Options Action: News Corp

Few of the dramas on his Fox TV network are as compelling as the real life drama involving News Corp chief Rupert Murdoch.

As you likely know, Murdoch’s has been caught in the throws of a phone hacking scandal that has rocked his media empire.

Amid heated testimony before British parliament on Tuesday, Murdock called the hearing the most humble day of his career but refused to take personal blame for the hack attacks.

And adding to the drama, a protestor disrupted the hearings and attempted to splatter Murdoch with white shaving cream. Nobody was hurt and the foam only splattered Murdoch's suit jacket.

Considering all these wild circumstances, how on earth should you play NWS. Find out from Mike Khouw of Canter Fitzgerald. Watch the video now!

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Trader disclosure: On July 19th 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Nathan owns (AMZN) puts; Nathan owns (CSCO) calls; Nathan owns (IBM) puts; Nathan owns (INTC) put flys; Finerman's Firm And Finerman Own (AAPL); Finerman's Firm owns (BAC) leaps and Finerman Owns (BAC); Finerman's Firm owns (JPM) leaps and Finerman Owns (JPM); Finerman’s Firm and Finerman own (MSFT); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Terranova owns (XOM); Terranova owns (HAS); Terranova owns (DIS); Terranova owns (WFM); Terranova owns (LULU); Terranova owns (MSFT); Terranova owns (TM); Terranova owns (JWN); Terranova owns (MCD); Terranova owns (PEP); Terranova owns (MA); Terranova owns (BX); Terranova owns (GS); Terranova owns (DAR); Terranova owns (CAT); Terranova owns (VRTS); Terranova owns (AAPL); Terranova owns (F); Terranova owns (CVI); Terranova owns (IBM); Terranova owns (FCX); Weiss owns (AAPL); Weiss owns (KO); Weiss owns (JPM); Weiss owns (QCOM); Weiss owns (MSFT); Weiss owns (EMC); Weiss owns (UUP); Weiss owns (TBT); Weiss owns (UGL); Weiss owns (AGU); Weiss owns (HBAN); Weiss owns (KEY); Weiss owns (CMA); Kinahan owns (C)

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
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CNBC.com with wires.