Rupert Murdoch's News Corporation will close its tabloid News of the World after this Sunday's edition following allegations that some of the newspaper's staff members hacked into phones.

James Murdoch, the deputy chief operating officer of News Corp., made the announcement on Thursday. The allegations against the tabloid escalated as more information about the phone hacking scandal was revealed.

The News of the World is in the business of holding others to account, James Murdoch told staff. But it failed when it came to itself.