Bloomberg News columnist Michael Lewis writes Tuesday that News Corp. CEO Rupert Murdoch — or his heirs — will wind up selling The Wall Street Journal for a loss years later if he is able to purchase its parent company, Dow Jones & Co., from the Bancroft family because of how the Internet is changing the newspaper business.
“But there’s a catch to the status of even great newspapers: When they lose their readers they lose not just their profits but their purchase on the culture, and the source of their prestige. It’s only a matter of time before even Murdoch wakes up and realizes that the Wall Street Journal is not as glorious as he remembers. And what then? He — or his heirs — will want out. They’ll sell it, at a big loss, to some lesser figure. (Inferior status goods attract inferior status-seekers.)
“The Bancrofts won’t believe it now but there may come a time when they long for the days when their baby was in the hands of such a fine and upstanding press baron as Rupert Murdoch.”
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