While many of us in Philadelphia have been preoccupied with the Alycia Lane e-mail photo scandal, media mogul Rupert Murdoch made a $5 billion bid to buy Dow Jones & Co, and most notably one of the most respected news outlets in the world, The Wall Street Journal.
So what’s the motivation here? Is it a good business deal? Judging by the premium Murdoch would pay – at $60 a share, 67% more than the stock price at the time of the offer – I would have to say no. Is the notoriously right leaning Murdoch trying to buy some news credibility using WSJ as currency? Is it about ego? Only Mr. Murdoch knows for sure.
No matter what the motivation I’m hoping Dow Jones turns him down flat. The Wall Street Journal is an institution. And while I’m no curmudgeon, this is one news staple that I can’t stomach getting sullied. I don’t want to see a daily politics column from Rush Limbaugh or religion reporting from Pat Robertson. Leave that decidedly unnatural “news” coverage to Murdoch’s Fox News. My children deserve to know the unwavering Wall Street Journal that I know and my parents have known.
So when Rupert tries to get down with Dow, I hope they leave him down and out.