative share in Sunday newspaper market but 'decon-taminating' the brand by removing its association with The News of the World.

Critics not unreasonably see the move as more expedient than remorseful. Lawyer Jeremy Reed dubs it “a cynical rebranding exercise.” He is  lawyer for several public figures who sued The News of the World over allegations the paper hacked or intercepted mobile messages.