British solicitor Mark Stephens is quoted by Reuters as saying all of the news organization's assets could be destroyed by a liquidator, according to British law. He adds it may be "a stroke of genius—perhaps evil genius.”
Deputy Chief Operating Officer James Murdoch announced that the World was closing after 168 years.
The final straw for the paper came after news broke that the paper hacked the phone of an abducted teenage girl and may have tampered the police investigation into her disappearance.
The New Zealand Herald reports on speculation that the closing could be a "management stunt."
Commentators told the paper that the World brand had become untouchable and closing the paper allows the News Corp. owned Sun to move into the Sunday tabloid market.