Murdoch to add Wall Street Journal to his empire
Rupert Murdoch, the tycoon behind News Corp, has finally managed to win over support for his bid for Dow Jones and the Wall Street Journal, from members of the Bancroft family, who collectively control over 38% of Dow Jones. His USD 5 billion dollar bid was over and above what rivals were able to afford, or offer, but it took time to win over support from shareholders, whose main concern was whether the journalistic integrity and editorial independence would be able to remain after the takeover. Popular view has it that Rupert Murdoch has had a hand in twisting and tweaking the editorial slant of newspapers that he has taken over previously. Still, only time will tell. With this new addition to the News Corp stable, Murdoch is probably the biggest player in the business news reporting industry.