Murdoch : James Murdoch announces he is quitting to shield BSkyB from a newspaper strike . NEW : News Corp. and Murdoch have both fall on the news . Murdoch has been hit by scandal at the now - shuttered News of the World . Journalists , lawmakers and an independent inquiry are all investigating the scandal .
NEW : James Murdoch says he is quitting to shield BSkyB from a newspaper scandal . NEW : News Corp. and BSkyB shares both fall on the news . Murdoch has been hammered by scandal at the now-shuttered News of the World . Police , lawmakers and an independent inquiry are all investigating the scandal .