David Carr of the New York Times writes Monday about Rupert Murdoch, who owns The Wall Street Journal, and Michael Bloomberg, whose business news media empire keeps growing.
Carr writes, “As business reporters, we tend to overanalyze the titans among us, because, well, they aren’t like us.
“Watching Mr. Murdoch, who controls and owns big chunks of a movie studio, a cable news channel and newspaper and television properties all over the world, and Mr. Bloomberg, who owns a worldwide terminal and data business, along with various media assets, it’s easy to guess that the empire-building is all part of one, huge unified plan.
“But in some respects, they remind me of other newspaper owners in various sized towns that I have covered — men with an immense appetite for power who want nothing so much as to be in the middle of things. Mr. Bloomberg and Mr. Murdoch just have many more zeros behind their net worth, and global empires to match.
“To project might, few things are as effective as owning big, throbbing media properties. Since returning to his company, Mr. Bloomberg, 72, has dedicated a large amount of money to remaking his media operations, including a reorganized website unveiled last week. By all reports, he has spent time tinkering with even the most minute aspects of the redesign, despite that being a tiny part of his company.
“Mr. Murdoch vastly overpaid for The Journal, and continues to support the money-losing New York Post. When News Corporation split two years ago, he protected his beloved newspaper assets in a well-funded new company. He is, by all accounts, highly involved with his papers and finds no detail too small to merit his interests.”
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