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Rupert Murdoch One Step Closer To Owning Everything

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Jun 1, 2007 

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Sarah Novotny  |

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Rupert Murdoch One Step Closer To Owning Everything

Rupert Murdoch has proven to be a true media mogul with designs on acquiring his way to the top. NewsCorp has been on a spending spree first with MySpace and now the recent$250 Million PhotoBucket acquisition. Much toMr. Murdoch’ssurprise the Bancroft familystunned the media after putting out a report that said they will sit down with Rupert Murdoch to discuss the mogul’s $5 billion offer to buy the Dow Jones Company.

The Bancroft Family which controls the Dow Jones Newswires, Barron’s, The Wall Street Journal and MarketWatch denied Murdoch’s offer only to reconsider News Corp.’s ownership after the trends in the media world over the past month have become increasingly unpredictable and competitive.

“After a detailed review of the business of Dow Jones and the evolving competitive environment in which it operates,” a Bancroft representative said in its statement, “the family has reached consensus that the mission of Dow Jones may be better accomplished in combination or collaboration with another organization, which may include News Corporation.”

There are still reservations about the decision tosell toMurdoch. The Journal is currently preceived to have a great amount of editorial integrity which allows premium ad rates to be charged. However, there is speculation that Murdoch’s owernship could potentially devalue the publication due to his overwhelming influence on his properties’ news content.

The Bancrofts acknowledged this yesterday, explaining in their statement that the purpose of the meeting is “solely” to discuss concerns about journalistic integrity that were provoked by his bid.

The family also said it would consider any offers or proposals from other comers, but Murdoch deliberately priced his bid high enough at $60 a share to discourage many other contenders for the whole company.

In a world dominated by a select few media titans, Mr. Murdoch and NewsCorp seem to be determined toremain competitiveinonline and offlinemedia. With all of the changes occurring in the market in the past month, one can only speculate how eventful the coming months will be.

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