Rupert Murdoch Buys WSJ



The sheer will and moxy of Rupert Murdoch is astonishing. It looks like the estimable Bancrofts went in for the money rather than any sense of what Murdoch may or may not do to the reputation of their paper. From TheBusinessOnline (via HuffPo):

"Rupert Murdoch has succeeded with his $5 billion bid for Dow Jones, owners of the Wall Street Journal, according to sources acting for the Dow Jones board. Negotiations have been completed and the board is confident the terms of the deal will be accepted by the Bancroft family, which controls a majority of voting shares in Dow Jones, over the next few days. A formal announcement is expected next week.

"Murdoch’s News Corporation will take over America’s most prestigious financial publisher at the price he originally offered on April 17, when he proposed $60 a share when the stock was trading at $36, a 67% premium."

And they said Bill Moyers weilded too much influence on PBS ..