British tabloid News of the World will print its last issue on Sunday, closing down after an investigation revealed it had participated in the phone hacking of celebrities, British politicians, the families of terrorist attack victims, dead soldiers and others.

According to Sky News, the closure was announced on Thursday by James Murdoch, who helms the U.K. operations for global media mogul Rupert Murdoch, his father.

News of The World's closure comes just weeks before British regulators decide on whether News Corp. will be allowed to purchase British Sky Broadcasting, one of the largest networks in the U.K. News Corp. already owns a minority stake in Sky.

Many British media watchdogs suggest that allowing Murdoch to purchase Sky would be akin to giving a single company too much power, and have urged regulators to refuse the sale.

News of the World was founded in 1843.