Fox magnate Rupert Murdoch's News Corporation is offering $5 Billion to purchase The Wall Street Journal. But a representative of the Bancroft family said shares representing a slight majority of the voting power are opposed to the deal.
Murdoch was a guest on today's "Your World with Neil Cavuto" and offered his insights to this deal. The one thing I kept hearing from Murdoch was this. He loved the fact that the online version of the WSJ has to be purchased. Over and over again he said this. I have told my friends for a long time that someday, the free online editions we enjoy today, will soon be a 'pay to view' situation.
Fox is in the process of building a new Business Cable TV Network and the acquisition of the WSJ would only help solidify News Corps position. Espresso Pundit has been running articles about the decline of local newspapers. This marriage between News Corp & the WSJ could change this situation. The Dow went up over 74 points today, mostly because of this move by Murdoch.
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Steve Forbes is on Cavuto's show right now saying that deal that the Bancroft Family turned down will eventually be accepted. Forbes says that the offer is too good not to be taken....
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