Categories: OLD Media Moves

New WSJ owner: We will crush FT

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.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.