Later we learned of possible destruction of documents, big payoffs to hacking victims in return for their silence, and much more. Read Ryan on “News Corp.’s cover-up culture.”

Only this week that we learned the UK police are now investigating the relevant News Corp. unit as a “corporate suspect,” with far-reaching implications.

Bloomberg doesn’t necessarily deserve a good-conduct medal for its response to the snooping allegations. It correctly perceived the dangers the matter posed to its own franchise and recognized the imperative to get to the bottom of it—all the way to the bottom—and quickly.

But the contrast to News Corp. is stark—black and white—and a reminder of what a a real rogue media company looks like.

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Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014). Follow Dean on Twitter: @deanstarkman.