News of the World will publish its last edition on Sunday according to a statement by James Murdoch, Chairman and Chief Executive of News Corporation, Europe and Asia.
In a statement Murdoch said: "Having consulted senior colleagues, I have decided that we must take further decisive action with respect to the paper. This Sunday will be the last issue of the News of the World."
He said the newspaper would not run any adverts this weekend, adding the advertising space would be donated to causes and charities.
On the job losses that will follow the decision Murdoch said: "I can understand how unfair these decisions may feel. Particularly, for colleagues who will leave the Company... You may see these changes as a price loyal staff at the News of the World are paying for the transgressions of others. So please hear me when I say that your good work is a credit to journalism. I do not want the legitimacy of what you do to be compromised by acts of others. I want all journalism at News International to be beyond reproach."