The Wall Street Journal has sent out a press release announcing that it appears enough of the Bancroft family owners have decided to sell, so the Murdoch deal will go through.
Murdoch's News Corp will buy the company that owns the Wall Street Journal and Dow Jones for $5 billion dollars.
Among journalists, the Wall Street Journal's news section has been esteemed as one of the most highly trusted and respected media operations in the world.
At the same time, the Journal's op-ed section has been a joke, where right wing extremists engage in right wing corporate-political masturbatory fantasies which they posit as reality and truth.
Now, we have a company known for turning respected media into prostituted right wing propaganda vehicles taking over the WSJ.
It is only a matter of time before the self-respecting journalists and editors on staff at the Wall Street Journal will either retire or move on to un-tainted territory.
This is an opportune time for new media ventures to form. Smart leaders in other major media will surely start snapping up the current staff at the Wall Street Journal. It will be interesting to see, come October, when Fox takes it Fox Business Channel live, what percentage of the current Wall Street Journal staffers are still there, and again, in a year. My guess is by October 2008, there will have been a huge turnover-- and the Wall Street Journal will be saying what a disaster it will be if a Democrat wins the election... and how wonderful the Bush presidency has been for the economy.