A News of the World sign is seen by an entrance at premises of News International in London. (Matt Dunham/AP)

The tabloid has been racked by a five-year-long phone hacking scandal that kicked into high gear last week after it was alleged the publication hacked into the phones of victims of high-profile crimes.

James Murdoch, chairman and CEO of News Corp, Europe and Asia, released this statement Thursday:

“Having consulted senior colleagues, I have decided that we must take further decisive action with respect to the paper. This Sunday will be the last issue of the News of the World.”

British Labour Party politician Tom Watson said of the news:

“No one was going to buy this paper any more. No one was going to advertise in it. They destroyed this paper.”

In a longer statement, Murdoch said that if the allegations against the tabloid are true, the behavior was “inhuman.”

“News of the World and News International failed to get to the bottom of repeated wrongdoing that occurred without conscience or legitimate purpose,” he said.

Murdoch said it was “wrong” that the paper made statements to parliament without being in the full possession of the facts and that the company paid out-of-court settlements without having a “complete picture.”

All revenue from Sunday’s issue will go to “good causes,” according to Murdoch, and there will be no commerical advertisements in the issue.

While many people on Twitter cheered the demise of News of the Worldwide, using the hashtag #NOTW, employees of the publication and of fellow News International Publications had a different sentiment. Tina Campanella, a news reporter at the paper, tweeted: “Just lost my job on the News of the World. Absolutely devastated that a talented group of people are suffering right now.” The Times's religion correspondent Ruth Gledhill tweeted, “Now I am crying. sobbing. OMG. I cannot believe what I have just read in my inbox. oh it is so sad.”

News of the World, a tabloid with a circulation of more than 2.5 millionknown for its celebrity scoops and sex scandals, had faced increasing political and commercial fallout this week from a phone-hacking scandal in which relatives of British servicemen who died in Iraq and Afghanistan may have had their phones hacked, as well as the phone of a murdered British teenager.

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What are your thoughts on the News of the World closing? Deserved or not? Tell us with #worldending.

@washingtonpost it used to scare me as a child so much that I didnt want to go grocery shopping with my mom. Lol. Good riddance #worldendingless than a minute ago via Echofon Favorite Retweet ReplyJoel Rosario

Nearly unbelievable that NOTW is closing, but couldn’t see them coming back from that: They alienated their core in a big way. #worldendingless than a minute ago via HootSuite Favorite Retweet ReplyPeriscope Post

News of the World deserves to be closed for the hacking scandal and bc they were an awful news publication. #worldendingless than a minute ago via web Favorite Retweet ReplyRaptor Jesus

Murdoch will just regroup and publish The Sun 7 days a week. This is not over yet. http://t.co/KE3JHYP #worldending #notwless than a minute ago via Tweet Button Favorite Retweet Replycoda_8