Murdoch at the gates
Looks like News Corp. will prevail in its lust for the Wall Street Journal. Should you care? Does this matter for the financial service industry? Well, the Journal was a paper of record for all things financial and a pretty darn good one. Like it or not, it was an independent journalistic organization that took on the big issues. News Corp. of course does not have that reputation, and that is not a criticism. It operated in another sphere of the media world. The tension within the entire Dow Jones organization is really high. The journalists feel this is an end of the world kind of moment. Financial journalism, in their view, may never be the same. That may be hyperbole. A lot will ride on the plan to keep News Corp. out of the editorial process. For now, all eyes are on the torn Bancrofts. Stay tuned.