07/15/2011 11:46 am ET | Updated Sep 14, 2011

Colbert Takes On Rupert Murdoch's Phone Hacking Scandal (VIDEO)

Stephen Colbert tackled Rupert Murdoch's phone hacking scandal on Thursday's show, and taking a cue from an editor at the now-defunct News of the World who believes that illegally tapping phones is the best way to get to "the truth," played his own tapes of "Murdoch" that portrayed the mogul as the head of a quickly crumbling empire to hilarious effect.

After portraying shock that relevant news could come out of England that isn't Harry Potter related, Colbert gave an overview of who and what had been illegally hacked by News of the World -- noting the irony in the fact that it must be a slow news day in England when a newspaper going out of business is a big story.

And of course, then came the B-roll of the media empire's American competition criticizing Fox News for failing to address the scandal, and even a clip of Fox hosts saying they weren't going to touch it during a commercial break.

Check out the clip of Colbert mocking the scandal, and his "Murdoch" voicemails panicking about the quickly crumbling empire.