Rupert Murdoch has predicted there may be no newspapers in 10 years' time because of the competition from the internet, and urged the government not to "over-regulate" them out of existence.

Murdoch, the News Corporation chairman and chief executive, urged Lord Justice Leveson to take "care" with his recommendations for the future of UK press regulation in the wake of the News of the World phone-hacking scandal and to understand the financial difficulties newspapers were facing.

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