News Corp CEO Rupert Murdoch is placing a signed ad — written as a letter to readers — in UK newspapers this weekend that includes the headline “We Are Sorry,” The Guardian reports. Here’s the text, followed by a response from Guardian News & Media:

The News Of The World was in the business of holding others to account. It failed when it came to itself.

We are sorry for the serious wrongdoing that occurred.
We are deeply sorry for the hurt suffered by the individuals affected.
We regret not acting faster to sort things out.
I realize that simply apologising is not enough.

Our business was founded on the idea that a free and open press should be a positive force in society. We need to live up to this.

In the coming days, as we take further concrete steps to resolve these issues and make amends for the damage they have caused, you will hear more from us.

Sincerely,
Rupert Murdoch

Now here’s the Guardian’s response:

News International responded to our original revelations about phone-hacking in July 2009 by telling MPs that we had ‘deliberately misled’ the British public.

It has taken two years of subsequent reporting by the Guardian to force the truth out. We are happy to accept News International’s paid-for advertisements apologising for the reality of what our journalism revealed.

The money we receive from News International will be donated to charity.