Dow shareholders say ‘no’ to Murdoch
Shareholders vow to block Rupert Murdoch's billion-dollar bid to buy the publisher of the venerable Wall Street Journal. The media mogul's plan to launch a financial news network might be behind the move.
TEXT OF STORY
SCOTT JAGOW: The man who owns Fox News and MySpace also wants to own the Wall Street Journal. Yesterday, Rupert Murdoch made a surprise $5-billion bid for Dow Jones, the company that owns the venerable newspaper.
But Dow Jones controlling shareholders said they would block the deal. Joe Bonner is a securities analyst with Argus Research. He takes a stab at Murdoch’s motives:
JOE BONNER:Well I think it’s probably tied in to the launch of their financial news network later on this year. I would say that would be the strategic purpose behind it.
They could probably take those brand names — The Wall Street Journal and Dow Jones are both highly reputable brand names in the financial news area — (and) I guess we might be looking at a Wall Street Journal channel.
SCOOT JAGOW: Murdoch’s bid sent shares of Dow Jones up 54 percent — and that gave Wall Street a lift.
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