They caved in. Yes they were already distanced from the company, but they caved into a property hungry media mogul who does not care about "fair and balanced" news as one of his flagships claim. He is actually more interested in promoting his own personal views. Yes, this media mogul that I am speaking about is Rupert Murdoch, the crazed conservative Aussie who is out to take over the media world as we know it.
Yesterday, the Bancroft family, which held the majority of the voting power of the Wall Street Journal and Dow Jones agreed to be bought out by Murdoch's News Corp for a large sum of money. Now everybody is wondering what he will do with the paper? Will he turn it into a propaganda mouth piece? Will he just leave it alone and un-touched? Who knows. It is definite that he wants to use it as a source of content for his new business channel that he wants to launch later this year that will rival CNBC and the Bloomberg Channel.
The big thing in this is that the Wall Street Journal has a 200 year of history of being owned by the Bancroft family, so that in itself is a big thing. Another thing is that it has the largest readership among the business papers. It has been called the "required reading" of the business class. How will they react to this change?
Me, I think that it was a bad move. Once again, why does a big corporation have to go and buy another one. Why can't there be lots of different corporations out there owning a couple of things opposed to one corporation owning millions of things? I guess that is life.. Maybe we all can soon be owned by News Corp or Wal-Mart. I can't wait!