Journal for Sale?

Written by Josh Saul on . Posted in Breaking News, Posts.

Rupert Murdoch is trying to buy The Wall Street Journal, and starting today he can negotiate directly with the paper’s board of directors. For almost two months now, Murdoch has been hoping to make a deal with the Bancroft family, which controls 64 percent of the paper’s voting shares, but the deal had been held up by their concerns about editorial quality. Murdoch’s media empire includes conservative Fox News and the tabloid New York Post, and there have been worries about what The Journal might look like if he gains control. But a deal could be reached much faster now that the paper’s board is taking the lead in the negotiations and the Bancroft family is stepping back. Also trying to buy a chunk of the paper is MySpace founder Brad Greenspan, who has offered to buy 25 percent of the company for the same per-share price as Murdoch. Apparently, there’s still some money to be made in newspapers. Then again, The New York Times just announced that on July 16 the price of a paper will shoot up to $1.25, and the Sunday paper will go up to $4.

Photo courtesy of Katayun on Flickr