Fortune's Devin Leonard writes about the changes that have come at the Wall Street Journal following its acquisition by News Corp. (NYSE: NWS) and concludes that Rupert Murdoch has failed to live up to his promise to maintain editorial independence at the paper.
After pushing out Marcus Brauchli as managing editor, he installed Robert Thomson at the helm -- an Australian who had previously sat at the helm of News Corp.'s The Times, a London newspaper.
There's nothing too shocking here. Gary Weiss and many others had predicted all along that, promises to the contrary aside, Murdoch would find a way to do what he wanted once he won his prize.
Leonard concludes that "Murdoch must be pleased. The Bancrofts probably feel differently. But it's too late for them to complain now. If they didn't want Murdoch to have his way, they never should have parted with Dow Jones."
The problem is that, as a public company with a fiduciary responsibility to deliver returns to shareholders, Dow Jones, ethically and maybe legally too, had to sell given that Murdoch's offer was such a strong one. The only way to avoid putting profits over journalistic integrity is to be a private company.
Murdoch wrests editorial control of Wall Street Journal
Posted May 22nd 2008 10:22AM by Zac Bissonnette
Filed under: Newspapers, News Corp'B' (NWS)
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