Wall Street Journal a Trophy for Rupert Murdoch

Australian press lord, Rupert Murdoch, has finally got the Bancroft family to agree to sell him the Wall Street Journal. The paper is a trophy for Murdoch, probably marking the peak of his career.

Family-owned businesses must be becoming relics of the past. Most firms are now “in play” all the time – ready to be taken over, looted, stripped, leveraged, and resold to the highest bidder. Even if a business is in family hands, the son of the founder typically goes to business school and discovers modern finance. There, he learns that a firm should manage its figures so as to report steadily rising earnings…and that it should borrow money early and often…and that it should go public at an opportune time so as to give the owners a “liquidity event” that will put them on easy street.

We wonder what people do on Easy Street. Besides, the Bancroft family was already living on Easy Street. What are they going to do now?

Charity work…politics…or world improvement – what ever they take up, it is sure to be worse than running a good newspaper.

Bill Bonner
Markets and Money

Bill Bonner

Bill Bonner

Since founding Agora Inc. in 1979, Bill Bonner has found success and garnered camaraderie in numerous communities and industries. A man of many talents, his entrepreneurial savvy, unique writings, philanthropic undertakings, and preservationist activities have all been recognized and awarded by some of America’s most respected authorities. Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind Markets and Money.
Bill Bonner

Latest posts by Bill Bonner (see all)

Leave a Reply

1 Comment on "Wall Street Journal a Trophy for Rupert Murdoch"

Notify of
Sort by:   newest | oldest | most voted
Dan Travis

You’ve got to love Rupert Murdoch. You can certainly argue that he has his own agenda. Well maybe no one will argue that he does have his own agenda.

Is is possible for one to control so much influential media. He’s now got snobby rich white men with Fox and the Wall Street Journal. But he also has control of their kids with Myspace.

What next?

Letters will be edited for clarity, punctuation, spelling and length. Abusive or off-topic comments will not be posted. We will not post all comments.
If you would prefer to email the editor, you can do so by sending an email to letters@marketsandmoney.com.au