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Wall Street Journal Reporters Justified in Their Concern About a Potential News Corp. Buyout

Reported by Melanie - June 25, 2007 -

Ever since Rupert Murdoch, the owner of News Corp., the parent company of Fox News, made an offer to buy the Dow Jones Company, there have been rumblings at the Wall Street Journal (owned by Dow Jones) about how Murdoch might influence that newspaper's editorial content. Those rumblings are justified but maybe the WSJ staff should be concerned about something else as well.

Anyone who knows anything about Rupert Murdoch knows that he, ah, shall we say, uses his empire to push his own agenda. A quick look at the documentary Outfoxed: Rupert Murdoch's War on Journalism makes that abundantly clear. He is also more than willing to screw his customers in order to get what he wants, so, in combination, those things don't bode well for the journalism profession.

If the "business news" aired on Fox's "premiere business news" program is any indication, WSJ staffers might want to take their concern beyond what Murdoch might do to editorial content and question what he might do to bedrock reporting, like what's going on with stocks. Take, for example, the topics anchor Neil Cavuto covered today (June 25, 2007) during his "Fox Stox" segment. Cavuto is the managing editor and senior vice president of business news at Fox and "Fox Stox" is a 90-second segment purportedly covering news about a variety of stocks. Today's "Stox" news was:

-- Talks are reportedly heating up between News Corp. and Dow Jones;

-- Germany bars Tom Cruise from shooting a movie about Hitler;

-- A film about Hugh Hefner's life is in development; and

-- Christina Aguilera is looking to launch a movie career.

So, good luck to the dedicated reporters at the Wall Street Journal. If Murdoch buys your paper, your life will be easy. Forget slogging around down there on Wall Street and squinting at endless stock charts. Need to know what's up with stocks? Relax, sit at your desk, click on TMZ.com, E! Online, and the Hollywood Reporter, and you'll find everything you need to know right there!

Oh, and if you want to check out Murdoch's idea of "business news," watch Your World w/Neil Cavuto tomorrow -- supermodel Petra Nemcova is going to be on to "share her advice" for Paris Hilton.