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Murdoch's Journal deal - another blow for journalism
Thanks to our US sister publication, Free Press, for this piece, first published on 30 July 2007
DATELINE: 14/8/07
The 118-year-old Wall Street Journal (WSJ) is hugely prestigious in America, where it has the second-highest circulation of any newspaper. It comes complete with tailored editions for Europe and Asia and a radio news operation that sells business reports to 280 American radio stations. With 931,000 paid subscribers, its internet edition, WSJ Online, is the world's largest paid-subscription website.
To this Dow Jones adds online financial and business information services, which enjoyed a 30 per cent increase in advertising revenue between the first quarters of 2006 and 2007. Other products include Barron's magazine, a weekly title providing detailed market analysis as well as its own subscription-only website. MarketWatch, a financial news and information site, is another powerful Dow Jones asset.
Now after weeks of uncertainty the Bancroft family has accepted the $5 billion offer from Rupert Murdoch. Read the reaction from US Free Press president Robert W McChesney.
WASHINGTON — News reports today (30 July) indicate that the Bancroft family will accept Rupert Murdoch's $5 billion bid for Dow Jones and the Wall Street Journal. Media scholar and Free Press President Robert W. McChesney made the following statement:
"This takeover is bad news for anyone who cares about quality journalism and a healthy democracy. Giving any single company — let alone one controlled by Rupert Murdoch — this much media power is unconscionable.
"Media consolidation has replaced investigative journalism with infotainment, foreign affairs reporting with fluff, and local coverage with cookie-cutter content. Contrary to industry spin, emerging Internet outlets fail to offset consolidation's effect on journalism. Now Murdoch will control a broadcast network, a cable news channel and a national newspaper — three of the small handful of outlets that set our national news agenda.
"Rupert Murdoch — who has never hesitated to use his pulpit to advance his own ideological and business interests — won't change his ways. But we can change the policies that allow companies like News Corp. to dominate our media.
"We can only hope the culmination of this deal is the wake-up call Washington needs to start rolling back media consolidation. The first step is to pass new 'cross-ownership' laws that would prevent the owner of a national television network from owning a national daily newspaper.
"Murdoch's empire wouldn't exist if he hadn't been aided and abetted by Washington policymakers in Congress and at the FCC. Only by restoring public input in the policy-making process can we create the kind of diverse, accessible and independent media that journalism — and our democracy — so desperately needs."
Last modified: Wednesday, August 15, 2007
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Events & Announcements
World Press Freedom Day
More reporters are currently imprisoned in Turkey than in any other country in the world. Only a matter of weeks ago lawyers failed to persuade a Turkish court to release a 76-year-old journalist from a Turkish internet news station.
World Press Freedom Day on Friday May 3, 2013 is being marked in Britain by a rally to highlight the dangers facing journalists in Turkey and in this podcast, Nicholas Jones speaks to Barry White, Organiser at the Campaign for Press and Broadcasting Freedom, and Sam Bamford, the TUC's policy officer for Eastern Europe and Africa about the importance of a campaign to highlight international press freedom.
The World Press Freedom Day rally is being staged by the National Union of Journalists at the NUJ head office, Gray’s Inn Road, London WC1 on Thursday May 2, 6pm-8pm.
DATELINE: 27/4/13
UK launch of EU media campaign
DATELINE: 13/3/13
The UK launch of a 'European Citizens' Initiative' calling for EU rules against concentration of media power will take place on Thursday March 21 from 11:00am – 12:30pm in Committee Room 4A at the House of Lords, London. Guest speakers will include actor and activist Hugh Grant (pictured), media consultant Claire Enders, Professor Steven Barnett, Barry McCall (President of the NUJ) and Marc Gruber (Director of the European Federation of Journalists).
A European Citizens' Initiative is an official petition, like a Downing Street petition. If it succeeds in gathering a million signatures across the EU, the Commission is obliged to respond.
This petition calls for the EU to act to protect media pluralism and press freedom.
CPBF Annual General Meeting
DATELINE: 1/3/13
Make a note in your diary
Saturday 13 July 2013 from 10.00am
NUJ HQ, 308/312 Gray's Inn Road, London WC1.
Leveson, media ownership, CPBF future work.
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DATELINE: 26/3/10
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MEDIA FOR ALL CONFERENCE
DATELINE: 26/3/10
Papers from the Media for All Conference
MEDIA MANIFESTO
DATELINE: 26/3/10
The media’s job is to inform and entertain us but we rely on them too to tell us what our rulers and representatives are up to. In the run-up to the Iraq war the government used spin and disinformation in the media to create panic and mislead people. The truth is coming out now, but we need stronger, more independent media to be able to scrutinise governments and make informed choices.
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Previous stories
Media Ownership
MediaChannel faces closure for lack of funds
Murdoch faces probe
Lords Probe Media Ownership and News
A Waiting Game
Review: Labour's missed opportunities
Stopping Murdoch Now 5
Rivals clarify complaints over Sky dominance
Stopping Murdoch Now (2)
Stopping Murdoch now!
Stopping Murdoch Now!
Early Day Motion 309: Attempted takeover of ITV by Sky
Stopping Murdoch now
Turmoil at the Telegraph
Independent news network expands
Australian media law reform plan goes off air indefinitely
Off and On: the OFT and Newspaper Distribution
Prodi to undo Berlusconi's media laws
Who does he think he is?
No Sale for Northcliffe
Report on 'Content diversity in newspapers and television'
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Mayor calls for OFT to reconsider proposals
Media policy dominated by 'cosy cartel', says report
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