More than three years after the phone-hacking scandal was declared a national outrage, the British press is still far from having its jaws muzzled. The more important question—if it at all it should be—remains. Despite a year-long inquiry by Lord Justice Leveson, a senior judge, and an extensive report, the parliament, the courts and the press are at loggerheads over whether Fleet Street’s excesses should be checked by legal statute or an independent regulator. Or whether they should be addressed through introspection by the media. In the latest round of dealmaking, horse-trading and soothsaying, the situation has become even more opaque.