Predictably, some critics have decried the current efforts by Rupert Murdoch’s News Corp. to buy the Dow Jones company, which publishes The Wall Street Journal. But let’s imagine the dynamics that might emerge if Murdoch gains control of that newspaper. Like viewers of his Fox News Channel, readers of The Wall Street Journal under Murdoch could look forward to jaw-dropping claims along the lines of “We invest, you decide.”
The Wall Street Journal would need to make some changes in order to be in sync with Murdoch-brand journalism. The Journal’s recent design make-over could provide a tidy framework for spreading the content of the editorial page to the rest of the newsprint pages.
But executives at News Corp. would swiftly face a dilemma. Investors and money managers — prime demographic targets of The Wall Street Journal — are apt to be intolerant of financial news reporting that’s unduly screened through an ideological mesh.
Slanted journalism may be fine for big commercial enterprises when news consumers largely base their outlooks on prevailing media biases. But investors and others who move large amounts of money are apt to be less forgiving when political agendas behind news reports might impede the quest to maximize profits.
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