UK "historic" deal on media self-regulation

British media are understandbly abuzz with criticism directed at the all-party agreement on a royal charter to create a new independent media regulator with powers to impose fines and demand prominent corrections, and empower courts to impose exemplary damages on newspapers that fail to join the body. The deal is said to have been finalised at 2.30 am on 18 March, in presence of representatives of the three parties and the phone hacking scandal victims Hacked-Off.
According to the PM, the new royal charter only sets up the body and criteria to recognise the regulator, and it remains a voluntary choice for the industry to decide whether to set up the system of independent regulation. If newspapers refuse to co-operate with the regulator, or set up a body that is not accepted by the new recognition panel, they will be more liable to exemplary damages in the event that they recklessly publish inaccurate stories (see informed comment by Hollywood Reporter). Newspapers have said they would seek legal advice. Owing to the difficulty of regulating the media while respecting the freedom of expression, it will be interesting to examine the final architecture of this new example of controlled self-regulation. See Guardian article for more.