The Dow Jones/Murdoch battle seems to be of epic proportions in part due to the size but also because it seems to pit pure popular marketing against a steeped tradition of quality news reporting and commentary.
Just last week the FOX Network ran a story about a congressman convicted of crimes while showing video images of a totally different man in the government.Â Besides their unvarnished biases the network shows no concern over rampant inability to get the facts right.Â No matter though.Â Ratings, revenues and profits are all there for the taking.
Everyone in the entertainment industry knows that the right target to maximize profits is the educational level of a 14-year-old.Â Why do you think NPR has to hit the airwaves every few months to beg for money from the relatively few intelligent people who listen to them?
Publishing is already a tough way to make a living.Â It’s been said that there are only about 6M people who even read poetry.Â They hardly buy any books at all.Â The WSJ and Dow Jones strive to delivery a higher form but have failed to see the opportunities evolving around them.Â So here they are teetering in front of the Jaws of a very savvy Murdoch.
As all deals go the pockets of those who will eventually decide to do it are lined with cash.Â The new CEO will take over $20M.Â Every senior manager has just been given extra change of control bonus stock.Â Now that homes in the Hamptons cost $15M (versus $5M) there’s just no voice left in the mouth of the poet, the writer, the researcher, the objective seeker of truth and quality.
Gulp.Â There goes another one sliding down the cash-greased gullet of a money conglomerate.
— Kris Tuttle