Nightly News | May 01, 2012
>>> a media empire may be hanging in the balance tonight after blistering criticism of the man in charge, rupert murdoch . he is the power as you know behind some of the biggest names behind british and american media , including all of the fox brands. and tonight he's being called unfit for the job. jim maceda has our report from london.
>> reporter: today british lawmakers dropped a bomb in rupert murdoch 's lap. the report was scathing. murdoch , his son james and three key executives all in the crosshairs.
>> we find the directors responsible for willful blindness. we find executives guilty of misleading parliament, rupert murdoch himself not fit to run the company.
>> reporter: if british regulators now agree with that report, newscorp could be forced to sell down its controlling stake in a lucrative british satellite channel or even see its broadcast license revoked. today's move, a body blow to the once bulletproof media mogul . and an empire with global reach . hundreds of properties, including 20th century fox , the wall street journal and fox news. tens of billions of dollars in annual revenue.
>> arrest rupert murdoch !
>> reporter: now increasingly under siege, especially at its u.s. corporate headquarters.
>> newscorp was already facing issues due to bribes. today's report has no direct impact on those probes, does provide powerful ammunition for shareholders suing the company and for investors demanding change in their investment. some of them say now for the first time, murdoch 's control could be in jeopardy.
>> could it be a blot on my reputation for the rest of my life?
>> murdoch has spent hundreds of millions of dollars in fees from in britain from a phone hacking scandal with no end in sight. murdoch issued a contrite statement. the british report has been called partisan and lacking credibility. it said it's put sweeping changes into place to make its shareholders proud. it may be too late for that. jim maceda, nbc news, london.