Obviously, a good thing. The media world will be far better without the malignant influence of the Murdoch's, though it is likely more Cthulhoid horrors will simply arise in their place, unless Something Is Done to limit ownership of the media.
And, in fairness, while it is edifying to watch the Murdoch's being eviserated in slow motion, it is also a distraction from the reality that they're only one part of a decadent, corrupt and self serving media establishment. Slaying News International should only be a start to the process of ethical cleansing in the media - but it will probably be the end.
To wax French for a moment, should we regard the media as something akin to the means of production? They do not produce value, true, but they do produce meaning and consciousness. And producing consciousness helps create consciousness. Media companies and institutions are sites of hegemonic control, and of hegemonic dispute. They can either be reactionary, or progressive, or (most liekly) both at once. Obviously, no-one wants Pravda and Tass, but equally, we need more than The Sun and Fox News.
We aren't well served by the media in all manner of ways, because we've created a media than finds it is in its interests to work against our interests.
Something needs to be changed.
But nothing will be, most likely.
1 - "Rupert and James Murdoch should leave News Corp board, claims US shareholder advisory group," by Richard Blackden. Published in The Telegraph, 10th of October, 2011. (http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/media/8818903/Rupert-and-James-Murdoch-should-leave-News-Corp-board-claims-US-shareholder-advisory-group.html)