Andrew Ross Sorkin writes in the New York Times for Sunday — but already available online Saturday afternoon — that News Corp. CEO Rupert Murdoch may be the perfect owner for the Wall Street Journal.
News Corp. made a $5 billion offer to acquire Dow Jones & Co., the parent of the Journal, Barron’s and Marketwatch, two weeks ago. It became public this week.
“The Bancrofts — like the Grahams, who own The Washington Post, and the Sulzbergers, who own this newspaper — are part of an important, even noble, tradition: family ownership of media enterprises dedicated to probing, sophisticated coverage of the world around them. Mr. Murdoch, for the most part, is part of a different journalistic tradition: sensationalism. So the Bancrofts, on journalistic grounds, have good reason to be wary of Mr. Murdoch.
“Mr. Murdoch is also part of another tradition: farsighted, creative and risky business gambits. He has made piles of money by thinking ahead of many of his competitors. The Bancrofts have presided over a company that once held a dominant position in business journalism, and they let that lead, and the financial gains that came with it, slip through their hands.”
Read more here.
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