Back From Baja To Find Murdoch In Action Again.By
Just back from Mexico and the world's a-hopping. Rubert Murdoch's bid for Dow Jones and the Wall Street Journal reflects how fast the silos are coming down everywhere, especially media. The shift of advertising and audience to the web away from mainstream media is setting all kinds of companies in play. Dow Jones stock hasn't changed in real terms for nearly 20 years and the Man Who Bought MySpace may now have a shot with the Bancroft family which owns the company. For a thoughtful rundown of the Dow Jones takeover situation, check out Jeff Jarvis at BuzzMachine.
Murdoch is starting his own TV business channel and he won't get better business journalists than those at the WSJ. Plus he would get the really great WSJ online site. It's subscription now, but think what it could be if it opened up.
Best quote of the day on this--Jack Welch saying that buying The Wall Street Journal is like buying beachfront for Murdoch.
My guess is that this is the just the beginning of a bidding war that draws in private equity folks as well as other media companies, such as The New York Times and The Washington Post. Maybe Bloomberg.
And...At the end of the day on Tuesday, the Bancroft family appeared to turn down the Murdoch offer for Dow Jones.
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