Mr Hinton served as chairman of News International from 1995 to 2007 and has headed Dow Jones since December 2007.
His resignation came just hours after the resignation of Rebekah Brooks, chief executive of News International, the British newspaper division of News Corp.
The resignation was announced in a statement issued by News Corporation chairman and chief executive Rupert Murdoch, shortly after the shaken-looking mogul apologised to the family of one of the alleged phone hacking victims.
"Les and I have been on a remarkable journey together for more than 52 years," Mr Murdoch said. "That this passage has come to an unexpected end, professionally, not personally, is a matter of much sadness to me."
"News Corporation is not Rupert Murdoch," he said. "It is the collective creativity and effort of many thousands of people around the world, and few individuals have given more to this company than Les Hinton."
Mr Hinton, 67, has worked under Murdoch for more than five decades, rising through the ranks until he was tapped to run News International in 1995, and later Dow Jones after New Corp bought the publisher of the Wall Street Journal.
In a statement, Mr Hinton reiterated his denials that he was aware of the extent of the phone-hacking by News of the World journalists.
If true, this is major news. While Rebekah Brooks might have been Murdoch's favourite daughter, Les Hinton is his most trusted lieutenant. The Wall St Journal is published by Dow Jones, so you would expect their sources to be good and Murdoch did choose the Journal for his defiant interview yesterday.
Les Hinton, Chief executive of Dow Jones and Murdoch's right hand man, is set to resign today, according to Wall Street Journal.
Another email from a reader, this time Drew, suggesting a 2006 story that might play a part in the Jude Law suit, this time with claims that Sienna Miller bought a leather harness and handcuffs from a London boutique.
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