News Corp. (parent company to MySpace) and the management of Dow Jones have agreed on a $5 billion purchase price. The next step is a vote by the board of directors of Dow Jones this evening. Following board approval, the deal will still need the approval of the Bancroft family, which controls 64% of Dow Jones’s voting power. The final decision should be made next week.
I love the fact that the same company that owns MySpace will, if things go according to plan, now own the Wall Street Journal, too. What a small world this is becoming. A small, conflicted world.
This is becoming a potentially dangerous scenario
Just imagine at this rate what they will eventually end up processing by the end of this decade
I doubt Tom will approve of this. For starters, Dow Jones color theme does not coincide with that of myspace and we all know Tom is rigorous on colors.
I am usually against government control, but I think this is an area where we our government should block this sale.
Now we are going to have both FAUX news and WSJ pushing to go into war with Iran, then Syria, and what ever enemy the editors manage to invent.
Mike, can you elaborate a little? What exactly do you like about it? The discrepancy of audiences? Of styles? Is consolidation of a huge brand like this a good thing?
It would be nice if there were a counterweight to Google. Unfortunately, I don’t think these guys can challenge Google’s ad monopoly.
Sounds like a good outcome for WSJ.
Kevin – I “love” the fact that no one will ever call bullshit or conflict of interest on this. I “love” the fact that big media can keep undermining blogs by saying that we’re all conflicted, when they have much larger conflicts themselves. And the average blogger/reader has no idea how much they are being led on.
I’m a pretty conservative guy, but what News Corp. is becoming sort of scares me. Everyone can pile on the bloggers all they like, but at least we’re another voice out there which can bring a little perspective.
tooo gud … and tooo complicated ..
…. wow ! … fasinated at the complexity of things …
Mike,
You have people who write for you and a CEO. That automatically disqualifies you from the common blogging realm.
Crossing my fingers that the Bancrofts veto this deal.
If Murdoch buys WSJ, that will be the day I cancel my subscription. This is way too much, big media is taking over…
I would suggest searching youtube for outfoxed and watching the documentary on how Mr Murdoch is already controlling the news.
Now he is getting his hands on American finance?! Even a die-hard republican would have to start worrying about that.
“Everyone can pile on the bloggers all they like, but at least we’re another voice out there which can bring a little perspective.”
- Which voice?
Mike: did Techcrunch bid for the WSJ?
If he’s controlling the news, somebody should hit him over the head with a stick because the news in our country is terrible. It’s making people stupid.
I actually like Rupert Murdoch because I like executives that aren’t afraid to make bold moves, but I agree there needs to be more control on who runs the media. A lot of traditional media outlets are in trouble, I can see the potential for things getting out of hand with somebody controlling too much of it.
It’s a really interesting era, right now. Very cool to be part of it.
It’s a hellaof a deal for the bancroft family. No one in the their right mind would pay the premium Murdoch is offering, hence no alternative prospect has yet emerged. Cleary Murdoch is buying the Journal for other reasons then economics. I subscribe the Journal and love it; hands down its one of the best national papers in America. I am as frieghtened as anyone about what Murdoch will do to the journal. At the same time I honestly believe this deal with go through. Government intervention would be obscene. Dow Jones will be in need of deep pockets in order to compete in future environment, Thompson-Reuters anyone? Time will tell about the outcome, and the outcome of the outcome.
THE WSJ has been a major influence on Wall Street and in Washington D.C. for a very long time. With politicians jumping on the My Space bandwagon where a large number of our youth are entrenched, and now News Corp buying the journal; one has to wonder what his real agenda is. Consider the premium being paid and it’s evident to me it certainly isn’t about profit. The governement has stopped much smaller deals in a variety of idustries and I think this one is a bad move and they shouldn’t approve it. Politicians should have some balls and get a clue. Maybe they would except theyre too busy soliciting votes on My Space.
ready for wsj -tv ???
Great, a tabloid newspaper focused on business. Just what the world needs lol.
It is a problem for the USA because Murdoch has a track record of influencing editorial policy for his own (empire building) ends. He does not hesitate to use editorial leverage for political manipulation as that has the biggest pay off.
yeah not a good deal;
– although mike seems a little high on himself;
– another voice?, heh you got a CEO that works for you… man
- you are “The man” you are hating on
Given the hundreds of organizations and websites competing as news “content-providers” nowadays, it’s absolutely silly to be “worried” about this WSJ deal, which is getting WAY more attention than it’s worthy of. The only reason this little transaction is getting this glut of hysterical attention is because journalists are basically modern-day mobsters — a fraternity of pathetic slobs with no sense of balance, professionalism, or ‘journalistic ethics’ who collectively DESPISE Mr. Murdoch and exploit their positions at COMPETING content providers to trash their political enemies. Uggh! what shameless creeps!
The author’s snotty conjecture that Newscorp will have some sort of a monopoly on information (LOL, even business news & information) is laughable and ridiculous.
Murdoch is just a solid business man. knows what he wants and goes after it (and gets it) – that’s how business is done and how success is made! go get ‘em Rupert!
Simple says it best Randy.. couldn’t agree more.
Dow Jones shareholders should reject the News Corp bid.
Dow Jones CEO Richard Zannino is reported to have said in a memo that Dow Jones has “a very bright future as an independent company should the News Corp. bid not come to pass.” Let that be the case.
The journalistic quality of The Wall Street Journal and other Dow Jones media properties would suffer under News Corp. ownership.
The critical role of an independent and free press in American democracy is suffering under the growing consolidation of media outlets by fewer and fewer corporations, whose allegiance is more to shareholders than to readers, listeners and viewers.
There is more at stake here than profit.
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