The Wall Street Journal and FOX News are siblings of the same parent company, News Corp.
Rupert Murdoch has sealed a deal to buy Wall Street Journal publisher Dow Jones & Co. for $5 billion, ending a century of family ownership and adding a crown jewel to his global media empire, News Corp.
The companies said in the wee hours of Wednesday morning that they signed a definitive merger agreement after the deal won sufficient support to pass from a deeply divided Bancroft family, which has controlled the storied newspaper publisher for generations.
Murdoch is getting one of the great trophies of U.S. journalism and a newspaper that is considered required reading among the business and power elite.
The deal will also expand Murdoch's already massive global media and entertainment 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.
Dow Jones and News Corp. said in a statement that Bancroft family members and trustees representing 37 percent of the company's shareholder vote have agreed to support the deal. Combined with the 29 percent of the vote held by public shareholders, who are very likely to support Murdoch, the deal is now assured of passing.
I wonder if fringe Lefties will organize a boycott and demand that Democrat presidential candidates shun the Wall Street Journal.
The New York Times, the Left's propaganda rag, mourns the sale and fears that conservatives are taking over the world!
Read all about it!!!
Combined with the planned beginning of the Fox business news channel in October, the purchase of Dow Jones makes Mr. Murdoch the most formidable figure in business news coverage in this country, perhaps worldwide.
It also gives a larger voice in national affairs to an owner whose properties often mirror his own conservative politics.
OOOooooh! Scary!
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