Finally, finally, the Malaysian government has told the world where the missing jet is located.

(BEGIN VIDEO CLIP)

RAZAK: It is therefore, with deep sadness and regret that I must inform you that according to this new data, Flight MH370 ended in the southern Indian Ocean.

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O'REILLY: That means that 239 people on board are dead including three Americans. Reaction was swift.

Our condolences to the families who lost loved ones aboard that airliner. Now the search continues more debris has been sighted in the ocean and eventually, "Talking Points" believes, some parts of the plane will be found but not the black box.

So the reason why the plane crashed is likely to remain shrouded unless the FBI can pinpoint a motive. They are working on that right now in Quantico, Virginia. And on the journalistic front, the coverage remains scandalous.

One week ago, I told you exactly what happened to that plane.

(BEGIN VIDEO CLIP)

O'REILLY: Based upon all the information we have now, I can say that I believe the jet is at the bottom of the Indian Ocean.

(END VIDEO CLIP)

O'REILLY: Now, I'm not a genius. It was obvious. Obvious from the facts that the pilot or pilots took the plane off course intentionally and it eventually crashed. Let me repeat. That was obvious from radar and satellite information.

But the media misled you. It exploited the airliner story to manipulate viewership. It allowed it allowed charlatans to put forth preposterous theories and that denigrated the entire journalism industry. That is the truth. Even as late as yesterday the corruption continued.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: We heard Bill O'Reilly this week saying that over coverage of a story like this corrupts the news business.

UNIDENTIFIED MALE: Yes that's nonsense.

(END VIDEO CLIP)

O'REILLY: It is simply incredible that the "The Washington Post" would pay a man as foolish as that, the guy who said it's nonsense to do anything for them. It is long past time for we the people to wise up on some very important matters.

We are simply not being told the truth by the national press. You know that. In many cases we are being actively misled and exploited in the process. The coverage of the Malaysian jetliner was embarrassing, irresponsible and dishonest.

Anyone, anyone who will not admit that is dishonest as well. You simply cannot, as a legitimate journalist, traffic in fiction when more than 200 people's lives are in peril: think about it. What if your husband, wife, son or daughter were on that plane and people on national television were telling you it landed some place? I mean, that's just cruel.

Finally, you guys watch this broadcast to get the truth. I gave you the truth last week -- seven full days before the announcement today. For doing that I got hammered by some dishonest contemptible media people. You just saw one on that clip. They embarrass themselves but they don't care.

Now, I'm proud we got the story right as usual. We will always tell you the truth on The Factor. And we will always present facts to back it up.

And that's "The Memo."

- You can catch Bill O'Reilly's "Talking Points Memo" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.