A report has accused some newspapers of wreaking "havoc" with the lives of innocent people and recklessly "prioritising sensational stories".
Lord Justice Leveson called for a new body (one with a better physique and more hair), backed by law, to regulate the industry.
Delivering findings after an eight-month inquiry that heard from 650 witnesses, he criticised close relationships between media figures and politicians.
He also says on too many occasions the press have ignored their responsibilities and their own code of conduct.
Sienna Miller, Hugh Grant, Charlotte Church, Steve Coogan and the Harry Potter author J. K. Rowling were among the many celebrity witnesses. In fact a veritable cavalcade of red top regulars whose careers have benefitted from the patronage of the tabloids.
They all claimed they had been victims of media wrong-doing, as did David Cameron and former Prime Ministers Tony Blair, Gordon Brown and John Major
David Cameron gave evidence, as did former Tony Blair, Gordon Brown and John Major> Jeremy Hunt, Michael Gove and Nick Clegg also contributed to the media circus that surrounded the inquiry.
David Cameron had hastily organised the inquiry in the wake of the hacking scandal and promised to implement the recommendations of the report, unless they were totally loony toons.
After the report was issued yesterday and Nick Clegg, media watchdogs and Aardman animation Ed Milliband all supported the findings and recommendations as being reasonable and responsible. David Cameron moved swiftly to kill of the key proposal in a starting policy u-turn. A manoeuvre he has surely learned for observing his coalition partners especially around tuition fees.
‘L O L’ texts
David Cameron may be dismayed that the inquiry he set up has focused so often on his own friendships with powerful media people. As well as perceived links between Jeremy Hunt and BSKYB.
There was lots of interest in his dealings with Rupert Murdoch, who shut down the News of the World over phone-hacking but who still owns the Sun and a large chunk of Sky TV.
Ex-News of the World boss Rebekah Brooks is facing trial over claims related to all this.
It came out over the course of the Inquiry that the Prime Minister borrowed a horse from her and signed off texts with the letters L O L - which he took to mean "lots of love" instead of "laugh out loud". Mr Cameron is also thought to have thought that “Sexting” – “See Exciting Thing”
David Cameron also gave the job of assessing a Murdoch bid for Sky TV to former Culture Secretary Jeremy Hunt, who'd previously been described as a 'cheerleader' for the company.
Elsewhere, he brought another ex-Murdoch editor, Andy Coulson, into his Downing Street team who's now also facing trial in connection with corruption claims
David Cameron organised a 9 month long inquiry that cost the tax payer millions, only to kill of the key proposals immediately. Now that’s value for money and democracy at work, and not at all a cynical attempt to curry favour form the embittered voting public.