August 01: Tuesday Rubert Murdoch financial journalism giant won the three month long battle in taking hold of a name known for its independent and fearless journalism, Dow Jones &Co parent company of ‘The Wall Street Journal.
The deal settled for $6 billion with 67% premium entitled Murdoch as the greatest media magnet as he also owns Fox news channel, tabloid news papers in Britain and Australia, New York Post in US, satellite channel in Asia.
Some quoted this take over as a ‘blow to independent journalism’ and a ‘dark day’ for journalism and a sad day for journalistic values. The deal is also being seen as a defeat of those who prefer integrity to profit.
The deal has been termed by some as a curse to free press in view of the tendency of Murdoch to bow to business pressures and an encroachment over ideas.
The latest merger is a major development in the history of US newspaper industry and it is going to put a stiff competition before CNBC, Financial times and others.
The merger has evoked fierce reactions from within the staff only. Staff members signed a petition urging family members not to hand over the great newspaper to a profit-oriented man who will compromise with the long held values of the paper for profit motive.
Fears of the reduced quality were given vent to. Reporters expressed disappointment that the paper is going to be handed over its independence to the beacon of financial journalism and controlled by the person with opposite values.
To ally such fears an agreement has been concluded by both the parties of the creation of a special committee to insulate the newsroom from manipulation to serve personal interests of Murdoch.
Some reporters believed that there was no other choice except selling in the wake of its declining revenue from ads.
Paper has supported the take over saying that business success is important for the ‘editorial independence’ which would be enhanced by News Corp’s capital though vice-versa is also true.
Paper also says that value system build over a century can not be erased or diluted easily as the reporters and editors of the paper are not potted plants who will abandon the habits cultivated over a time-period.
Definitely the deal is an end of the 105 years ownership of Bancroft family and beginning of a new era of US journalism. At the same time there are speculations regarding the maintenance of he journalistic values and editorial freedom of one of the oldest franchises in the newspaper industry.
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