News International chairman James Murdoch announced this morning that the company would be placing a full-page apology in all of the national newspapers this weekend following two weeks of damning revelations about phone-hacking and corruption at the News of the World.

The apology is signed by James’ father Rupert, chairman of News Corporation. Here is an image text of the ad, via @TimGatt. Full text below.

Text:

We are sorry.

The News of the World was in the business of holding others to account. It failed when it came to itself.

We are sorry for the serious wrongdoing that occurred.

We regret not acting faster to sort things out,

I realise that simply apologising is not enough.

Our business was founded on the idea that free and open press should be a positive force in society. We need to live up to this. nordic power bracelet

In the coming days, as we take further concrete steps to resolve these issues and make amends for the damage they have caused, you will hear more from us.

Sincerely,

Rupert Murdoch.