This Day In Murdochiana: Morning After The Maybe Merger

It figures. Now that the long, drawn-out period in which Rupert Murdoch courted and cajoled his way into the Dow Jones board's good graces is finally over, things are finally getting interesting. It's like everything that's led to this point has been The Phantom Menace--wrinkly old villain foments a seemingly endless number of picayune negotiation sessions, while a bunch of dour Jedi fret over how to best babysit their Hope For The Future, even as the forces of evil--uhm...let me clear my throat: "EEeeevillll!"--close in around it. As with that piece of Lucasian inanity, things only start picking up after its over.

To wit:

WSJ reporters respond, prankishly: The New York Times reported today that the rank and file are responding to reality with "gallows humor" and phone pranks, "as newsroom employees answered phones with "News Corporation" and mimicked Mr. Murdoch's Australian accent." That's right, reporters...give in to your juvenile tendencies. Begin the process of dumbing down. Rupesy likes it!

Hey, remember David Li? He's the Hong Kong-based Dow Jones board member who was accused of insider trading after an investigation uncovered that two people with "close business ties" to Li were responsible for making some suspicious trading in Dow Jones stock. Li just got served with a "Wells notice," which officially "notifies him of the proposed charges" from the SEC.

A little of the old cloak and dagger. The Financial Times reported today that former British Prime Minister Tony Blair "took three telephone calls from Rupert Murdoch in 10 days before the Iraq war." What does it all mean? Nobody knows! But it's best to assume for the time being that only Rupert Murdoch knows the whereabouts of the Lindbergh baby.

And, oh...that earnings report! Dow Jones "reported lower second-quarter profits Thursday due to an accounting charge, but revenues and operating income rose." Revenues were up to the tune of 16.2 percent, but were "offset partly by a 6.8 percent decline in print advertising revenue in the U.S. edition of The Wall Street Journal...and a decline of 8 percent in advertising revenues at its community newspaper group." Just like at every other newspaper these days. And remember, if Rupert sells ad space on the front page, he won't be the first!

Finally, we direct your attention to the New York Observer's snapshot of the Bancroft family. Tell us that Noah Baumbach couldn't make some crappy movie out of that! ALSO: Dieter von Holtzbrinck, who we mentioned yesterday as having abstained from voting on the deal with the rest of the Dow Jones board, has resigned from that body in protest. Von Holtzbrinck, "an heir to the von Holtzbrinck publishing empire" (uhm...obviously!), will presumably return to his life as a WWI flying ace.