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kayman

Wall Street Journal is being purchased by Newscorp

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Murdoch catches the big one

It's official, Rupert Murdoch has caught the big one, The Wall Street Journal and its subsidiary DowJones. The 2 biggest names in business news reported in the US, and with that Newscorp inherits 600,000 paid subscribers to the publications. Murdoch has been chasing after the Bancroft's family prized publication for nearly a year, and he finally was able to strike a deal that will be worth $5 billion, i.e. $60-a share. This deal is also a ploy for Murdoch to start a new network tenantly dubbed the "Fox Business Channel" using the WSJ & DJ as the network's staples.

:mellow:

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WSJ's credibly goes down the tubes in a big hurry. Six months from now, cause he can't do it that quick to cause the outrage on the readership.

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Many reporters are not happy about the WSJ situation right now. They stated that the newspaper is no longer independent and will be controlled by one person whose beliefs are very much far-right conservative. Another unnamed reporter said that they "stood around a pile of Journals and drank whiskey."

I am a subscriber to the WSJ, and while the editorial page reeks of conservatism, I take it in a good light because I respect other people's viewpoints. But I fear that with this Murdoch purchase, the right-leaning editorial page will soon spill over onto the other sections of news. All one needs to take a good look at is Murdoch's prior purchases and his control over other papers and media outlets.

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Is there anything Rupert Murdoch won't buy these days?

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The purchase of WSJ was a very logical and sound decision by Murdoch.

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The purchase of WSJ was a very logical and sound decision by Murdoch.

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Very true, from the point of view of Murdoch's business interests. That doesn't make the purchase good news for the state of journalism in this country.

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