Downing Street says:

“Following comments made by Vince Cable to the Daily Telegraph, the Prime Minister has decided that he will play no further part in the decision over News Corporation’s proposed takeover of BSkyB. In addition, all responsibility for competition and policy issues relating to media, broadcasting, digital and telecoms sectors will be transferred immediately to the Secretary of State for Culture, Media and Sport. This includes full responsibility for OFCOM’s activities in these areas. The Prime Minister is clear that Mr Cable’s comments were totally unacceptable and inappropriate.”

The crosshairs image will be saved for another day…

UPDATE : Vince says

“I fully accept the decision of the Prime Minister and Deputy Prime Minister. I deeply regret the comments I made and apologise for the embarrassment that I have caused the Government.”

Cable will still be the Minister responsible for tuition fees and banker bashing. Not totally humiliated, but pretty humiliating…