Hacking report: What does this mean for the Murdoch empire?

The MPs on the Culture Select Committee may not all have agreed on the conclusion, yet the assertion in the report that Rupert Murdoch is not fit to run a major corporation could have powerful implications.

Some shareholders have already taken steps to try to oust the 81 year old from his seat at the top of the table of the company he built, News Corporation. When you take a look at the sprawling organisation, which includes some of the biggest entertainment brands in the world, 20th Century Fox, the publisher Harper Collins, National Geographic, as well as names well known in the UK, like The Sun and Sky it is hard to imagine how any one person could drive and control such a complex and powerful organisation with more than a hundred companies.

The findings from the committee will give powerful new ammunition to those shareholders who already believe that it is time for Murdoch senior to step aside. The company's assertion that this was all down to one 'rogue reporter' seems extraordinary now. But the fact that MPs did not unanimously agree on the verdict, and plainly some have found this very uncomfortable, judging by their faces at this morning's press conference, will mean the power of this controversial judgement will be somewhat diminished.