Rupert Murdoch buys Dow Jones & Co

Early this morning, word crossed the wires that Fox News owner Rupert Murdoch purchased Dow Jones & Co for $5 billion.  Dow Jones is the parent company of the Wall Street Journal:

The companies said in the wee hours of Wednesday morning that theysigned a definitive merger agreement after the deal won sufficientsupport to pass from a deeply divided Bancroft family, which hascontrolled the storied newspaper publisher for generations.

Murdoch is getting one of the great trophies of U.S. journalism anda newspaper that is considered required reading among the business andpower elite.

The deal will also expand Murdoch's already massive global media andentertainment empire News Corp., which owns the Fox broadcast network,Fox News Channel, the Twentieth Century Fox movie and TV studio,MySpace, newspapers in Australia  and the U.K., and several satellite TV broadcasters.

A very sad day for the traditional news media.  With all this media consolidation, blogs just became all the more important.

Comments

[Sigkim]

Well....I usually read the WSJ about 3 times a week but...with Billo sure to be a featured columnist I guess the Tucson Star/Citizen will have to do for print media.
Not that the WSJ is the bible of financial news because blaming low employment over fractional reserve banking as a primary cause for inflation is well...for m your own opinion. They do have a wide range of interesting articles but a grain of salt is the order of the day with them. Now a salt mine will not suffice.
Good day:)
PS I missed the last debate because of work but will you be having chat session open on the 7:00am debate for the 5th? I will be looking forward to it if you decide to do it:)
Good day Blue State.

[Chief Editor: Todd]

Hi Sigkim. I am considering the idea of covering the Sunday debate, although I worry that in the early morning on Sunday less people would show up. I will post something probably tomorrow or the next that asks all the viewers on this site whether I should do it.

Although, the idea of waking up at 6 AM pacific time to watch Ron Paul talk some sense into those other candidates does sound like a fun idea. :)