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Rupert Murdoch Disses MoveOn.org While Discussing His "Friendly" Bid to Swallow Up Dow Jones

Reported by Marie Therese - May 1, 2007 -

Today media mogul Rupert Murdoch took a few minutes to join his employee, Neil Cavuto, on Your World to discuss the bribe he has just offered to the Bancroft family, owners of Dow Jones, to acquire their company. I call it a bribe because his bid is almost double the value of the company. Clearly Murdoch wants to own the Wall Street Journal, Barrons, MarketWatch and Factiva. In his mind he will be "improving" the Journal. To many of us, he will destroy it. Murdoch seemed pretty sure of himself, even brushing off Cavuto's concerns that the deal might have difficulty getting approval from the current Democratic Congress. "I have friends on both sides of the aisle," Murdoch replied. Well, maybe now we know why he sponsored a fund-raiser for Hillary Clinton. In his usual way, Cavuto waxed enthusiastic, suggesting that the big run-up in the Dow today might have been thre result of the Murdoch bid. With video.

It is clear that despite Cavuto's insistence that this is a "friendly" takeover bid, it is anything but. How typical of Cavuto to use the diametrically opposed term to describe what his boss is doing. Murdoch is threatening to ruin the stock of this company, yet Cavuto insists it is a beneficient offer. Gimme a break!

The Bancroft family, who have controlling interest in Dow Jones, dislike Murdoch intensely. The unions are opposed. The newspeople are opposed.

COMMENT

Honestly, can't someone STOP this guy?

He will wreck the WSJ, which has one of the best news divisions on the planet. They will have to tailor their news to fit "daily memos" just like the hosts on FOX News Channel. That would be a tragedy.

Murdoch smugly claims that there are no monopoly issues involved in this takeover attempt and notes that no private equity firms like Blackstone would be interested, either.

Well, I'm interested.

I'd pay money just to beat Murdoch back and I'll bet there are millions out there like me. Imagine what a Capra-esque moment that would be - all the John Does gathering together to tell D. B. Norton - AKA Rupert Murdoch - to get lost!

I can dream, can't I?

*****

N.B. Apologies for the slight blip about a minute and a half into the video. I had to splice in order to blend two different clips. All dialogue is present, nothing was edited out. - MT