So what does Rupert Murdoch’s successful purchase of Dow Jones mean for the company, the Journal, the country, the world, you? Let’s (metaphorically) ask Jim Romenesko, the ultimate summarizer of such matters. According to Jim, “explaining how Murdoch ended up winning DJ is simple,” but the “WSJ will lose prestige with News Corp. running the show.” “Murdoch’s DJ purchase could change business journalism.” (You think?) “WSJ reporters react bitterly to news of Murdoch’s victory,” and “‘just what the world needs [is] the Fox-ification of the WSJ.’”
But, then, “WSJ’s journalism will stay honest under Murdoch,” because “the power of the marketplace will keep Murdoch honest.” After all, “newspaper dynasties are vanishing like family farms,” so “selling DJ is ‘sad [but] the only reasonable thing to do.’” “It’s doubtful that Murdoch has a grand plan for WSJ, but…” “journalists should fear Murdoch’s business model, not his politics.” (Perhaps that’s why “copy editor Walker quits, says ‘I don’t want to work for the man.’”) “‘I don’t see him screwing this up,’ says ex-WSJ editor Pearlstine.” But it might not matter either way: “Murdoch hasn’t stuck with any US newspaper other than NYP.”
Also, we understand that the new, News Corp. Journal gets a 15 for food, 18 for décor, and 22 for service. It takes credit cards and is closed Sundays.