The announcement that Rupert Murdoch was to cease publication of the 168 year-old News of the World, must have been met with joy by the commercial departments of other papers, no doubt about to gain all that advertising revenue suddenly available.
However, some senior executives and journalists in those less than whiter than white rival tabloids, will be shivering in fear, wondering when their own phone hacking activities will be uncovered and if they too will face the same backlash as the News of the World.
It was an unexpected move by Murdoch to close down the News of the World and the decision to do so would have been a strategic one. He is not a man prone to emotion, unless, that is, it concerns his Chief Executive Rebekah Brooks, who did offer her resignation yesterday, but had it rejected by the Great Communicator.
One wonders if the closure makes it easier for the government to award News International control of BSkyB, before a later resurrection of the mighty Sunday staple? Or perhaps sister paper The Sun will become a seven-day operation?
This Sunday's News of the World will be its last, at least for now and it will be published without advertising. News International has also announced that all profits from this edition will go to good causes. It does appear that the parent company News Corporation realised how toxic the publication had become, which also impacted on its North American business and share price, which later recovered on the closure announcement.
Tonight, it was reported that Andy Coulson, ex-editor and former Downing Street Communications Director, will be amongst those arrested tomorrow over phone hacking activities. The whole scandal is a nightmare for the Prime Minister David Cameron, who against advise appointed Coulson. The Prime Minister is also a friend of Rebekah Brooks and Murdoch's son-in-law, Matthew Freud, PR supremo and a man who many say has too much influence amongst those in power.
The closure means that several hundred will lose their jobs, with some great journalistic talent lost. It is reported that many employees are angry that Murdoch has so quickly chosen to close the publication rather than sack Ms Brooks. It is felt that within the newsroom, those mainly involved in the illegal activities have already departed and it is the current team who are paying the price.
There is an Establishment elite within the UK with too much influence and power. For a long time Rupert Murdoch and his papers have played a deciding role in the country's politics and policies. It appears that Ed Miliband the Labour leader has now decided the time is right to take him and his organisation on, which could prove dangerous for the future. The Murdochs will not forget his treachery.
On the other hand Mr Cameron will have to spend time defending his decision to appoint Mr Coulson and his reluctance to condemn Ms Brooks, who was News of the World editor during some of the most abhorrent phone hacking activities. One wonders if and when the police will be knocking on her door, or is Andy Coulson and other minions going to take the fall?