R.I.P…..Very sad. Apparently the Bancrofts have decided to sell the Wall Street Journal to Rupert Murdoch.
It is rather shocking that so many people who care about the future of journalism remain silent or sanguine about his impact on one of democracy’s most important professions. The news pages in the Wall Street Journal are about the smartest and bravest of any newspaper in America. Some people, like Dow Jones CEO Richard Zannino, enjoy stock holdings that offer roughly 20 million good reasons to believe that such journalism can continue unimpeded within the Murdoch empire. But the rest of us might as well believe in Peter Pan.
….The silver lining of this takeover is that when Murdoch destroys the credibility of the Journal — as he must if it is to fit in with his business plan — he will be removing the primary pillar of the editorial page’s influence as well. In this regard his ownership is a kind of poisoned chalice.