Rupert Murdoch was asked why he didn't find out about the extent of the phone hacking happening at the News of the World.
"I have to say I failed," he said, delighting headline writers everywhere. "I'm very sorry about it."
For around half an hour Rupert Murdoch was asked about any contacts he might have had with Culture Secretary Jeremy Hunt.
Leveson counsel says that in 2009 Jeremy Hunt recorded in parliament's register of members interests that he visited New York and metwith News Corp representatives.
Mr Murdoch says he doesn't think he met Jeremy Hunt but repeatedly said he couldn't remember.
It's crucial because it goes to the question of how much contact there was between the Murdochs and Jeremy Hunt over the BskyB bid.
Mr Hunt says he conducted he process "fairly" and "scrupulously".
A Murdoch representative has walked up to News International counsel to talk to them as Rupert Murdoch is questioned about hacking. He was then told off by Leveson. NI people seem worried.
Rupert Murdoch was asked where he thought the 'cover-up culture' had come from.
"Within the News of the World, there were one or two very strong characters there who had been there many, many years," he said.
"The person I'm thinking of was a friend of the journalist, a drinking pal, and a clever lawyer.
"This person forbade people to report to Mrs Brooks or to James."
He added: "That is not to excuse it on our behalf at all. I take it extremely seriously."
"Half" of the Milly Dowler phone hacking story has been "disowned by police," claims Rupert Murdoch, who added he didn't want to 'play down the importance' of the scandal.
He says it was the wider hacking scandal, not the Dowler "misfortune", that ultimately derailed his BSkyB takeover bid.
"Anyone other than Dr Cable" would have been "fairer" to deal with on the BSkyB takeover bid, Rupert Murdoch has told the Leveson Inquiry.
He adds that he did not know Jeremy Hunt had described himself on his website as a 'cheerleader' for Rupert Murdoch.
Rupert Murdoch says he wishes he was closer to education secretary Michael Gove because they are both "passionate about education."
The standard of education in the UK and the US is an "absolute disgrace," he says.
Robert Jay QC's questioning of Rupert Murdoch has begun for the day.
Rupert Murdoch says he 'stands by' his recollection of his phone call with Gordon Brown.
Mr Murdoch also agrees that the editors of The Sun and the New York post get to know his thinking very well, but he denies they have to follow his line.
If there are beans to spill, it does seem that Rupert Murdoch is keeping the can closed at the moment.
He's likely to reiterate what he has said before: that he never much interfered in the day-to-day running of the News of the World - the paper forced to close down because of the phone-hacking scandal.
So he's likely to be asked more about that today, but also more about the controversial deal with BSkyB and, as yesterday, his relationship with senior politicians.