Events will unfold as the day progresses - but the main consolation so far comes from knowing that Wales had a damned lucky escape in not having Maria Miller as its Secretary of State. Her statement on TV this morning that Cameron's earlier strop was "his way of bringing matters to a head" was the kind of gob-smacking insincerity that deserves a home in culture, sport and media.
There were no answers from her as to whether press owners could veto nominations to the new regulatory body. Strangely, the statement from Labour leader Ed Miliband which claims the deal will protect us from intrusion while maintaining a free press was just as vague on this detail.
What will puzzle a lot of people is the suggestion that there is no compulsion for the papers to be involved in the new system. They can still continue to set up a new regulator but decide against seeking official recognition.
Update: Hypocritical Sun newspaper apologises in court for hacking details from a stolen mobile phone belonging to a Labour MP.
Further Update: James Landale describes the grubby process by which politicians have arrived at an outcome. No wonder that proprietors are taking legal advice.