« Serving at the pleasure of the president. | Main | Estona and Russia clash. »

Murdoch is greedy

Rupert Murdoch, owner of News Corp. a global media conglomerate. Fox News in the United States and a slew of newspapers across Australia. Is trying to purchase the Wall Street Journal from Dow Jones company. His initial bid was for $5 billion. The Bancroft family which owns more than 50% of shares in Dow Jones Company rejected Murdoch's bid.

I pulled this story from Voice of America news.
http://www.voanews.com/english/2007-05-02-voa34.cfm
Voice of America is funded by the Government and controlled by the Broadcast Board of Governors.

The challenge in this story is trying to figure out why the Bancroft family rejected Murdoch's bid.

In comparing this story I ran across a story from the Herald Sun which is an Australian newspaper owned by Murdoch. Towards the end of the article speculation about the rejection of the bid comes out. The union representing the employees of Dow Jones Company says that Murdoch, "has shown a willingness to crush quality and independence, and there is no reason to think he would handle Dow Jones or the Journal any differently."
http://www.news.com.au/heraldsun/story/0,21985,21662946-661,00.html

I think that the Wall Street Journal would turn into something similar to Fox News Channel. Both articles point to Murdoch's desire to create a new business channel to compete with CNBC. Acquiring the Wall Street Journal would give Murdoch firm control over financial news.