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Behind Murdoch's Journal Bid
Buying the Wall Street Journal would allow Rupert Murdoch to establish a Web business presence.
(By Richard Drew -- Associated Press)
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If he gets past the Bancroft family, not much. Like all deals, the feds would look at this one for antitrust and media-ownership red flags. The Journal is based in New York, where Murdoch owns a television station -- potential red flag -- but Murdoch will argue that the Journal is a national, not local, newspaper and that his deal is bulletproof.
Has Murdoch ever failed at a business venture?
In the late 1990s, Murdoch's oldest son, Lachlan, persuaded his father to invest $577 million in Australian telecom One.Tel. It crashed in 2001, wiping out the Murdoch investment.
What's up with Lachlan, anyway?
The tattooed rugby player ran the New York Post from 2002 to 2005 and was long assumed to be next in line to run the News Corp. empire. But at a spry 76, Rupert Murdoch shows no signs of flagging. Lachlan left the Post two years ago and headed back to Australia with his former Wonderbra-model wife, Sarah, who said late last year the couple is quite happy living Down Under. Now, younger Murdoch sire James, a Harvard dropout who runs Dad's BSkyB satellite TV network in Britain, seems the likely heir -- if the elder Murdoch doesn't prove immortal.
Does Rupert really rule the media world?
The jowly, often-unsmiling Murdoch is a convenient bogeyman for Big Media foes who fear the Aussie wants to own the world. It has been speculated that he was the model for the villain in the James Bond movie "Tomorrow Never Dies" -- a mogul who tries to start a world war to boost ratings and circulation for his global media empire.
News Corp. is a huge company, but, hyperbole aside, here are the facts and numbers: CBS-owned television stations reach as many U.S. viewers as those owned by Murdoch. Unlike CBS, Murdoch owns no radio stations. Unlike the Walt Disney Co., he owns no theme parks, no national cable sports network. Unlike Tribune Co., he owns only one U.S. newspaper, not 16. Unlike Time Warner, Murdoch does not own a cable system or the world's largest collection of magazines. Unlike Sony, he does not own an electronics division.
And he no longer owns DirecTV, which was once thought to be the American piece to his global satellite network. It may well be Rupert's world, but he doesn't own it all. Yet.
