Rupert Murdoch and The Wall Street Journal

When word first came that global media titan Rupert Murdoch was out to buy Dow Jones & Company and The Wall Street Journal, there was shock and awe in the news business.

Here was the ruthless, power politics mogul behind Fox News and a tabloid empire, out to grab one of the crown jewels of American journalism. The Bancroft family, that owns the Journal, sniffed "no". But Murdoch's five billion dollar offer was huge, and today, they're all talking.

Critics are crying tragedy. But Murdoch has the cash.

This hour On Point: Rupert Murdoch's earthquake bid for the Wall Street Journal.

Quotes from the Show:

"We're talking about one of the last three greatest newspapers in this country. ... Outside the editorial page, you read something on the Wall Street Journal, you take it for a fact." Steve Yount

"There is nothing wrong with Wall Street Journal. There is no pressing need to sell Dow Jones." Steve Yount

"I will end my subscription if this goes through." Listener from Foxboro, Mass.

"Rupert Murdoch will not let Wall Street Journal hurt his pocketbook." Listener from Cambridge, Mass.

Guests:

Jon Fine, Media Columnist for BusinessWeek Magazine.

Bob McChesney, Professor of Communications, Institute of Communications Research at the University of Illinois, Urbana-Champaign

Steve Yount, President of the Independent Association of Publisher's Employees;
Zachary Karabell, Chief Economist and Chief Marketing Officer at the investment firm, Fred Alger Management