UPDATE 12:55 p.m. EDT: "Jim was taken from us in an action of violence that shocks the conscience of the entire world," Obama said from Martha's Vineyard in a statement on the beheading of U.S. journalist James Foley by ISIS. "The world is appalled by the murder of Jim Foley."

Obama said the militant group "speaks for no religion," saying there targets are mainly Muslims. "Their ideology is bankrupt. People like this ultimately fail."

Original story:

U.S. President Barack Obama is expected to address the killing of journalist James Foley in a statement Wednesday from Martha's Vineyard, Massachusetts. Video released Wednesday showed Foley, a photojournalist with the Global Post, being beheaded by a militant of the Islamic State, the extremist group formerly known as ISIS, or the Islamic State of Iraq and Syria.

ISIS said Foley's beheading was in response to U.S. airstrikes in Iraq targeting it.

U.S. intelligence sources said Wednesday that the video was authentic. The footage also showed journalist Steven Joel Soltoff, who was also threatened with death depending on Obama's "next move."