The finding doesn't carry any legal weight on his own – the UK has no power to remove Murdoch from his positions at the multinational he built from after inheriting a daily newspaper in Adelaide, Australia, from his father in 1952. But UK government regulators have been considering News Corp.'s ownership of satellite station BskyB. The company now owns 39 percent of the company and had hoped to make a $13 billion bid for the full company until that effort was dropped last year as the Murdoch companies became embroiled in scandal. It's possible that the 39 percent stake may come under scrutiny.
Ofcom, the UK's broadcast regulator, requires owners of television licenses to be deemed "fit and proper" for that public responsibility. The hacking scandal, which began at the since-shuttered News of the World weekly tabloid but has now spread to its daily sister publication, The Sun, has already forced Murdoch to abandon a bid for full control of BskyB, which has broadcast rights to Premier League soccer and other sporting events and brought in $715 million of profit in the first half of its current fiscal year. With a parliament committee already declaring Murdoch an enabler of a malfeasance at his companies, Ofcom may take another look at News Corp's ownership stake in BskyB.
The elder Murdoch's reputation is very much in tatters. More than 20 current and former employees have been arrested in the series of scandals that emerged after the discovery last year that NotW reporters hacked into the cellphone of Millie Dowler in 2002, after the 13-year-old girl was abducted. She was later found murdered.