The Wall Street Journal, brought to you by Rupert Murdoch
by remnil
Big news in the business world this week: Dow Jones, and along with it the vaunted Wall Street Journal, now belong to media mogul Rupert Murdoch. The WSJ reports that, despite some heavy opposition from the controlling Bancroft family, Dow Jones accepted the $5 billion offer from Murdoch's News Corporation.
The WSJ is quite a laurel in Murdoch's already well-laureled hat. News Corporation is one of the largest media companies in the world, with holdings including HarperCollins, The Times, MySpace, 20th Century Fox, Fox Broadcasting Company, and many more names you've probably heard of. Murdoch hopes that Dow Jones will complement these already formidable media holdings by providing trusted business and stock information.
Opponents of the sale, notably Leslie Hill of the Bancrofts, fear that Murdoch will compromise the journalistic integrity of the newspaper, as has been alleged with other of his holdings including Fox News, ReganBooks, and The Times. Whatever the ultimate result, there is one group that will undoubtedly be overjoyed by the sale: Dow Jones shareholders. Murdoch's $60/share bid is worth two-thirds more than current DJ stock prices.
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