'BBC' Chief Quits After Saying TV Report Was Wrong
By Cassandra Vinograd
LONDON -- The BBC's top executive resigned Saturday night after the prestigious broadcaster's marquee news magazine wrongly implicated a British politician in a child sex-abuse scandal, deepening the crisis that exploded after it decided not to air similar allegations against one of its own stars who police now say was one of the nation's worst pedophiles.
In a brief statement outside BBC headquarters, George Entwistle said he decided to do the "honorable thing" and step down after just eight weeks in the job.
"The wholly exceptional events of the past few weeks have led me to conclude that the BBC should appoint a new leader," he said.It was a rapid about-face for Entwistle, a 23-year BBC veteran who earlier Saturday had insisted he had no plans to resign despite growing questions about his leadership and the BBC's integrity in the wake of the scandals. > > Bull or Bear? Vote in Our Poll Lawmaker John Whittingdale, who chairs a parliamentary committee on the news media, said Entwistle had no choice but to go, as the BBC's management appears to have "lost their grip" on the publicly funded organization. "I think that what has happened in the last few days has immensely weakened his authority and credibility," Whittingdale said. "It would have been very difficult for him to continue in those circumstances." The scandal comes at a sensitive time for Britain's media establishment, struggling to recover from an ongoing phone-hacking scandal which brought down the nation's best-selling Sunday newspaper, led to the arrests of dozens of journalists and prompted a judge-led inquiry into journalistic ethics and the ties between politics and the news media. Kevin Marsh, a former senior editor of the BBC, said the resignation does little to re-establish public trust in the BBC, which is funded mainly by a tax on U.K. households that have televisions. "The BBC asks the British public to pay its bills every year, and the only way it can do that is if the British public trusts the way it is spending its money," he said. Entwistle took over as head of the BBC two months ago from Mark Thompson, who will become chief executive of The New York Times Co. (NYT) this month. The broadcaster was emerging from a difficult period marked by budget cuts, job losses and mounting calls to justify its 3.5 billion pound ($5.6 billion) budget.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV