His father Rupert founded News Corporation, which had to drop its bid for BSkyB amid the phone-hacking scandal at the News of the World.

James Murdoch stood down as chairman of the Sunday paper’s publisher, News International, last month.

He said in a statement that he did not want BSkyB to be undermined by “matters outside this company”.

Sources told Robert Peston, the BBC’s business editor, that it was Mr Murdoch’s own decision to leave.

News broke last week that justified my skepticism about the recent claim that we are in a golden era for British film – London’s Twickenham Film Studios has gone into administration and is up for sale. After 99 years making movies, it looks likely that it will be knocked down and the site redeveloped into luxury flats.  On hearing  this I was close to tears. Twickenham is the studio with which I have the longest relationship. I first worked there back in 1995 on a long-forgotten TV series called Frontiers, and I’ve had reason to pass through their gates pretty much every year since.  Apart from anything else they’ve done the sound mix  on three of my short films – and I want to return their kindness. At the end of this post I’m going to ask you to sign an online petition calling for a stay of execution.

We at Production Wizard are also urging you to sign the petition, Save Twickenham Film Studios.

The newspaper publisher has been tainted by phone-hacking allegations.

The scandal led the company to close its News of the World title in July last year.

Mr Murdoch will remain as deputy chief operating officer of parent group News Corporation, run by his father Rupert.

‘Too big’

James Murdoch, 39, said: “I deeply appreciate the dedication of my many talented colleagues at News International who work tirelessly to inform the public.”

He added that the launch of a new Sunday edition of the Sun and “new business practices” put the company in a “strong position” for the future.

The Labour leader Ed Miliband said it was “right” that James Murdoch had resigned.

The Wall Street Journal reported on Monday night that the company is hoping that the IPO, which has been long rumoured, would value the company at around $100bn.

Facebook’s chief financial officer, David Ebersman, had discussed a public float with Silicon Valley bankers, but founder and chief executive Mark Zuckerberg had not decided on any terms and his plans could change, the Journal said.

The social network, which now claims more than 800 million members worldwide after seven years of explosive growth, has not selected bankers to manage what would be a very closely watched IPO.

No channels will close but some money will be reinvested in new programmes.

All new daytime programming will shift to BBC One, with BBC Two showcasing repeats of peak-time programmes.

Director General Mark Thompson unveiled details of the cuts – branded Delivering Quality First (DQF) – in an address to staff on Thursday morning.

Thompson said the changes would lead to “a smaller, radically reshaped BBC”.

The plans, which include 1,000 hours of live online video coverage which will not be shown on TV, were approved by the BBC Trust on Monday.

New digital station Five Live Olympics Extra will be in addition to Five Live and 5 Live Sports Extra broadcasts.

All-day coverage on BBC Three will cost about £4.5m, the corporation said.

Cleaner by Joon Goh

In a speech, he said director general Mark Thompson was paid 26% less now than in 2009 and that there were already 15% fewer senior managers.

But he said there was “further to go – both in making further reductions and securing public confidence”.

Changes will mean about 300 senior posts being closed or reclassified.

Tom Hughes, from BBC drama Silk, and Talulah Riley, seen in the St Trinian’s films, are among the 42 names featured. Comedian Joe Cornish, who made his film directing debut this year with Attack the Block, is also included.

The “Brits to Watch” will be celebrated at a black-tie event in Los Angeles on 9 July, to be attended by the Duke and Duchess of Cambridge.