It certainly doesn’t appear that the $5 billion purchase of the newspaper was a big financial success — the News Corporation took a $2.4 billion write-down on the purchase — and Michael Nathanson of Sanford C. Bernstein said the Bancroft family, which sold the paper, “now look like geniuses” and described the purchase as “one of the worst media deals in history.”The Media Equation - Tilting to the Right at Murdoch’s Wall Street Journal - NYTimes.com
But Mr. Murdoch and his lieutenants have made two significant bets: that the cachet and reputation of The Wall Street Journal are elastic enough to encompass a much broader array of news and that objectivity in a general-interest newspaper is a losing strategy.
Sunday, December 13, 2009
The Media Equation - Tilting to the Right at Murdoch’s Wall Street Journal - NYTimes.com
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