The Murdoch scandal in Britain is just the tip of the iceberg.
Murdoch's culture of corruption has not only ensnared major figures in media and politics of Britain, but also of major figures in Australia and the United States as they will be scrutinized and investigated in the future.
The media watchdogs feel vindicated as they have long criticized the unethical practices of News Corp. and its subsidiaries, including News of the World, The Sun, Fox News, and The Times of London. And many of these practices are found to be illegal.
As expected, Murdoch will face trials in these countries that he ruled above the law.
In the U.S., the allegations against News Corp. of wide-scale corruption and obstruction of justice violate the Foreign Corrupt Practices Act. The fact that the scandal involves bribery of police officers, blackmailing politicians, and unlawful phone and email hacking, etc. would mean that News Corp. could be prosecuted under the Foreign Corrupt Practices Act.
Here's a clear-cut article on why the U.S. Department of Justice is forced to act.