Tuesday, July 31, 2007

Murdoch bought Dow Jones

Oh I don't like the sounds of this. Not one bit. Forget my theories about Dick Cheney assembling an army to take over the world. (I'd link to an old blog post here, but I haven't revealed it yet on Street Cred. Maybe soon, blog readers. Maybe soon.) But Dick Cheney's got nothin on everyone's favorite media scavenger: Rupert Murdoch.

"Murdoch's $5B bid for Dow Jones succeeds." Read it and weep.

I heard about the bid sometime last week, but I must have blocked it from my mind out of shock. Now there's confirmation, and I think my head is going to explode.

In case you're short on time, here are the highlights. Rupert Murdoch, the CEO of News Corp (yes, that's the home of Fox News), now owns Dow Jones. This means Murdoch will control The Wall Street Journal, Barron's and all the Dow Jones electronic news services. Click here to read the Center for American Progress' rundown of what else Murdoch controls as of 2004 (it's probably a lot more as of 2007). You won't believe it.

This is a scary day for American journalism. I'm going to have to go back to my Media Law textbook and try to figure out how the hell this is legal.

Stay tuned for another post about this, once I think about it a little more.


Ben said...

This has been in the works for a while and seems as if it was inevitable. The WSJ was crap before anyway; but still, there is no good way of looking at this. Well, unless you are the man himself, RM.

Lisa said...

I know it's been in the works, but I didn't think the Bancrofts would take the deal. Sellouts.

Anti-trust? Monopoly? Journalistic integrity?