Dow Jones Finally Gives Rupert Murdoch His Coveted Prize

01 Aug

Posted by Business Twins as Articles, Business & Marketing, Make Money

Rupert Murdoch and Dow Jones & Company

Rupert Murdoch has finally won his long awaited prize yesterday by gaining enough support by the divided Bencroft family to buy Dow Jones & Company who owns the Wall Street Journal for $5 billion.

For Rupert Murdock this represents the apogee of News Corp. who is a $70 billion media empire that includes more than 100 newspapers worldwide, satellite broadcast operations, Fox television network, and social networking site MySpace. The purchase of Dow Jones & Company makes Rupert Murdoch one of the most formidable figures in business news in this country, if not the world.

Dow Jones said today that the family trusts and family members represented about 37 percent of the total shareholder vote had committed to support the deal.

“It’s a bad thing for Dow Jones and American journalism that the Bancroft family could not resist Rupert Murdoch’s generous offer,” James H. Ottaway Jr. who is a former Dow Jones executive and major shareholder said yesterday.

“I hope Rupert Murdoch, and whoever follows him at News Corporation, will keep his promises to protect and invest in the unique quality and integrity of The Wall Street Journal, Barron’s and all the Dow Jones electronic news services.”

Murdoch made his first offer to Dow Jones’s chief executive Richard F. Zannino over breakfast on March 29, who then made a formal bid on April 17, but it didn’t reach the news until May 1st. Even though Rupert Murdoch has finally succeeded, it will take almost 3 to four months for the transition in ownership to take effect.

Tags: Business, Dow Jones, News Corp, Rupert Murdoch, Bencroft, Wall Street Journal

[via NYT]

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4 Responses

John

August 1st, 2007 at 10:07 am
1

This asshole Murdoch is not different from Dick Cheney, power hungry sick-minded individuals who always try to bully anyone to sell them their business or threaten any way they can.
The family that owned Dow Jones for over one hundred years had the caliber to keep it running with integrity and make the business flourish and stay on top. It is only a matter of time before Dow Jones becomes a disgrace like every business under Murdoch. Fox News is notorious for being pushed to report news with a conservative side (and scores of people have resigned for that is bias, not real journalism). The Post, another newspaper Murdoch owns is critized in the same light.
He is married to an ugly Asian woman who will likely make it easy for Asians to adquire Dow Jones if she inherits power and $ from him. A shame.
Sramana Mitra

August 1st, 2007 at 10:19 am
2

Here’s my analysis of what Murdoch needs to do with the WSJ next:
http://sramanamitra.com/2007/07/31/murdoch-gets-dow-jones-now-what/

And to put things in context, here’s why NewsCorp should go after Google’s AdSense (not just in Business and Finance, but in other verticals as well):

http://sramanamitra.com/2007/07/27/googles-adsense-revenues-vulnerable/
Business Twins

August 1st, 2007 at 4:20 pm
3

John - I completely agree with you here. It is kind of sad that they call America the ‘Home of the Free’ when in fact everything is mediated towards us in a certain way which is sadly influenced by a handful of people. You think you are watching the news but in reality it is only what those handful of people want you to see.
newssophisticate

August 2nd, 2007 at 3:21 pm
4

Murdoch Speaks about spending 5 Billion U.S. Dollars

As the financial news world turns on its head, Rupert Murdoch, giggles with glee.

” I don’t know how these fools do business in America. I’ve nearly bought everything I can get my hands on. I love the United States. Thanks guys, this country has lined my pockets for years.”

When asked about the future of the Wall Street Journal, Murdock replied,

“It will be great for the world. Lately I’ve ran out of news outlets to display my senseless collection of babble. Are you kidding me, of course the Journal has a bright future. These drunken druggie Hollywood slut IT girls are making me millions. I love ‘em all. America will hail me as a king when I bring the IT girls to the top rated financial news source in the world….I’m just so excited!”

Read the full article
http://newssophisticate.blogspot.com/2007/08/murdoch-speaks-about-spending-5-billion.html