He recommended the legislation enshrine freedom of the press in British law and suggested that Ofcom, the U.K. communications regulator, ensure the new oversight body's independence and effectiveness.

WSJ: Leveson Report Urges 'Self-Regulation' of U.K. Press

The royal charter created in the wake of Leveson will create a so-called recognition body to oversee a new press regulator.

BBC: Beneath the skin of the Leveson law

The Guardian, whose editor Alan Rushbridger was at the meeting, reported on Wednesday that the editors had not signed up "to seven recommendations that proposed a role for Ofcom or some other statutory body in auditing the work of the regulator".

BBC: Leveson report: Editors 'agree on broad proposals'

Although the government eventually set up a proper regulator for the telecoms industry (known as Cofetel) in 1996, this body has long been accused of being soft on Telmex.

ECONOMIST: Mexico

What News Corp. has lost however by transferring authority over to a new regulator is significant, effectively forfeiting control over potential concessions and submitting themselves to the intense scrutiny from a new regulatory body that may not be as accommodating as Hunt, who green-lit the acquisition as early as March.

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