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| The media baron's deal Tuesday ends a century of family ownership of Dow Jones. Mark Lennihan/AP |
How powerful is Rupert Murdoch now?
His $5 billion acquisition of Dow Jones & Co., including The Wall Street Journal, positions him to be one of America's biggest media barons.
from the August 2, 2007 edition
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"Let's say 10 percent of the workforce leaves," says Mr. Davis. "Just look at history. This kind of thing has spawned departures, and it will again."
Murdoch, for his part, has said he intends to invest in Dow Jones-style journalism. However, Davis suspects the media mogul will also want to make changes. "No one spends $5 billion and change doesn't follow," he says.
While some modifications may take place in the focus of the Journal, or perhaps even in its sections, few expect major changes. Murdoch won't want to antagonize the business readership. "My sense is that he's smart enough not to tip over the apple cart at The Wall Street Journal," says Edmonds. "To win the hearts and minds of the readers, I think there will be improvements versus a New York Post style of journalism."
However, many are concerned about the new power Murdoch, who already runs News Corp., will acquire with this purchase. "Clearly his business life continues to be [about acquiring] as much media power as possible, and then use it to promote both his deep-seated right-wing politics and his business interests," says Josh Silver, executive director of Free Press, a national organization in Washington trying to reform the media. "The fact is that some laws need to be applied to Rupert Murdoch since he owns television stations, cable news operations, and one of only [a few] national newspapers."
Others say Murdoch can't control the national agenda. "Is he a powerful media baron?" asks Larry Sabato, a political scientist at the University of Virginia in Charlottesville. "Absolutely. But having influence is different than controlling the media. The New York Times and The Washington Post ... have influence, too."
Through his Fox News, Murdoch has staked out the conservative side, many analysts say. But Edmonds believes the decision was more economic than ideological. "If you start with the premise that all four major networks are liberal, it makes sense to position yourself as a conservative," he says.
In fact, Murdoch has shown some pragmatism at times. In 2000, the New York Post supported Republican Rick Lazio in his race against Democrat Hillary Rodham Clinton for the US Senate. After she won, however, the Post has been largely supportive of her presidential campaign, some say.
"He has certainly cozied up to her because of the New York Post," says Mr. Sabato. "She might be his Democratic choice, but he also might have a Republican choice."
Even if Senator Clinton is the Democratic nominee, Sabato says The Wall Street Journal is not likely to be endorsing her, no matter who owns the paper. "There would be a rebellion if he forced the editors to endorse Hillary," he says. "The readers of The Wall Street Journal are not voting for Hillary no matter what Murdoch says."
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