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:
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.