Rupert Murdoch describes the phone hacking scandal as "a major black eye" for News Corporation and remains humbled.
In the company's annual report, the chairman and chief executive writes:
"As has been widely publicised, our company has received a major black eye from the phone hacking scandal at our News of the World newspaper in the UK. As I said at a parliamentary hearing, this episode has been the most humbling of my career. Let me be clear: the behaviour carried out by some employees of News of the World is unacceptable and does not represent who we are as a company. It went against everything that I stand for."
He concedes that the various investigations and legal cases "could damage our reputation and might impair our ability to conduct our business".
But he says he can "put things right", explaining that News Corp is continuing to co-operate with "the relevant authorities in both the UK and the US".
His letter is positive about News Corp's businesses. He writes: "We are better positioned financially and operationally than we have ever been.
"I realise the current flavour of the day is economic pessimism, and it is clear that Europe in particular is in the midst of a period of extreme volatility.
"However, I am optimistic about the future because I believe that News Corporation... will continue to shape it."
Source: The Australian