It has been quite an evening for the world of business media. First came news that News Corp. has reached a tentative agreement for the purchase of Dow Jones & Co. at its original $5 billion offer price. The deal is going before the full Dow Jones board this evening for its approval, according to the New York Times.
This means News Corp’s Rupert Murdoch, already a significant media mogul, will now likely own the venerable Wall Street Journal, America’s most respected business publication. WSJ reporters will be walking around dazed by this. Many expressed disdain for Murdoch, saying he holds his own publications to lower standards than those of the WSJ.
Finally, we note that citizens journalism efforts are also having a tough time, and people are trying to draw lessons. source