Toronto Star business columnist David Olive argues Sunday that The Wall Street Journal is already seeing a decline in influence among its readers even before its potential acquisition by News Corp. CEO Rupert Murdoch, who will just accelerate the issue.
“Accelerating the demise of the Journal as a must-read paper will create a void that will be exploited by the New York Times; Fortune; the U.S. edition of the Financial Times and the Times’ sister magazine The Economist. Web-based financial-news start-ups will proliferate, some of them offshoots of Bloomberg, Thomson-Reuters and Agence France Press, which will see the profit to be gained from developing proprietary investigative content.
“And that’s why so few people outside the Wall Street Journal and the incestuous media business care about a Murdoch-owned Journal. The best things the newspaper still does will become the lucrative work of others.
“The Journal will become another club for Murdoch to use against political and personal foes. But it will be a paper that serious readers no longer take seriously.”
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