Eat The Press

Rupert Murdoch's bid to buy the Dow Jones hit the world like the combined effect of a Cat-5 hurricane, a super-volcano and holy zombie terror. He's got the Bancroft family shaking, CNBC quaking, and a host of touts have been making the case for and against all night long.

What Happens Now:

The Bancrofts likely see Murdoch as their antithesis--their philosophy has been to avoid the spotlight, clinging to their "long-held belief in newspaper ownership as a public trust." I know! Crazy! Hidebound! According to the New York Times, the family will oppose the deal with their "slightly more than 50 percent" controlling interest. That's not to say they aren't open to keeping the foxes out of their henhouse: they are said to prefer something a little more Warren Buffett-y or Bill Gatesesque. But that Murdoch: HE WANTY! HE WANTY BAD! But he's staying professional, telling the Wall Street Journal that he hopes the Bancrofts "will take it calmly and think about it." Obviously, if they did, they'd be the first to take this matter calmly!

Projecting the future of a Murdoch-owned Dow:

Some say:

  • LA Times: "'In one word, panic,' one Journal staffer said of the reaction. 'People are terrified at the prospect of Rupert Murdoch owning this newspaper.' The staffer declined to be identified for fear of job repercussions." Yes: one must be prepared to welcome any and all conquering overlords.

  • WaPo: "'If Murdoch gets control of the Wall Street Journal and Dow Jones and if he follows the pattern of his past acquisitions, he will use the Wall Street Journal to serve his own purposes, financial and political,' Ben H. Bagdikian, author and former dean of the journalism graduate school at the University of California at Berkeley, said in a statement."

  • USAT: "But are they ready to trust getting their financial news from the media mogul who has given us Homer Simpson, Simon Cowell, Bill O'Reilly and the New York Post's famous Page Six gossip franchise?"


  • Slate: "There have been so few positive animal spirits in the industry lately that even a shark like Murdoch is welcome." Mee-OWW.

  • Fortune:"Right there I was reminded why journalists are so smitten with Murdoch, even the ones who disagree passionately with his politics. The guy loves journalism. I mean, he really loves the give and take, the analysis, the insight, the nasty fights and so on. The same stuff journalists love."

  • Mort Zuckerman: "Brilliant move..."

Death Knell for CNBC?

Of course, if Murdoch is successful, no one stands to get boned as badly as the empire built upon the pillowy lips of Maria Bartiromo. As Steve Donohue points out, CNBC, which suckles straight from the Dow's teats, stands "to lose its best editorial content." Barry Ritholz is speculating that this alone could put the heat on the Dow property: "I would think that some senior people at CNBC are pleading with GE execs to make a run at Dow Jones -- if for no other reason than to keep the WSJ out of Rupert Murdoch's hands." Of course, Cavuto is already cluck-cluck-clucking about how a Murdoch-run Dow Jones enhances the prospects of a Fox Business Channel.

Media Blogroll


Romenesko Gawker TVNewser Wonkette Crooks & Liars CJR Daily Drudge Dealbreaker Dealbook Defamer Deadline Hollywood Daily Mickey Kaus Jeff Jarvis Radosh James Wolcott IWantMedia The Slot Bloggermann Jake Tapper Blogging Baghdad Russert Watch Jossip Mediabistro The Media Mob at the NY Observer The Transom FishbowlNY FishbowlDC FishbowlLA GalleyCat Reference Tone Panopticist The Minor Fall, The Major Lift Penguins On the Equator Gelf Magazine- Gelflog Animal (New York) White House Press Briefings Altercation
Page Six Liz & Cindy NYDN Gossip Intelligencer Reliable Source Patrick McMullan


Jack Shafer Howard Kurtz WWD Memo Pad NYO Off The Record Broadsheet Gail Shister Keith Kelly NYT Business/Media Jay Rosen’s PressThink Fine on Media Simon Dumenco’s Media Guy Jon Friedman Media Matters The Guardian (Media) NRO Media Blog Columbia Journalism Review On The Media The Public Eye The Daily Nightly Today’s Papers Regret the Error Dan Froomkin David Folkenflik


Slate Salon New York Magazine The New Yorker The New York Review of Books The New Republic The Nation Harper’s The Atlantic Monthly The Virginia Quarterly Review Vanity Fair Esquire n+1 The Believer


The New York Times The Washington Post The New York Observer The LA Times Time Newsweek US News & World Report Wall Street Journal Editor & Publisher NY Daily News NY Post USA Today NY Sun Times of London Financial Times The Smoking Gun McClatchy
NBC ABC CBS CNN Fox News MSNBC NPR Air America BBC C-SPAN Al Jazeera
AdAge Broadcasting & Cable MediaPost MediaWeek Variety Entertainment Weekly Folio:
HuffPo Home