Peter Chernin, the president of News Corp., which is acquiring The Wall Street Journal‘s parent company Dow Jones & Co., said in England that the paper will “crush” rival Financial Times, according to an article in the Scotsman newspaper.
Adam Cash of The Scotsman wrote, “Chernin said: ‘We don’t want to buy the FT. News Corp will crush it.’
“He dismissed the notion that even a crushed FT would be attractive at a discounted price. ‘We don’t want it,’ he said.
“He also said there was space within the media giant for both the Fox Business Channel, which launches next month, and CNBC, owned by NBC Universal, which has a contract with the Wall Street Journal until 2012.
“‘The two will compete against each other,’ he said. ‘In many ways competition among News Corp businesses has proven to be a healthy thing.'”
Read more here.