Cheat-Seeking Missles

Friday, July 06, 2007

Murdoch Snags The Wall Street Journal

The Business, London's online business news site, is reporting that Rupert Murdoch has pulled it off:

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.

Murdoch's empire catches plenty of flak from the left, but it's OK with me. Some a bit too smarmy for my taste, but he's a serious media mogul, not some profit-hounding, sex-peddling whack job. Even so, the next paragraph in the article was welcome:

After lengthy talks involving many lawyers, the deal includes a legally-enforceable agreement with Murdoch which will supposedly guarantee the integrity and independence of the Wall Street Journal’s journalism.

The Wall Street Journal is a masterpiece and has been forever. I read it in J-school as an example of how to do things right (along with the other CSM), and it should stay so, a journalistic Mona Lisa for us to behold and say, "That's how it's done!"

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