Rupert Murdoch speaking about Dow Jones at the 2007 annual News Corporation stockholders’ meeting on October 19, 2007:
This strategic acquisition includes not only The Wall Street Journal, the world’s pre-eminent business newspaper, but other prestigious brands and a range of content that will provide us with remarkable reach and flexibility in the growing business news sector.
There is a real hunger … not just in the United States, but across the globe … for financial news
A smart New York friend of mine sent me his two cents on Murdoch and Dow Jones:
First, Murdoch doesn’t invest $5 billion to lose money or destroy the product he buys.
He’s not an idiot.
He’ll put money into the WSJ to build it up.
He gives his readers what they want.
Readers of the SUN want naked breasts, and he gives them Page Three.
Readers of the WSJ want solid, reliable business news.
He’ll make damn sure they get it or he can kiss his five billion goodbye.
And, as he joked in an interview with TIME: if they want Page 3 girls in the WSJ, he’ll make sure they all have MBA’s.
As far as political slant, the WSJ editorial policy is already so far to the right that it makes Murdoch look like a flaming liberal.
So, my bottom line is that he won’t destroy the WSJ, he may make it better, and he will squeeze every ounce of energy
out of the staff which is probably what has them all up in arms in the first place.
Amen.
(Photo by David Mariuz)
Le Tour de France started in London in a big way.
Like Il Giro in Italy, Le Tour de France is a fabulous “brand extension” from newspapers!
Conrad Black goes to jail.
The Daily Telegraph fails to recognize that he saved the paper and The Spectator.
He is not another Robert Maxwell, but has been presented like him.
Wrong.
They were crooks, but at least Lord Black improved his papers.
Journalists must accept the fact.
News Corporation and Dow Jones agree about the sale.
The Bancroft family wanted another buyer but nobody, nobody, offered more than Murdoch.
So, they will sell.
The New York Times is in its new building.
But the financial results are worse than ever.
The Sulzberger family and their (poor) business managers must be accountable for the failure.
The Apple iPhone is a success.
Apple and AT&T sold more than one million sets in the first week.
They could sell more than 10 million sets before the end of the year.
The new Independent on Sunday is doing better than the critics expected.
Well, we were almost alone when all the bloggers were negative.
The new, compact, Sunday news magazine works.
The new ET in Greece confirms its success.
Again, against the conventional view.
INNOVATION was right.
And the ET team did a super job!
From a great, long interview with Rupert Murdoch in Time magazine:
“They’re taking five billion dollars out of me and want to keep control,” Rupert Murdoch was saying into the phone, “in an industry in crisis! They can’t sell their company and still control it — that’s not how it works. I’m sorry!”
The Bancroft family said today:
We will meet with Rupert Murdoch to discuss his $5 billion bid for Dow Jones.
We will consider other bidders and options for the company.
“After a detailed review of the business of Dow Jones and the evolving competitive environment in which it operates, the Family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organization which may include News Corporation.”
Well, they want more money.
And they will get more money.
From Murdoch.
Or from The New York Times.
Be ready for the white knight.
And if you have shares of Dow Jones, keep them.
You will make more money than you expected.
At the end of the day, this is Wall Street.
This is business.
Not charity.
Money talks.
Journalists listen.
Following a special meeting of the Board of Directors of Dow Jones & Company held at the request of the Bancroft Family directors, the Family today issued this statement:
“As we have been since 1902, the Bancroft Family remains resolute in its commitment to preserve and protect the editorial independence and integrity of The Wall Street Journal, as well as the leadership, strength and vitality of The Journal and all of the other publications and services of Dow Jones.
“Since first receiving the News Corporation proposal, the Family has carefully considered and discussed among ourselves and with our advisors how best to achieve that overarching objective, while serving the best interests of the Company’s various constituencies.
“After a detailed review of the business of Dow Jones and the evolving competitive environment in which it operates, the Family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organization, which may include News Corporation.
“Accordingly, the Family has advised the Company’s Board that it intends to meet with News Corporation to determine whether, in the context of the current or any modified News Corporation proposal, it will be possible to ensure the level of commitment to editorial independence, integrity and journalistic freedom that is the hallmark of Dow Jones.
“The Family also indicated its receptivity to other options that might achieve the same overarching objective.”
Rupert Murdoch had a management retreat in California a few days ago.
In an excellent piece today about the founder of News Corporation, Richard Siklos includes this great final paragraph:
As he wrapped up the conference in Monterey last Sunday, he looked out at his employees and said: “You all think I’m too old.” Pausing for a beat, he added: “I think you’re too old.”
Yes, he is right:
This industry has too many old people around today.
But Murdoch is not one of them.
