Rupert Murdoch, The Godfather

"He made them an offer they couldn't refuse..." and that's what it boils down too...

Rupert Murdoch got his trophy.

After weeks of back and forth, it looks like Murdoch's News Corp. has succeeded in a years-long quest to buy the parent of The Wall Street Journal.

"The Bancroft family has accepted," John Prestbo, editor and executive director of Dow Jones Indexes, told reporters earlier today in Chicago. Dow Jones "will be part of News Corp.," Prestbo said.

Murdoch now has enough support from reluctant Bancroft family members to make the deal happen, The Journal reported today.

For News Corp. shareholders, Murdoch's victory raises questions about whether he can make the $5 billion investment pay. For the rest of the media industry, it creates a monster competitor, one that still has the financial wherewithal to make more acquisitions.

Read the full article here

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2 Responses to “Rupert Murdoch, The Godfather”

  1. Charles Rey 1 August 2007 at 1:46 am Permalink

    Sounds monopolistic. What do you think is the impact to the public?

  2. Blog Money 1 August 2007 at 9:48 am Permalink

    I think it’s a sad day in media… I hate Fox as it is but yet it seems as though they keep growing their media power as Murdoch wants to launch a Fox business channel to compete with CNBC.

    Great now they make you feel money smart while giving you their opinion and inaccurate information. Still glad they canceled O’Reilly though.

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