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"Fox Street" - Fox Talks About Murdoch's Plans for the Dow Jones

Reported by Melanie - August 1, 2007 -

I happened to catch Shepard Smith referring to Wall Street as "Fox Street" as he signed off today (August 1, 2007) and turned Fox over to Neil Cavuto for Fox's "premiere business news" show. Listening to a report by Dagen McDowell about what Rupert Murdoch plans to do with the assets he will own after his purchase of the Dow Jones Company is consummated, that name isn't all that far off.

Here's what a positively giddy McDowell had to say after Cavuto asked her, "What's next?" That's "the big question as News Corp.'s Rupert Murdoch celebrates one very, very big win today:"

Hey there Neil. Well, the Wall Street Journal is already the biggest brand in business news but you ain't seen nothin' yet! Backed by the size, scope, might, and money of News Corp., our parent, the Journal and other Dow Jones assets like MarketWatch.com and Barrons, could dominate not just business news but the news business, in print, on TV, on the Internet, around the world.

Here's what's next. At the newspaper, News Corp. chief, Rupert Murdoch, said he plans to beef up his Washington bureau, adding more political and general news coverage, taking aim right on at the number one daily newspaper in this country, USAToday, as well as the New York Times, trying to attract readers and more ad dollars.

Overseas, possible plans to invest more in Dow Jones operations in Asia and Europe, taking on the Financial Times, that salmon-colored business newspaper that rules in Britain and Europe right now.

And then on to TV. The Journal will be a valuable asset for the upcoming Fox Business Network, set to challenge General Electric's CNBC. News Corp. satellite TV just another way to build the brand.

And then there's the Internet. The Journal's website is already the largest paid website of any paper but think about all the other Dow Jones digital content. News Corp. ready to create the premiere destination for financial news on the net.

But of course Neil, this deal does still have to clear all the regulatory hurdles and get shareholder approval, expected in the 4th quarter. Not long at all!

Comment: Go to NewsCorp.com and check out all the things Murdoch already owns, or go to our Hegemony post to see how his products permeate our lives and then take a minute or ten to think about what this new acquisition means for our world. For our world, not for "Your World."