I doubt whether Rupert will be arrested, or anything- I doubt he knew about the phone hacking, although him and James were very evasive with the questions. Rupert was very slow to answer and when he did he was very vague and often said "I don't know, perhaps James can answer that". The fact is, that as Chairman and CEO of News Corporation, Rupert is in charge of the corporate governance of the organisation, he is the man responsible for ensuring that the company remains within the law etc, and he has failed, he repeatedly said he didn't know about certain things, such as the payment of £1 million to a Max Clifford because his phone was hacked, I mean that's a big sum of money- he must have known.
James was also poor at answering the questions, although at least he went into more detail than his father. I think as the investigation into News Corp continues, James could well face criminal charges against him. I believe both Rupert and James will leave the company in the near future. Unfortunately today was overshadowed by an idiot protestor who tried to put a "foam pie" into Murdoch's face (Murdoch's wife Wendi slapped him). Before that happened, Rupert was anything but a victim, now they can portray him as such, The Sun already has and I'm sure Fox News will lead with that narrative too. I believe that as more revelations come out, both Murdoch's will leave News Corp in the near future- the other shareholders can now clearly see they are not fit to run the company.