Murdoch Not Likely to Step Down as News Corp. CEO (NWSA)

Beleaguered Media Mogul, Rupert Murdoch received one of the highest official rebukes yet related to phone hacking controversy involving News Corp. (NASDAQ: NWSA).  However, according to some experts Murdoch is not expected to step down any time soon.

On Tuesday, a committee appointed by the British Parliament to investigate in the scandal said “he (Murdoch) was not a fit person to exercise the stewardship of a major international company.”

Reacting to the remark, the Company said “hard truths have emerged from the select committee report: that there was serious wrongdoing at the News of the World; that our response to the wrongdoing was too slow and too defensive; and that some of our employees misled the Select Committee in 2009.”

However, the company also objected over the tone of the remark as it added “News Corporation regrets, however, that the select committee’s analysis of the factual record was followed by some commentary that we, and indeed several members of the committee, consider unjustified and highly partisan.”

News Corp. did not comment over how the investigating committee remarks would affect Murdoch plans to run the company.

Experts believe that Murdoch-, who turned 81 in March, is highly unlikely to step down unless his health disallows him to continue at the office.

For instance, Laura Martin, of Needham & Co, said to CNN “Self-made billionaires are fighters. He’s not going to leave because someone writes a report and says he’s not a nice guy.”

Meanwhile, investigating committee remarks raised the risks that the British media regulator, Ofcom, could compel News Corp. to drop its valuable stake in British pay television service BSkyB.

In its statement over the issue, Ofcom said,  “continuing to assess the evidence, and that it has a duty under the Broadcasting Acts 1990 and 1996 to be satisfied that any person holding a broadcasting license is, and remains, fit and proper to do so.”

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.