Rupert Murdoch buys Dow Jones & Co
Early this morning, word crossed the wires that Fox News owner
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 Australiaand 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.