Michael Wolff, author of the Rupert Murdoch biography “The Man Who Owns the News,” is all but pronouncing the media mogul’s reign to be through.

In a recent interview with Bloomberg, Wolff said that the phone hacking scandals that have shaken News Corp. in recent weeks will ultimately lead to the resignation of Rupert Murdoch and his son James, who oversees the company’s British newspapers.

“He’s going to go because there’s no other alternative,” he said, adding later that News Corp. may yet have a “fine future” ahead of it, but only if the Murdoch family steps back. Wolff concluded that Murdoch will ultimately be “pushed upstairs,” with a new CEO taking over News Corp.

Both Rupert and James Murdoch are both scheduled to give testimony before Parliament on Tuesday. So far, 10 people have been arrested in connection to the News International phone hacking scandals.

This video is from Bloomberg, broadcast Monday, July 18, 2011.