The powerful News Corp. CEO (left), dropped his $580 million offer for Newsday, the Long Island daily being sold in a closely watched auction by real estate tycoon Sam Zell. Rupert Murdoch's retreat today shows he can, indeed, be stopped from expanding his huge media empire. Murdoch's rapid makeover of The Wall Street Journal, which he bought in December, has been a threat to Gannett flagship USA Today.In the battle for Newsday, Murdoch had been favored to beat rival Cablevision. But The New York Times, here, and News Corp.'s own Wall Street Journal, here, are reporting that Murdoch threw in the towel this morning.
Things, are so confused, at the WSJ since little Murdoch took over, according to a source I talk to least week at the Journal. The insiders, will be surprise, if the WSJ, is still around another year.
ReplyDeleteThat's an asinine comment. The WSJ remains highly valuable in print and online, particular in comparison to either publications.
ReplyDeleteChange is always going to bring turmoil of varying degrees. It sounds like the one source you're talking to either doesn't handle change well or has an axe to grind.