I haven't been able to follow the News Corp. saga as closely I'd like, but I was surprised by the tone of yesterday's Wall Street Journal editorial. For those not in the know, News Corp. owns Dow Jones, publisher of the WSJ. Here's the ed page's assessment of Dow Jones' acquisition by Murdoch:
The Bancrofts were admirable owners in many ways, but at the end of their ownership their appetite for dividends meant that little cash remained to invest in journalism. We shudder to think what the Journal would look like today without the sale to News Corp.
I'm on record bemoaning the decline of the WSJ in the post-Murdoch era. Maybe the Bancrofts were money-hungry capitalist owners, but it was a better paper then. Really.
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