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What will become of the WSJ?

Posted in Media, Arif Durrani, Latest reporters' blogs August 1st, 2007 by Arif Durrani

It’s official, Rupert Murdoch has proved he’s still more than capable of holding his own after securing Dow Jones & Company despite strong resistance.

In one of his most contested moves to date, the septuagenarian is set to clinch the American company, and its ailing flagship newspaper the Wall Street Journal, in a deal valued at £2.8 billion.

The decisive moment came as key members of the controlling Bancroft family switched sides to back the sale yesterday, paving the way for a no brainer shareholder vote later in the year.

So what will become of the WSJ, renowned for its strong news agenda, under the auspices of News Corp?

According to Murdoch, things can only get better. He plans to invest in the Journal’s Washington bureau, presence overseas, digital operations and expand its domestic readership.

Let’s not forget the WSJ has been under increasing pressure over the past two years, as both advertisers and readers migrate online.

But critics find it hard to believe the owner of Fox TV does not pose a threat to the paper’s editorial integrity. Most of his current properties, including The Sun and The Times in London to The New York Post in the US, have been criticised in the past for sensational journalism and for promoting the tycoon’s own personal world interests.

Pearson’s rival The Financial Times has already announced plans to a launch more supplements and opinions pieces in the upcoming months, and the WSJ can be expected to do the same – perhaps these will provide the scope for brand Murdoch?

By way of reassurance, News Corp has agreed to establish a five-member editorial committee for its news output while also appointing a new member of the Bancroft to the board of directors. Will this be enough?

Newspapers owned by News Corporation
The Sun
News of the World
The Times
Sunday Times
The Daily Telegraph (Sydney)
The Australian (national)
The Advertiser and Sunday Mail (Adelaide)
The Sunday Times (Perth)
Herald Sun (Melbourne)
mX (Melbourne, Sydney and Brisbane
The Courier Mail (Brisbane)
Geelong Advertiser
Gold Coast Bulletin
The Mercury and Sunday Tasmanian (Hobart)
Sunday State Times (New Zealand)
New York Post (US)