A new press watchdog is to be established in England and Wales by royal charter and backed by legislation.

The new regulatory regime will replace the current system, under which the press is self-regulated voluntarily through the Press Complaints Commission.

The deal follows Lord Justice Leveson's inquiry into press ethics - called in the wake of the phone-hacking scandal.

Some newspapers are seeking legal advice on whether to co-operate.

The publishers of the Daily Mail, the Sun, the Times, the Telegraph, the Daily Star and the Daily Express said they would wait to make a decision.

Speaking to the BBC's Joanna Gosling, the editor of Private Eye, Ian Hislop, called the proposals "worrying".