Rupert Murdoch's media conglomerate, News Corporation, could face an estimated 1.62 billion dollars in losses as a result of the phone hacking scandal.
One of the company's top executives made the revealed in a meeting that was secretly recorded and leaked to the media.
Exaro News obtained audio of a meeting held by Tom Mockridge, the former head of News Corp's British newspaper division, The Huffington Post reports.
Mockridge said that the hacking probably would cost News Corp minimum of 500 million pounds, if not a billion.
According to the report, the purpose of the meeting was to inform journalists about the suspension of another colleague following the investigation into the company over illegal payments to police officers.
Twenty-two Sun journalists have already been arrested after News Corp began handing over incriminating documents to police during the investigation, the report added.
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