Rupert Murdoch's News Corp. sealed a $5 billion agreement to purchase the publisher of The Wall Street Journal after three months of drama in the controlling family and public debate about journalistic values.
One of the oldest and best-known franchises in the newspaper industry, beset in recent years by business pressures, now enters a new era as part of a world-wide media conglomerate. The 76-year-old Mr. Murdoch, whose properties range from the Fox television network to the Times of London, negotiated hard to win the paper he long coveted. He has promised to invest more in Dow Jones journalism.
Tuesday, July 31, 2007
The Wall Street Journal wrote its own obituary today:
It was a great read, while it lasted.