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August 01, 2007
So Rupert Murdoch has finally gained control of the Wall Street Journal from the deeply divided Bancroft family to buy Dow Jones & Company, publisher of The Wall Street Journal, for around $5 billion.'Tis a long way in his 55-year empire building from his start in sleepy Adelaide back in October 1952.
It was in the families' hands after the initial offer of $60 for the $36 shares received board approval. Murdoch wanted the WSJ more that anyone else, including the Bancrofts.
The news pages in the Wall Street Journal are about the smartest and bravest of any newspaper in America. Jack Schafer in Slate says that the Wall Street Journal played it pretty straight in terms of disclosure about conflicts of interest.
Murdoch will now control a broadcast network, a cable news channel and a national newspaper -- three of the small handful of outlets that set the US national news agenda. What we have is a multiple platform approach to gathering and distributing business and financial news, information and analysis
So will Murdoch turns the Journal into a shill for his business interests?Schafer says that:
a Murdoch-owned Journal would be a journalistic disaster because wherever Murdoch goes on the planet, he uses his enterprises to advance his personal interests and his business interests. So, my guess is that no, he wouldn't disclose News Corp.'s conflicts.
Frank Ahrens, a business reporter with the Washington Post, said on Radio National Breakfast that Murdoch wouldn't buy the Journal just to destroy it. Murdock wouldn't destroy it, as he needs the content for his new business channel on Fox that will take on CNBC
But as know from our Australian experience, Murdoch is someone who has molded journalism to serve his business and political interests and the editorial pages of his newspapers routinely call liberals and lefties cowards, traitors and criminals. However, before we get too carried away with the rhetoric about 'the barbarians at the gate' producing swill and rubbish for us, we need to remember that the WSJ's editorial pages had operated with Murdoch-like sleaze because they were run by right wing ideologues.
Media consolidation has replaced investigative journalism with infotainment, foreign affairs reporting with fluff, and local coverage with cookie-cutter content. The emerging Internet outlets do not offset consolidation's affect on journalism, Murdoch isn't going to change his ways and Washington is unlikely to start rolling back media consolidation.
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Murdoch on quality media: “All newspapers are run to make profits. Full Stop. I don’t run anything for respectability. The moment I do, I hope someone will come and fire me and get me out of the place – because that’s not what newspapers are meant to be about”
It's not beyond the realms of possibility that leftover bits of the Bancroft family and WSJ journos with a shred of self respect could jointly start up a new masthead. Here's to hoping.